Basic Provisions (Requirements) of the Uniform Unclaimed Property Act
The Uniform Unclaimed Property Act addresses all unclaimed intangible property along with all unclaimed bank safe deposit box contents.• general ledger & securities- Requires Holders to perform Due Diligence/Search Letter Mailings• Look for Owner prior to reporting property to appropriate State.- Requires Holder to generate reports in the required formats and
Think You’re In Compliance? – Think Again – You May Need Unclaimed Property Consulting from PEACC.com
Think You’re In Compliance? Think Again Unclaimed Property Consulting and Compliance – Find out why you may not be in compliance.
How Are States Enforcing Their Unclaimed Property Compliance?
- Through State or State sponsored Compliance Reviews- Through formal State audit notices.- Self-Audit notices, including those conducted/sponsored by third party firms.- State reminder letters regarding Compliance with reporting obligations.- State VDA ("Voluntary Disclosure Agreement") Invitations.- Automatic penalty & interest assessment for non-compliance.- If you are contacted by a