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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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2020 Fall Reporting Guide Part 4 (South Carolina – Wyoming)

Posted By Administration, Tuesday, September 1, 2020

Fall reporting season is again fast approaching. Most U.S. states require holders to file reports by either Oct. 31 or Nov. 1. Following are reporting deadlines for these states, along with helpful links. This list is not exclusive to a specific holder industry, so please check the states’ websites for information on industry-specific reporting information and deadlines. Because of the amount of information included, this guide will be published in four parts:

 

Part 1 covered Alabama through Hawaii.

Part 2 covered Idaho through Minnesota.

Part 3 covered Mississippi through Rhode Island.

Part 4 covers South Carolina through Wyoming.


South Carolina

Report due: Nov. 1, 2020
Extensions: Extensions may be requested by email before the report due date.

 

Contact: unclaimed@sto.sc.gov or (803) 737-4771

South Carolina holder resources


Notes from UPPO’s state administrator survey:

  • The State Treasurer's Office requires holders to remit funds electronically. This ensures payment is received and posted promptly and reduces the risk of late fees. Funds can be remitted to our office via ACH or Bank Wire. Remittance instructions may be found here: https://southcarolina.findyourunclaimedproperty.com/app/remitting-guidelines


South Dakota

Report due: Nov. 1, 2020
Extensions: Extensions may be requested in writing before the report due date.

 

Contact: holders@sdtreasurer.gov or (605) 773-3379

South Dakota holder resources


Notes from UPPO’s state administrator survey:

  • Holder manual/handbook updated.
  • New website features: A portal to upload the NAUPA II file was added last year to the site. South Dakota encourages everyone to use the portal. The state is working on a document upload portal for holders as well.
  • Due diligence guidance due to international mail processing being halted in many countries: Please attempt email or phone call.
  • Aggregate amount change: Amount is less than $10
  • Accepts both electronic uploads and encrypted email to holders@state.sd.us.
  • Office moved to 124 E Dakota Ave, Pierre, SD 57501. The Treasurer is still located at 500 E Capitol Ave, Ste 212, Pierre, SD 57501.
  • We are considering delaying the reporting and delivery of safe deposit box contents until January 2021. 


Tennessee

Report due: Nov. 1, 2020

Extensions: Extensions may be requested.

 

Contact: ucp.holders@tn.gov or (615) 253-5362

Tennessee holder resources


Notes from UPPO’s state administrator survey:

  • Holder manual/handbook updated.
  • Electronic uploads permitted to www.ReportItTN.gov.


Utah

Report due: Nov. 1, 2020
Extensions: Extensions may be requested in writing by Oct. 1.

 

Contact: holders@utah.gov or (801) 715-3300

Utah holder resources

 

Notes from UPPO’s state administrator survey:

  • Holder manual/handbook updated.
  • Electronic payments page improvements enable easier payments. 
  • Electronic payments permitted at https://mycash.utah.gov/app/submit-a-report.
  • COVID-19 temporary compliance changes: Utah will consider requests for delayed reporting based on the justification for extending reporting deadlines.


Virgin Islands

Report due: Oct. 31, 2020
Extensions: No details provided.

 

Contact: (340) 774-2991, ext. 4 (St. Thomas) or (340) 773-6449, ext. 4 (St. Croix)

Virgin Islands holder resources


Virginia

Report due: Nov. 1, 2020
Extensions: Extensions may be requested.

 

Contact: Trey.Wood@trs.virginia.gov

Virginia holder resources


Notes from UPPO’s state administrator survey:

  • Holder manual/handbook updated.
  • A new Special Notice for 2020-2021 is posted on the website.
  • COVID-19 temporary compliance changes: Virginia is requesting that all holders report electronically and remit by ACH/wire. Instructions can be found on our website at www.vamoneysearch.org/report
  • Contact change: Trey Wood is now the Manager for the Reporting area.
  • Both electronic uploads and encrypted email accepted: https://www.trs.virginia.gov/HoldersUpload


Washington

Report due: Oct. 31, 2020
Extensions: Extensions may be requested in writing before the report due date. Include company name, holder number, reason for extension request and amount of time requested.

