Indiana Announces Amnesty Program

INDIANA OFFERING AMNESTY PROGRAM

The State of Indiana Attorney General posted a public notice announcement on March 1, 2010 that it has instituted a one-time only Unclaimed Property Amnesty Program to help organizations who are holding unclaimed property to come into compliance with the Unclaimed Property Act (IC 32-34-1), without the consequence of payment of accrued interest and applicable penalties.

Amnesty participants must submit the Amnesty Agreement form and ALL relevant unclaimed property reports and remittances pursuant to the agreement by November 1, 2010. The Enrollment deadline is Oct 31, 2010.

On the Indiana Unclaimed Property program website it states:

· They are not currently under examination by the Office of the Indiana Attorney General (or anyone acting on behalf of the office), or

· They have not been notified by the Office of the Attorney General (or anyone acting on behalf of the office) of its intent to conduct an unclaimed property examination of the holder's books and records.

· They nor its principal(s) is not presently in arrears in payment of taxes, permit fees or other statutory, regulatory or judicially required payments to the State including the Office of the Attorney General's Unclaimed Property Division, and:

· Holder warrants that it has no current, pending or outstanding criminal, civil, or enforcement actions initiated by the state.”

Eligible holders may enroll in the Amnesty Program by downloading and completing the appropriate agreement form, which can be found on Indiana's State Unclaimed Property website.

The analysis and opinions expressed herein are those of the authors and do not necessarily represent the views of the Unclaimed Property Professionals Organization or its officers, directors or members. This summary document provides background information and is not intended as a substitute for legal advice.