unclaimed property compliance

16 Sep 2025
Sticky Post By Posted in D. Patrick ("Pat") Healy, Escheatment, Unclaimed Property Audits, Unclaimed Property Compliance, Unclaimed Property Consulting Permalink

Reviewed Your UP Policies & Procedures Recently?

Sticky Post By On September 16, 2025

Do you have internal unclaimed property policies & procedures currently in place? Is everyone at your organization on board with them and abiding to them?

If the answer to these questions are Yes, it is still advised by the States and all major Unclaimed Property Organizations (UPHLC, NAST, UPPO, etc.) that Holders should perform a review of them every 3 to 5 years. To ensure total compliance with all the State laws and regulations, yearly audits are often suggested. These State laws and requirements may change without much notice. The States put the burden of keeping track of any law changes on the Holders/Companies.

If you’re short staffed, confused or just don’t feel like performing a review of your unclaimed property Policies & Procedures, let PEACC help with it. PEACC has proven time & time again they can save you money from any non-compliance or under reporting liabilities (or over reporting) with their proven review and modifications methods.

Still questioning their review and process? Let PEACC review one or two of your recent State Unclaimed Property Reports for free. We will show you what compliance is required among the States.

Sleep better at night knowing all your yearly efforts comply with all the State compliance requirements and expectations. Don’t leave your door open to ongoing compliance issues. Be safe with PEACC’s Compliance Reviews. You could even be over reporting or underreporting. But you may never know unless PEACC conducts one of their thorough compliance reviews.

Don’t wait! There is no better time than now to have your Unclaimed Property Policies & Procedures reviewed. Get past reporting history reviewed prior to having a State contact you. This could lead to an added expense to your bottom line. As mentioned, it is recommended by the unclaimed property authorities to conduct a review of you’re past reporting history along with your Policies & Procedures every 2 to 3 years. But don’t fret, let PEACC do the work. You’ll be surprised at the results.

Please reach out to PEACC by calling 410.303.5510 or email us at info@peacc.com for further information or to commence with your FREE review. Only positive results.

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

Unclaimed Property Liabilities in Acquisitions

Sticky Post By On September 8, 2025
  • Are you considering the unclaimed property liabilities in your Acquisitions? You should be because it could make a difference in what the acquisitions may cost you.
  • Depending on whether the Acquisition is a Stock purchase or an Asset purchase will dictate what your liability may be.
  • If the acquisition is a stock or equity purchase, the acquirer generally assumes historical and ongoing liability of the acquisition target.   
  • In an Asset purchase, the acquirer generally will inherent unclaimed property liability ONLY related to the assets & liabilities assumed in the purchase transaction.
  • So, as you can see, a stock/equity acquisition includes any historical unclaimed property historical filings that have been missed over the years.
  • Therefore the acquirer would need to submit past due reports and also be responsible for any fines & interest penalties the States will/could assess would could add up.
  • This is why PEACC recommends performing an unclaimed property exercise to estimate what the exposure could be. Then lower the offering price taking the estimated unclaimed property exposure into consideration.
  • For further information on complying with the myriad of all the various State laws and regulations, please reach out to a professional at PEACC.com by calling 410.303.5510 or email at info@peacc.com too gain valuable knowledge & insight on unclaimed property compliance
Call PEACC for Compliance
Call PEACC for Compliance 410.303.5510
21 Aug 2025
Sticky Post By Posted in D. Patrick ("Pat") Healy, Escheatment, Unclaimed Property Compliance, Unclaimed Property Consulting Permalink

Looking to Have Your Unclaimed Property Policies and Procedures Developed or Reviewed?

Sticky Post By On August 21, 2025

Looking for Assistance in Developing & Maintaining Compliant Unclaimed Property Reporting Policies & Procedures?

PEACC has over 25 years experience in developing and implementing Unclaimed Property Policies & Procedures in all industries, all jurisdictions and for all property types.

PEACC has been developing and implementing unclaimed property compliance steps for each and every State, along with D.C., Guam, Puerto Rico and the Virgin Islands for over 25 years.  Their clients have NEVER been found to be non-compliant or fined by any State.

If you’re short staffed, not staffed or questioning whether your unclaimed property Policies and procedures are compliant with all State rules & regulations, you can now reach out to PEACC to ensure your current and ongoing compliance.

Please reach out to PEACC any time to learn how we can offer you solutions along with a low cost solution to your unclaimed property reporting obligations. It can save you thousands or even millions of
dollars in fines & penalties that will effect your bottom line while negating any possible national negative press!

Please contact PEACC’s Compliance Group at 410.303.5510 or email info@peacc.com for assistance on your reporting efforts to gain and keep your organization in compliance. With all the States constantly updating & increasing their compliance enforcement efforts, there is no better time than now to upgrade to PEACC Unclaimed Property Compliance. You’ll be surprised at the low costs and how much money you will save your company in the long run! PEACC.com – The National Leader in Unclaimed Property Compliance.

Call PEACC for Compliance
Call PEACC for Compliance 410.303.5510
19 Aug 2025
Sticky Post By Posted in D. Patrick ("Pat") Healy, Escheatment, Unclaimed Property Compliance, Unclaimed Property Due Diligence Permalink

Another Round of Delaware Invitation Letters Go Out

Sticky Post By On August 19, 2025

It has come to PEACC’s attention that another round of Delaware (“DE”) Unclaimed Property Voluntary Disclosure Agreement (“VDA”) Invitation letters have been mailed out by Secretary of State Office to various Holders throughout the Country incorporated in DE, in most cases.

The scheduled mailing date of these invitaion letters is mid-August. If your company happens to receive one of these letters from Delaware, it is in the Holder’s best interest to respond to the State within 90 days of the letter date. If the Holder does not respond within the 90 days the letter recipient will be selected for an Unclaimed property audit be the Delaware Department of Finance. Therefore, PEACC advises all Holders who receive the VDA Invitation letter to come forward, voluntarily and
participate in the Delaware VDA. Participants in the DE VDA are provided numerous benefits from the State that outweigh going through an unclaimed property audit and may save the Holder money.

To hear more about the Pro’s and Con’s of participating in a State VDA or fir help in navigating the process, whether formal or not, please reach out to a professional at PEACC.com by calling 410.303.5510 or email us at info@peacc.com

Call PEACC for Compliance
Call PEACC for Compliance 410.303.5510
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
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.

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