 

Contact: ucp@dor.wa.gov or (360) 534-1502

Washington holder resources


Notes from UPPO’s state administrator survey:

  • Holder manual/handbook updated.
  • Electronic uploads permitted. Go to ucp.dor.wa.gov and follow instructions to upload and pay electronically.
  • Payment must be made electronically to avoid penalty. The payment must be received by due date of Oct. 31.
  • Holders should start reporting last activity dates if possible. The 2021 report will require last activity dates be reported for each owner. 


West Virginia

Report due: Oct. 31, 2020
Extensions: Extensions may be requested.

 

Contact: Eholder_Support@wvsto.com or (800) 642-8687

West Virginia holder resources

Notes from UPPO’s state administrator survey:

  • Website URL change to: https://wv.findyourunclaimedproperty.com/app/reporting-guidelines
  • Holder manual/handbook updated.
  • West Virginia now has a secure online portal where a NAUPA file can be uploaded that does not require an account. It can be found here: https://wv.findyourunclaimedproperty.com/app/submit-a-report. The state also should have a payment portal available on our website before Fall Reporting deadlines.
  • .HDE encrypted files are no longer accepted.
  • Electronic uploads permitted at https://wv.findyourunclaimedproperty.com/app/submit-a-report and select the Upload a Report link.
  • West Virginia should have a payment portal before Fall Reporting deadlines that accepts electronic debit payments (Echeck/Credit Card). Please see the remittance instructions here: https://wv.findyourunclaimedproperty.com/app/reporting-guidelines.
  • If uploading a report and paying electronically, West Virginia asks that no paperwork be mailed to our office. If a holder cannot meet the Nov 1 reporting deadline due to COVID or other reason, please fill out and submit an Extension Request form located on our website: https://wv.findyourunclaimedproperty.com/app/reporting-guidelines.


Wisconsin

Report due: Nov. 1, 2020
Extensions: Extensions may be requested.

 

Contact: DORWIHolderReports@wisconsin.gov or (608) 264-4594

Wisconsin holder resources

Notes from UPPO’s state administrator survey:

  • Holder manual/handbook updated. 
  • Please make sure that payments aren't made twice. If you pay while submitting your report online and pay again, we will withdraw your funds twice.
  • Electronic uploads permitted. See https://www.revenue.wi.gov/Pages/UnclaimedProperty/holder.aspx for details.
  • Do NOT send ACH credit or EFT. Use ACH debit or check or pay online at https://tap.revenue.wi.gov/UCPHolder/_/#3 (select return payment)

 

Wyoming

Report due: Nov. 1, 2019
Extensions: Extensions may be requested.

 

Contact: upreports@wyo.gov or (307) 777-5590

Wyoming holder resources

Notes from UPPO’s state administrator survey:

  • Electronic uploads permitted at https://wyoming.findyourunclaimedproperty.com/app/submit-a-report

 

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:  fall reporting  unclaimed property 

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2020 Fall Reporting Guide Part 3 (Mississippi – Rhode Island)

Posted By Administration, Thursday, August 27, 2020

Fall reporting season is again fast approaching. Most U.S. states require holders to file reports by either Oct. 31 or Nov. 1. Following are reporting deadlines for these states, along with helpful links. This list is not exclusive to a specific holder industry, so please check the states’ websites for information on industry-specific reporting information and deadlines. Because of the amount of information included, this guide will be published in four parts:

 

Part 1 covered Alabama through Hawaii.

Part 2 covered Idaho through Minnesota.

Part 3 covers Mississippi through Rhode Island.

Part 4 will cover South Carolina through Wyoming.



Mississippi

Report due: Nov. 1, 2020
Extensions: No details provided


Contact: UPReporting@treasury.ms.gov or (601) 359-2513

Mississippi holder resources


Missouri

Report due: Nov. 1, 2020
Extensions: Extensions may be requested in writing at least 30 days before the reporting due date.


