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
