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UNCLAIMED PROPERTY FOCUS is a blog written by and for UPPO members, featuring diverse perspectives and insights from unclaimed property practitioners across the U.S. and Canada. We welcome your submissions to Unclaimed Property Focus. Please contact Tim Dressen via tim@uppo.org with any questions about submitting a blog post for consideration and refer to our editorial guidelines when writing your blog post. Disclaimer: Information and/or comments to this blog is not intended as a substitute for legal advice on compliance or reporting requirements.

 

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The State of Online Reporting

Posted By Administration, Thursday, May 23, 2019

Many of the transactions we complete on any given day occur online. Whether we’re banking, shopping or ordering pizza, online options have increasingly become the default method of getting things done. This is also true in the world of unclaimed property reporting, where more states are accepting and, in many cases, requiring holders to submit their reports online.

 

Currently, 29 U.S. jurisdictions require online reporting. In most cases, these states will not accept paper or non-online electronic formats (CD, DVD, USB, diskette, email): Arkansas, Colorado, Delaware, Florida, Idaho, Illinois, Indiana, Iowa, Kentucky, Maine, Montana, Nebraska, Nevada, New Jersey, South Carolina, Tennessee, Texas, Utah, Virginia, Wisconsin and Wyoming. 

 

Massachusetts, Minnesota and Washington require negative reports to be filed online, but accept CDs for positive filings. New Hampshire requires reports of 20 or more records to be filed online. Oklahoma requires online reporting for 15 or more properties but accepts either reports online or via CD for fewer than 15 properties. Puerto Rico’s online filing requirement applies only to holders in the insurance industry. Michigan and the District of Columbia still accept CDs but strongly recommend online filing and are in the process of moving to an online-only requirement. 

 

Almost all U.S. jurisdictions (43) have online reporting capabilities even if they still allow other methods. However, 11 jurisdictions do not currently accept online reports: Alaska, Arizona, California, Connecticut, Georgia, Guam, Hawaii, New Mexico, North Carolina, Vermont and the U.S. Virgin Islands. 

 

As recently as five years ago, only 10 jurisdictions required online reporting. It’s likely that all states will soon have online report acceptance capabilities and that more of them will accept online reports exclusively as this trend continues. 

 

For detailed information about reporting deadlines, dormancy periods, due diligence requirements, exemptions and deductions, electronic filing and much more, UPPO members can refer to the Jurisdiction Resource Guide

 

Tags:  electronic reporting  online reporting 

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