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04 Aug 2025
Sticky Post By Posted in D. Patrick ("Pat") Healy, Escheatment, Holder: Due Diligance Permalink

State Unclaimed Property Report Reminders

Sticky Post By On August 4, 2025

Holders/companies need to identify and track their unclaimed property with appropriate dormancy period. Then resolve liability with the property Owner or report the property to the appropriate State
jurisdiction before the end of the dormancy period, normally 3 or 5 years.

Key reporting questions to consider:

– Does the State require reports to be in the NAUPA standard format or something unique to that State?
– Are there any Due Diligence/Search Letter requirements?
– Is there a “Negative Report” requirement?
– Will the Unclaimed Property Report need to be Notarized or signed by a Company Official?
– Do State reports need to be uploaded via the State reporting website or mailed in on CD or a paper report?

– Remittance/Payment Instructions
    •  Cash Property – Submit a check or payment through ACH/Online Payment.
    •  Securities – Does the State require advanced notice/payable to instructions?
    •  Tangible/Safe Deposit Box property. Does the State require a special reporting form/instructions for Safe Deposit Box contents?

For questions about “How to report to each State along with special instructions”, please reach out to PEACC.com to ensure you are in compliance with all the State report requirements. Call us at 410.303.5510 or email at info@peacc.com

Call PEACC for Compliance
Call PEACC for Compliance 410.303.5510
15 Jul 2025
Sticky Post By Posted in Unclaimed Property Consulting Permalink

Basic Provisions (Requirements) of the Uniform Unclaimed Property Act

Sticky Post By On July 15, 2025

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 submit to to the appropriate States in a timely fashion along with the remittance.
– Relives Holder of any future liabilities on that property.

For further clarification and compliance information regarding State unclaimed property reporting, please reach out to the professionals at PEACC.com at 410.303.5510 or email us at info@peacc.com

Call PEACC for Compliance
Call PEACC for Compliance 410.303.5510
07 Jul 2025
Sticky Post By Posted in D. Patrick ("Pat") Healy, Unclaimed Property Compliance Permalink

How Are States Enforcing Their Unclaimed Property Compliance?

Sticky Post By On July 7, 2025

–  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 State regarding your compliance efforts, it is best to respond right away!

To discuss these State enforcement steps or any other issues relating to unclaimed property reporting compliance, please reach out to a professional at PEACC by calling 410.303.5510, or email us at
info@peacc.com

Call PEACC for Compliance
Call PEACC for Compliance 410.303.5510
21 Jun 2025
Sticky Post By Posted in History of Escheatment Permalink

Unclaimed Property – Whats All The Fuss About? Visit PEACC.com

Sticky Post By On June 21, 2025

Although unclaimed property has been around for years, it is still a fairly new issue for some companies throughout the United States. Unclaimed property, also known as “escheat”, evolved during the days of English Common Law.

When an event disrupted the natural descent of property, such as no heirs, the property was “escheated” to the Lord of the Manor. Escheated property then became the sole property of the Lord of the Manor, and rightful heirs lost all claim to the property indefinitely.

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Evolution of Modern Day Unclaimed Property
Unclaimed property has come a long way from the days of English Common Law. In those days all unclaimed property was tangible, normally made up of land and stray animals, including  horses and cattle.

Today unclaimed property consists of intangible property, such as dormant bank accounts, uncashed checks,  unreturned deposits and credit balances. Unclaimed property normally falls under two separate categories, either general ledger property types, or securities related property.

Unclaimed property laws require reporting to the appropriate State jurisdiction, where each State has their own unclaimed property laws and regulations. Each State has specific due date(s) that unclaimed property must be reported by. The due dates are determined by dormancy period and type of property. Depending on the property type, the dormancy period, on average, ranges between one to five years.

Each State requires companies to perform this reporting process on an annual basis, along with the State mandated due diligence/search letter requirements.

Generally, and as a rule of thumb, most corporations, banks, and financial institutions are required to submit their reports and remittance by October 31 of each year.

Reports and remittance for most insurance companies are due by April 30 of each year. There are a few States where the reporting due dates may differ.

All States now act as custodians of this reported property and will turn the property back over to the rightful owner or heirs with true claims to it.