Contact: ucp@treasurer.mo.gov or (573) 751-0123

Missouri holder resources


Notes from UPPO’s state administrator survey:

  • COVID-19 temporary compliance changes: For November 2019, there was a 30-day extension granted. Missouri has not yet determined if that will be available for November 2020; automatic 30 day filing extension with an email request
  • All reports containing 50 or more owners must be report electronically.
  • Permits both electronic uploads and encrypted email.
  • The Missouri State Treasurer's Office understands that businesses are likely to be impacted by COVID-19 and subsequent business interruptions etc. Because of this, holders that require an extension for reporting unclaimed property will be granted a 30-day extension when requested in writing. Holders needing more than 30 days, but not exceeding 90 days, should put the additional time requested in writing. Please reach out to UCP@treasurer.mo.gov with written requests or with any questions.


Montana

Report due: Nov. 1, 2020
Extensions: No details provided.


Contact: UnclaimedProperty@mt.gov or (406) 444-6900

Montana holder resources


Notes from UPPO’s state administrator survey:

  • Permits electronic uploads.
  • Holder report and payments can now be submitted directly through the department's website.


Nebraska

Report due: Nov. 1, 2020
Extensions: Extensions may be requested.


Contact: NST.HolderReporting@nebraska.gov or (877) 572-9688

Nebraska holder resources


Notes from UPPO’s state administrator survey:

  • New website URL: NebraskaLostCash.gov
  • Holder manual/handbook updated.
  • Nebraska is planning to implement online holder payments by the reporting deadline of Nov. 1.
  • Reach out if you have any concerns related to your ability to perform requirements requiring international mail, which may be disrupted as a result of COVID-19.
  • Nebraska will no longer accept HDE files.
  • Permits electronic uploads; follow instructions on NebraskaLostCash.gov
  • Nebraska accepts check, ACH credit, and soon ACH debit.
  • The ACH credit instructions are unchanged. ACH debit option will be a click through on our website once you submit your report, you can then submit your payment information.
  • Any COVID-19 or other concerns can be addressed with the holder reporting team. Extensions of the deadline can be made as necessary.
  • Additional information.


Nevada

Report due: Oct. 31, 2020
Extensions: Extensions may be requested.


Contact: nvholder@nevadatreasurer.gov or (702) 486-4140

Nevada holder resources


Notes from UPPO’s state administrator survey:

  • Holder manual/handbook updated.
  • Permits electronic uploads through reporting website.
  • Remittance via ACH debit only, through website, unless prior written authorization has been received.
  • Holder manual contains information regarding changes to Nevada statute effective July 1, 2019.


New Hampshire

Report due: Oct. 31, 2020
Extensions: Extensions may be requested in writing before the reporting deadline.


Contact: ap@treasury.state.nh.us or (603) 271-2619

New Hampshire holder resources


Notes from UPPO’s state administrator survey:

  • New website URL: https://newhampshire.findyourunclaimedproperty.com/
  • New website features: Direct upload of reports and ability to create an online manual report.
  • Send international due diligence if possible. For countries where mail can't be sent at present, please continue to hold those properties until such time statutory due diligence can be completed.
  • Effective July 1, 2019, New Hampshire no longer accepts reports on any type of removable media (I.e. CDs, DVDs, Blu-Ray disks, diskettes and USB drives).
  • Report electronically directly to the state website reporting portal whenever possible.
  • Notarization of reporting document requirements has not been waived during the pandemic.
  • Permits electronic uploads via https://newhampshire.findyourunclaimedproperty.com/app/submit-a-report
  • At time of upload, please initiate electronic payment, or send corresponding check.


New Jersey

Report due: Oct. 31, 2020
Extensions: Extensions may be requested.


Contact: unclaimedreports@treas.nj.gov or (609) 292-9200

New Jersey holder resources


Notes from UPPO’s state administrator survey:

  • Holder manual/handbook updated.
  • New Online Holder Reporting Application.
  • No longer accepts HDE.
  • Reports accepted through the online Holder Reporting Application only.


New Mexico

Report due: Nov. 1, 2020
Extensions: Extensions may be requested.


Contact: Email form or (505) 827-0762

New Mexico holder resources

 

Notes from UPPO’s state administrator survey:

  • Holder manual/handbook updated.
  • Electronic uploads and encrypted email permitted. Contact department for a secure link or email reports to Stephanie,dennis@state.nm.us

 

North Carolina

Report due: Nov. 1, 2020
Extensions: Extensions may be requested by Oct. 1.


