Lower dormancy periods for certain property types.
︎ Additional property types to be address.
~ For example: Digital Assets & Cryptocurrency.
• more & more states will require certain property types to be liquidated prior to reporting.
• Current states who require account liquidation prior to reporting. (Colorado, Maryland, North Dakota, South Dakota & Rhode Island)
• Current states who DO NOT require liquidation prior to reporting. (Arizona & Oregon)
~ Payment apps and virtual wallets.
~ Sports betting accounts
︎ Stricter enforcement of due diligence/search letter mailings.
~ Some States require specific wording, heading & timeliness in the letter.
~ Be aware of any early outreach obligations.
~ Auditors are increasingly asking for copies of due diligence letters and proof letters are being mailed to Owners.
For additional information and specifics on the upcoming year’s unclaimed property issues, please contact a professional at PEACC.com by calling 410.303.5510 or email us at info@peacc.com