The goal on most State Unclaimed Property Offices is to get this unclaimed property back to the rightful owner’s hands.

Although, as history has it, on average maybe only 25% to 28% of this property is actually ever reclaimed and paid out by the States to the rightful owner.

20 Jun 2025
Sticky Post By Posted in Unclaimed Property Consulting Permalink

State Reporting Formats & Remittance

Sticky Post By On June 20, 2025

All States require reports to be generated and submitted along with the remittance. Here are a few specifics that are required by certain States:

Stata Unclaimed Property Report Reminders:

~ Some States require the reports submitted to them be Notarized. Others require a specific Officer of the company (CFO/Comptroller) to sign them, certifying the report is accurate to the best of their knowledge.

~ All States required their reports are generated and submitted in the National Association of Unclaimed Property Association (NAUPA) format.

~ The majority of the States require Negative Reports be submitted when there is no property due to be reported for the year. Please note: submitting back to back Negative Reports may result in a unclaimed
property audit or State inquiry.

~ Can the State report be uploaded through the State website or does it need to be generated as a hard paper copy or CD and physically mailed into the individual State?

State Report Remit Specifics/Reminders:

~ Does the State accept payment for cash type property in: Check, ACH Payment or an Online Payment?

~ Securities related property:  Does the State require up front/advanced notification?

~ Specifics payment of any reported Tangible related property or Bank Safe Deposit Box Contents.

For further explanation of State Reporting & Remittance specifics, please reach out to a professional at PEACC.com by calling 410.303.5510 or email us at: info@peacc.com

03 Jun 2025
Sticky Post By Posted in D. Patrick ("Pat") Healy, Unclaimed Property Consulting, Unclaimed Property Reporting Permalink

Annual Unclaimed Property Reporting – Date Specifics

Sticky Post By On June 3, 2025

Annual Reporting Date Specifics:

Depending on the State, unclaimed property reports are due throughout the year, Spring, Summer, and Fall.

For States with a Fall Reporting due date, the date can be October 31 or November 1 each year. The cut off date will be June 30th of each year.

Depending on the Holder type, unclaimed property reports may be due to a State in the Spring, March 1 through May 1 every year, with a cut off date of December 31, the previous year.

Finally, depending on the Holder type and State, the unclaimed property report may be due over the Summer months such as, July 1st every year, with a cutoff date of March 1st or March 31st.

As you can see, there are numerous Reporting due dates throughout the year depending on the State, Holder type and property type being reported.

Please note, individual unclaimed property reports are due once a year, with the exception of California where they are due twice. The preliminary report is due November 1st and the final/remittance report is due the following June, between June 1st and June 15th.

For all other States, the remittance report is due at the same time the initial report is due each year.

For further clarification and compliance information regarding State unclaimed property reporting, please reach out to the professionals at PEACC.com at 410.303.5510 or email us at info@peacc.com

Call PEACC for Compliance
Call PEACC for Compliance 410.303.5510
29 Apr 2025
Sticky Post By Posted in D. Patrick ("Pat") Healy, Escheatment, State Unclaimed Property Laws, Unclaimed Property Consulting, Unclaimed Property Reporting Permalink

The ABC’s of State Unclaimed Property Reporting

Sticky Post By On April 29, 2025

Companies/Holders need to track all their unclaimed property, on average for either a dormancy period of 3, 5 or 7 years & resolve this unclaimed property with the Owner.

If it can’t be resolved with the Owner, it must be reported and remitted to the State of the property Owner’s last know address, based on what the outstanding item Owner’s last known address is.

However, if there is no last know address, or the item has a foreign address, it must be reported & remitted to the Holder’s State of Incorporation.

Sourcing rules for establishing where unclaimed property is to be reported:

Priority Rule #1 – Unclaimed property should be reported & remitted to the property Owner’s State of last known address.

Property Rule #2 – If the last known address is unknown or foreign, property should be reported & remitted to the Holder’s State of Incorporation or State of Principle Business.

For further information regarding where to report & remit unclaimed property please reach out to a professional at PEACC to help resolve your unclaimed property compliance issues at 410.303.5510 or email us at info@peacc.com before a State tracks you down!

Call PEACC for Compliance
Call PEACC for Compliance 410.303.5510

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