Contact: upreports@nctreasurer.com or (919) 814-4200

North Carolina holder resources


North Dakota

Report due: Nov. 1, 2020
Extensions: Extensions may be requested in writing.


Contact: unclaimed@nd.gov or (701) 328-2800

North Dakota holder resources


Notes from UPPO’s state administrator survey:

  • North Dakota has added an electronic remittance preference to its website.
  • Notice change: For third parties, it is imperative they do NOT put the North Dakota phone number on all letters (In the footer for example). North Dakota contact information should only go on letters to North Dakota residents.
  • Electronic uploads permitted via https://unclaimedproperty.nd.gov/app/submit-a-report.
  • Remittance preference is the EFT on the website.
  • EFT payment due at time of online reporting.


Ohio

Report due: Nov. 1, 2020
Extensions: Extensions may be requested.


Contact: UnfdClaims.UnfdClaims@com.ohio.gov or (614) 466-4433

Ohio holder resources


Notes from UPPO’s state administrator survey:

  • Holder manual/handbook updated.
  • When possible, file electronically a report of unclaimed funds on the Ohio Business Gateway.
  • Please check files and forms before submission. Items are often in wrong columns or fields or report doesn't total.
  • No new forms, but NONE or Zero dollar reports will now need to be filed online, at the Ohio Business Gateway. As usual, this can be accessed on Ohio’s website. If unique circumstances require that a paper NONE Report needs to be filed, then a formal request must be submitted by email to the Division.
  • Electronic uploads permitted; OBG - NAUPA file or text file.


Oklahoma

Report due: Oct. 31, 2020
Extensions: Extensions may be requested in writing on company letterhead before the report due date.


Contact: holderinfo@treasurer.ok.gov or (405) 521-4273

Oklahoma holder resources

 

Notes from UPPO’s state administrator survey:

  • COVID-19 temporary compliance changes: A revised Verification & Checklist not requiring notarization is available on the website.
  • Electronic uploads permitted.
  • New remittance address: 9520 N May, Lower Level Oklahoma City, OK 73120


Oregon

Report due: Nov. 1, 2020
Extensions: Extensions may be requested.

 

Contact: holder@state.or.us or (503) 986-5200

Oregon holder resources


Notes from UPPO’s state administrator survey:

  • Holder manual/handbook updated.
  • Oregon has added document upload capability to its website after holders have submitted their report through our system.
  • Online electronic uploads permitted at unclaimed.oregon.gov
  • If you are dealing with international addresses and can't get mail delivered due to COVID-19, Oregon allows reaching out by other methods. We also will allow an extension of time to file if you need it for this reporting cycle. The request form is available on our website.
  • Oregon no longer accept credit card payments; now accepting online ACH Debit/eCheck payments.


Rhode Island

Report due: Oct. 31, 2020
Extensions: Extensions may be requested.

 

Contact: ups@treasury.ri.gov or (401) 462-7676

Rhode Island holder resources

 

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:  fall reporting  unclaimed property 

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2020 Fall Reporting Guide Part 2 (Idaho – Minnesota)

Posted By Administration, Tuesday, August 25, 2020

Fall reporting season is again fast approaching. Most U.S. states require holders to file reports by either Oct. 31 or Nov. 1. Following are reporting deadlines for these states, along with helpful links. This list is not exclusive to a specific holder industry, so please check the states’ websites for information on industry-specific reporting information and deadlines. Because of the amount of information included, this guide will be published in four parts:

 

Part 1 covered Alabama through Hawaii.

Part 2 covers Idaho through Minnesota.

Part 3 will cover Mississippi through Rhode Island.

Part 4 will cover South Carolina through Wyoming.


Idaho

Report due: Nov. 1, 2020
Extensions: Extensions may be requested before the report due date.


Contact: UCPBusinessQuestions@sto.idaho.gov or (208) 332-2942 or (877) 388-2942
Idaho holder resources

 

Notes from UPPO’s state administrator survey:

  • Holder manual/handbook updated.
  • COVID-19 temporary compliance changes: Holders can receive extensions on a case-by-case basis.
  • Idaho does not require a zero report unless the holder is headquartered or domiciled in Idaho.
  • Electronic report submission permitted.

