UNCLAIMED PROPERTY REPORTING OBLIGATIONS
Holders are also obligated to perform the required due diligence/search letter mailings as required in almost all states.
Unclaimed Property Reporting
Where Do I Report My Unclaimed Property?
1) Unclaimed intangible property is required to be reported to the State of the property Owner’s last known address as reflected on the Holder’s books and records;
2) Unclaimed intangible property is required to be reported to the Holder’s State of Incorporation if the Owner’s address is unknown, in a foreign Country, or in a State that exempts the property type.
PEACC.com New To State Unclaimed Property Reporting Requirements?
Who Is Required To Report Unclaimed Property?
1) Corporations –
Retail
Manufacturing
Service/Hospitality Industry
Others (Utilities, Gov’t Jurisdictions,
Colleges/Universities, Hospitals, etc.)
2) Banks & Financial Institutions
3) Insurance –
Life Insurance
Non-Life Insurance
California Decides Against Amnesty
The California State Controller’s Office (“SCO”) has been researching options for increasing Holder compliance to their unclaimed property reporting requirements for about a year. One of the options was to offer Holders an Amnesty Period that would waive any interest or penalties on any property reported past due. Numerous years ago the State offered the same type of Amnesty Period and it produced a major windfall of property revenue for the State.