A Brief Guide to Crafting a Due Diligence Letter for Unclaimed Property

Unclaimed property laws require companies to send due diligence letters to property owners before reporting them to the state. While it can be time-consuming, it can help reunite owners with their property, improve customer service, and avoid fines. Learn more about holder requirements by contacting PEACC.

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Reviewed Your UP Policies & Procedures Recently?

Do you have internal unclaimed property policies & procedures currently in place? Is everyone at your organization on board with them and abiding to them?

If the answer to these questions are Yes, it is still advised by the States and all major Unclaimed Property Organizations (UPHLC, NAST, UPPO, etc.) that Holders should perform a review of them every 3 to 5 years. To ensure total compliance with all the State laws and regulations, yearly audits are often suggested. These State laws and requirements may change without much notice. The States put the burden of keeping track of any law changes on the Holders/Companies.

If you’re short staffed, confused or just don’t feel like performing a review of your unclaimed property Policies & Procedures, let PEACC help with it. PEACC has proven time & time again they can save you money from any non-compliance or under reporting liabilities (or over reporting) with their proven review and modifications methods.

Still questioning their review and process? Let PEACC review one or two of your recent State Unclaimed Property Reports for free. We will show you what compliance is required among the States.

Sleep better at night knowing all your yearly efforts comply with all the State compliance requirements and expectations. Don’t leave your door open to ongoing compliance issues. Be safe with PEACC’s Compliance Reviews. You could even be over reporting or underreporting. But you may never know unless PEACC conducts one of their thorough compliance reviews.

Don’t wait! There is no better time than now to have your Unclaimed Property Policies & Procedures reviewed. Get past reporting history reviewed prior to having a State contact you. This could lead to an added expense to your bottom line. As mentioned, it is recommended by the unclaimed property authorities to conduct a review of you’re past reporting history along with your Policies & Procedures every 2 to 3 years. But don’t fret, let PEACC do the work. You’ll be surprised at the results.

Please reach out to PEACC by calling 410.303.5510 or email us at info@peacc.com for further information or to commence with your FREE review. Only positive results.

Call PEACC for Compliance
Call PEACC for Compliance 410.303.5510

Unclaimed Property Liabilities in Acquisitions

  • Are you considering the unclaimed property liabilities in your Acquisitions? You should be because it could make a difference in what the acquisitions may cost you.
  • Depending on whether the Acquisition is a Stock purchase or an Asset purchase will dictate what your liability may be.
  • If the acquisition is a stock or equity purchase, the acquirer generally assumes historical and ongoing liability of the acquisition target.   
  • In an Asset purchase, the acquirer generally will inherent unclaimed property liability ONLY related to the assets & liabilities assumed in the purchase transaction.
  • So, as you can see, a stock/equity acquisition includes any historical unclaimed property historical filings that have been missed over the years.
  • Therefore the acquirer would need to submit past due reports and also be responsible for any fines & interest penalties the States will/could assess would could add up.
  • This is why PEACC recommends performing an unclaimed property exercise to estimate what the exposure could be. Then lower the offering price taking the estimated unclaimed property exposure into consideration.
  • For further information on complying with the myriad of all the various State laws and regulations, please reach out to a professional at PEACC.com by calling 410.303.5510 or email at info@peacc.com too gain valuable knowledge & insight on unclaimed property compliance
Call PEACC for Compliance
Call PEACC for Compliance 410.303.5510

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