 

Indiana

Report due: Nov. 1, 2020
Extensions: Extensions may be requested at least 30 days before the reporting due date.


Contact: updholder@atg.in.gov, (317) 234-9768
Indiana holder resources

 

Notes from UPPO’s state administrator survey:

  • Handbook has not been updated, but this was added to the website: "Federal Tax Withholding Requirements for Individual Retirement Accounts Effective January 1, 2020."
  • Please do not send worthless securities.
  • Electronic uploads permitted.
  • NAUPA formatted files only.
  • EFT payment due at the time the report is filed.

 

Iowa

Report due: Nov. 1, 2020
Extensions: Extensions may be requested before the reporting due date.


Contact: upreport@tos.iowa.gov or (515) 281-7546
Iowa holder resources

 

Notes from UPPO’s state administrator survey:

 

Kansas

Report due: Nov. 2, 2020
Extensions: Extensions may be requested


Contact: KSHolder@treasurer.ks.gov or (785) 291-3173
Kansas holder resources

 

Notes from UPPO’s state administrator survey:

  • Holder manual/handbook updated.
  • Kansas grants an automatic 60 day extension of Nov. 1 reporting for Safe Deposit Box and Safe Keeping type properties only to Jan. 1, 2021. If an additional extension past Jan. 1, 2021, is necessary, please complete and submit an extension request form via email to KSHolder@treasurer.ks.gov.
  • Kansas will consider international mail disruption resulting from the COVID-19 pandemic as a reason for a holder to file a reporting extension request for the Nov. 1 reporting deadline. This is for properties that require due diligence mailed internationally only.
  • Noteworthy trend: Tax ID entered into the wrong field or in the description field.
  • Electronic uploads permitted at https://online.treasurer.state.ks.us/public_upload_1.php.
  • Kansas will be flexible and work with holders if they need extensions for the Nov. 1 reporting deadline. Also, since Nov. 1 is on a Sunday this year, the deadline will be Monday, Nov. 2.  Kansas requires reports postmarked on the deadline, not sent in by.

 

Kentucky

Report due: Nov. 1, 2020
Extensions: Extensions may be requested


Contact: Unclaimed.property@ky.gov or (800) 465-4722

Kentucky holder resources

 

Notes from UPPO’s state administrator survey:

  • Electronic uploads permitted.

 

Louisiana

Report due: Oct. 31, 2020
Extensions: Extensions may be requested before the report due date.


Contact: (888) 925-4127

Louisiana holder resources

 

Notes from UPPO’s state administrator survey:

  • Holder manual/handbook updated.
  • COVID-19 temporary compliance changes: Louisiana is strongly urging all holders to upload reports and pay by ACH through its website. The state has not determined if electronic payments will be mandatory but is considering this measure if a large part of its staff is working remotely in October. 
  • Aggregate amount change: Aggregate limit is $10 (reduced from $50).
  • Electronic uploads permitted through website secure portal.

 

Maine

Report due: Nov. 1, 2020
Extensions: Extensions may be requested before the report due date.


Contact: up.holderinquiry@maine.gov or (207) 624-7470

Maine holder resources

 

Maryland

Report due: Oct. 31, 2020
Extensions: Extensions may be requested before the filing deadline.


Contact: upholder@marylandtaxes.gov or (410) 767-1700

Maryland holder resources

 

Notes from UPPO’s state administrator survey:

 

Massachusetts

Report due: Nov. 1, 2020
Extensions: Extensions may be requested


Contact: UCPReporting@tre.state.ma.us or (617) 367-0400

Massachusetts holder resources

 

Notes from UPPO’s state administrator survey:

  • Holder manual/handbook updated.
  • Massachusetts has gone paperless. All reports must be uploaded to our website.
  • Electronic uploads permitted at https://www.findmassmoney.com/app/submit-a-report.
  • Massachusetts no longer accepts checks. All payment must be made via EFT – ACH, credit or wire. No payments via mail.
  • All holders must complete an Authorization Agreement for EFTs annually.
  • Reports and payments should be sent at the same time.
  • Please be aware that Massachusetts has gone paperless. We no longer accept paper, CDs or checks. If these are submitted, they will be rejected and returned.

