September 29, 2017 peaccadmin

Important Update to Delaware Unclaimed Property Reporting

On September 29, 2017, the Delaware Secretary of State (“SOS”) announced an important update regarding the State’s Voluntary Disclosure Agreement (“VDA”) Program.

In two weeks (mid-October), the Delaware Secretary of State office will begin mailing notices to companies who have been identified as likely being out of compliance with Delaware law as it relates to reporting dormant, abandoned or unclaimed property. Companies that do not enroll in the Delaware SOS VDA Program within 60 days of the mailing of this notice WILL BE referred to the Delaware State Escheator for an unclaimed property examination.  If an audit notice is issued, the Department of State will have no legal ability to accept a company into the SOS VDA Program.

The SOS VDA Program was put in place to respond to concerns about
Delaware’s ongoing audit program, and to encourage more companies to
come into compliance with their legal responsibilities as they relate to
abandoned and unclaimed property property.  Through recent changes in the law, Delaware is providing every company with an opportunity to voluntarily comply prior to being issued an examination notice.  Delaware’s SOS is urging all companies to take advantage of this opportunity to enroll in the SOS VDA Program.

For further information or questions on this new initiative Delaware is offering, along with the benefits that accompany it, please contact PEACC at 410.303.5510.

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