Unclaimed Property Laws Archives - PEACC - Property Escheatment And Compliance Consulting

16 Sep 2025

Sticky Post By peaccadmin 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 peaccadmin 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.

28 Aug 2025

Sticky Post By peaccadmin Posted in D. Patrick ("Pat") Healy, Escheatment, Unclaimed Property Compliance, Unclaimed Property Consulting, UPPO.org Permalink

2026 Annual UPPO Conference Highlights

Sticky Post By peaccadmin On August 28, 2025

More than 40 educational sessions spanning four educational tracks (basic, intermediate, advanced, and special focus).
Social events/outings, meals and breaks designed to help attendees connect.
Opportunities to meet with presenters/exhibitors throughout the conference to learn about the services that can help your company’s unclaimed property program.
Industry-specific breakout sessions that feature updates about hot topics plus Q&A with the presenters and other attendees.
Register by Jan. 15, 2026, for the special, early-bird rate.

Questions? Contact UPPO.org at 763-253-4340 or visit uppo.uppo@org for further information.

08 Aug 2025

Sticky Post By peaccadmin Posted in D. Patrick ("Pat") Healy, Escheatment, Unclaimed Property Compliance, Unclaimed Property Consulting, Unclaimed Property Reporting Permalink

Unclaimed Property Compliance Program Essentials

Sticky Post By peaccadmin On August 8, 2025

What is Essential?

– Unclaimed property awareness is critical among company shareholders & management teams

– Open communication across organization/groups & lines of business.

The ABC’s of State Unclaimed Property Reporting

Sticky Post By peaccadmin On April 29, 2025

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!

18 Mar 2025

Sticky Post By peaccadmin Posted in D. Patrick ("Pat") Healy, Unclaimed Property Compliance, Unclaimed Property Consulting, Unclaimed Property Laws, Unclaimed Property Reporting Permalink

Common Fines & Interest Penalties for Holder Non-compliance in the State of California

Sticky Post By peaccadmin On March 18, 2025

Common Fines & Interest Penalties for Holder Non-compliance CA

A Formal Unclaimed Property Reporting Step Process

Sticky Post By peaccadmin On March 11, 2025

Prior to reporting any unclaimed property to the States, a formal set of
standard reporting procedures should be developed and followed
including:

1) Identify and track all unclaimed property.
2) Set up Liability Account/Spread sheet of all identified unclaimed properties.
3) Calculate correct State dormancy periods. (most cases 1,3 or 5 years)
4) Determine if any property may be exempt from State reporting.
5) Mail out State required Due Diligence/Search letters during State mandated time frames.
6) Prepare State reports in proper State formats.
7) Submit reports & remittance to the appropriate State, normally thru the State website portal.
8) Update records, including Liability account.
9) Enjoy a cup of coffee, until next year!

05 Mar 2025

Sticky Post By peaccadmin Posted in D. Patrick ("Pat") Healy, Unclaimed Property Compliance, Unclaimed Property Consulting Permalink

How to Successfully Complete the Voluntary Compliance Process (“VCP”):

Sticky Post By peaccadmin On March 5, 2025

– Apply for and receive approval for enrollment into the program from the VCP State.
– Complete any formal educational/training given by the State, if any.
– Review your books and records for unclaimed property.
– Preform and complete Holder required Due Diligence Mailings.
– Submit a preliminary “Notice” report to the State. If approved:
– Submit a final “Remit” report to the State along with any remittance.

For further information regarding reports or unclaimed property compliance issues, please contact the professionals at PEACC by calling 410.303.5510 or email us at info@peacc.com

05 Feb 2025

Sticky Post By peaccadmin Posted in D. Patrick ("Pat") Healy, Unclaimed Property Audits, Unclaimed Property Consulting Permalink

TYPES OF UNCLAIMED PROPERTY AUDITS & REVIEWS

Sticky Post By peaccadmin On February 5, 2025

State Unclaimed Property Audit

– done by individual State or can be done jointly with other State(s).

Reciprocal Audit

– One State audits on behalf of other State(s)
– Expenses and resources are shared

Private Audit Firms

– State Contracts Out Third-Party Audit Firm
– May Get Paid Based Upon a Percentage of What They Find

Telephone Audits & Reviews

– State contacts Holder via phone.
– Listen for uncertainties & inconsistencies in voice.

“Highway Audits”

– State audit employees look for newspaper headlines, billboards and trucks while out of office for audit candidates.

For further information about the types of unclaimed property audits and how to navigate thru them,
please contact the experts at PEACC at 410.303.5510 or email us at info@peacc.com

30 Jan 2025

Sticky Post By peaccadmin Posted in D. Patrick ("Pat") Healy, Unclaimed Property Compliance, Unclaimed Property Consulting, Unclaimed Property Reporting Permalink

Examples of Unclaimed Property in the Corporate World

Sticky Post By peaccadmin On January 30, 2025

– Vendor or Accounts Payable Checks
– Payroll Checks or Denied Automatic Payments/Direct Deposits
– Refunds/Rebates
– Account Receivables/Credit Balances
– Customer Overpayments
– Unapplied Cash
– Unredeemed Gift Certificates
– Dormant Back Accounts (Checking/Savings Accounts)
– Life Insurance Proceeds Due
– Uncashed Benefit Checks

29 Jan 2025

Sticky Post By peaccadmin Posted in D. Patrick ("Pat") Healy, Unclaimed Property Consulting Permalink

What Is Unclaimed Property?

Sticky Post By peaccadmin On January 29, 2025

Unclaimed property in the corporate world typically refers to intangible property and are funds owed to another party that have remained unclaimed or uncashed for a specific time period. Normally a period of
one, three or five years, known as the dormancy period. After this dormancy period expires, the property is required to be reported and remitted to the Owner’s State of last know address or State of Incorporation if the address is unknown.
– The property must be fixed and under certain legal obligations.
– The States take custody of these unclaimed funds and hold the property until the rightful Owner comes forward to claim them.
– All States have reporting requirements including D C , Guam, Puerto Rico & the Virgin Islands.
– Unclaimed Property Reporting is NOT a tax – traditional NEXUS does not apply.

Visit PEACC.com for more information.