 

Minnesota

Report due: Nov. 1, 2020
Extensions: Extensions may be requested.


Contact: holder.unclaimed@state.mn.us or (651) 539-1545

Minnesota holder resources

 

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:  fall reporting  unclaimed property 

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2020 Fall Reporting Guide Part 1 (Alabama – Hawaii)

Posted By Administration, Friday, August 21, 2020

Fall reporting season is again fast approaching. Most U.S. states require holders to file reports by either Oct. 31 or Nov. 1. Following are reporting deadlines for these states, along with helpful links. This list is not exclusive to a specific holder industry, so please check the states’ websites for information on industry-specific reporting information and deadlines. Because of the amount of information included, this guide will be published in four parts over the next two weeks:

 

Part 1 covers Alabama through Hawaii.

Part 2 will cover Idaho through Minnesota

Part 3 will cover Mississippi through Rhode Island.

Part 4 will cover South Carolina through Wyoming.

 

Alabama

Report due: Nov. 1, 2020
Extensions: Extensions may be requested in writing. Include reason for extension request and length of time needed.


Contact: unclaimed@treasury.alabama.gov or (334) 242-9614 or (888) 844-8400
Alabama holder resources


Alaska

Report due: Oct. 31, 2020
Extensions: Extensions may be requested by email. Include reason for extension request and length of extension needed.


Contact: ucpholder@alaska.gov or (907) 465-3726
Alaska holder resources 

Notes from UPPO's state administrator survey:

  • Permits both electronic uploads and encrypted email.
  • Alaska doesn't have a portal for uploads but there are commercial services available. Use ucpholder@alaska.gov for submitting encrypted reports via email.
  • Holders may want to mention in their due diligence notice that claimants can search www.missingmoney.com. When they see their name, only then is the property available for claim. Since Alaska unclaimed property personnel are in the office one day a week, there will be a delay in loading reports and entering manual reports. Once the report has been loaded and the receipt has been posted, the property will display on www.missingmoney.com.


Arizona

Report due: Oct. 31, 2020
Extensions: Extensions may be requested by fax or email by Oct. 1, 2019. Include company name, holder number or company FEIN, reason for extension and length of extension requested.


Contact: ReportingUnclaimedProperty@azdor.gov or (602) 716-6031
Arizona holder resources 

Notes from UPPO’s state administrator survey:


Arkansas

Report due: Oct. 31, 2020
Extensions: No details provided.


Contact: holders@auditor.ar.gov or (501) 682-6000
Arkansas holder resources 

Notes from UPPO’s state administrator survey:

  • Instruction manual/handbook has been updated.
  • Reporting website is now run by the Kelmar KAPS team, making reporting in Arkansas more similar to other states using the KAPS system.
  • COVID-19 temporary compliance changes: Granted extensions as requested
  • Please submit all reports electronically via our reporting portal at https://claimitar.com/app/submit-a-report.
  • Arkansas now offers an online payment option via its website.
  • Payment is due when the report is submitted.


California

Report due: Oct. 31, 2020, for Holder Notice Reports
Extensions: Extensions may be requested no later than 30 days before the due date.

Contact: updholderoutreach@sco.ca.gov or (916) 464-6088 
California holder resources

Notes from UPPO’s state administrator survey:

  • COVID-19 temporary compliance changes: Reporting timeframes changed: Life Insurance Notice postponed from April 30 to June 30. Remit from June 1-15 to June 1- Aug 15. Life insurance Remit postponed from December 1-15 to February 1-15, 2021.
  • Holders may submit a report via sFTP or by encrypted email.
  • For one-on-one assistance with the contents of your report, contact the Reporting Unit: (916) 464-6284 or UCPReporting@sco.ca.gov.


Colorado

Report due: Nov. 1, 2020
Extensions: No details provided.


