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!