Contact: Holders@state.co.us or (303) 866-6070 or (800) 825-2111
Colorado holder resources 

Notes from UPPO’s state administrator survey:

  • Instruction manual/handbook has been updated.
  • All holders must submit their files online through the web portal at colorado,findyourunclaimedproperty.com.
  • COVID-19 temporary compliance changes: Treasury employees are all working from home for the foreseeable future. This makes telephone contact difficult so the best way to communicate with the office is via e-mail.
  • Due diligence threshold change: Owners owed more than $24.99 must receive a notice. Previously, the threshold was $49.99.
  • Notices must be sent out at least 60 days prior to the report due date and must give the owner 30 days in which to contact the holder and recover property.
  • There is specific language that must be substantially included in the letter's header. This language is specified at 38-13-502 C.R.S.
  • All insurance companies now have a reporting due date of May 1.
  • With the push for electronic filing, many holders are failing to report statutorily required information, such as an owner address or Social Security number because the computer program doesn't list those fields as “required.” There is confusion in the holder community between statutory requirements and programming requirements. Holders need to fill in information for all fields on a program even if it is not marked required in order to avoid corrective actions needing to be employed against the file. p>
  • All reports must be electronic and submitted through the online portal at colorado.findyourunclaimedproperty.com.
  • Holders should report and remit at the same time.

 

District of Columbia

Report due: Oct. 31, 2020
Extensions: Extensions may be requested by email to holders.ucp@dc.gov.


Contact: DCUnclaimed.Property@dc.gov or (202) 442-8181
District of Columbia holder resources 

Notes from UPPO’s state administrator survey:

  • Instruction manual/handbook has been updated.
  • COVID-19 temporary compliance changes: Granting Extensions and VDA on an as needed basis.
  • Report file type change: Reports should be uploaded using the Web Portal at DC.findyourunclaimedproperty.com to remit a report or key a manual report; txt file only.
  • When filing a report online, you can also make or send a wire/ACH.
  • While the stay-at home-order has been lifted, and the District of Columbia has entered Phase 1 of reopening, the unclaimed property office is still under the telework operational status until further notice. Although operating remotely, the unclaimed property operations are functioning and are available at the listed email and phone number.

 

Georgia

Report due: Nov. 1, 2020
Extensions: No details provided


Contact: ucp.reporting@dor.ga.gov or (855) 329-9863
Georgia holder resources 

Notes from UPPO’s state administrator survey:

  • Instruction manual/handbook has been updated.
  • New forms/information: UP-1 MV UP-2 MV UP-SR.
  • Electronic report submission permitted through UpExchange/UpExpress only.
  • Holders who are having difficulty reporting due to COVID-19 are encouraged to request an extension.


Hawaii

Report due: Nov. 1, 2020
Extensions: Extensions may be requested by mail on company letterhead. Approvals will extend the reporting deadline until Jan. 1.


Contact: Varies by island 
Hawaii holder resources 

 

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:  fall reporting  unclaimed property 

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Identifying Records for Unclaimed Property Review, Part II

Posted By Administration, Wednesday, August 5, 2020

When trying to identify outstanding unclaimed property obligations, property holders should conduct a periodic review of areas where potential exposure lies. Unclaimed property can result from property types other than the common areas discussed in last week’s blog post.

 

To help ensure that all potential property types and sources are being captured in the unclaimed property review process, following are several additional unclaimed property risk areas where to review.

 

Gift Cards

Sales of gift cards and gift certificate transactions may result in escheatable property. Review gift card or gift certificate reports that identify unredeemed gift card balances, whether generated internally or as part of services provided by a third-party administrator.

 

Holders should review the unredeemed gift card or gift certificate report to identify cards and certificates that have been inactive and are soon to become dormant. The dormancy period for unredeemed gift certificates and gift cards varies by state.

 

Dormant unredeemed gift cards and gift certificates may be escheatable. If the holder retains the owner or gift recipient’s address information, the unclaimed property laws for that address’s state will apply. If the holder does not retain address information, the laws of the holder’s state of incorporation or domicile will apply. 

 

Some states do not require the escheatment of unredeemed gift cards. A vast majority of those states simultaneously require that the cards and certificates do not expire. This allows an owner to redeem the gift certificate or gift card into perpetuity. The holder should identify the applicable state law to determine whether the transaction is escheatable and what limitations may be put on the redemption of the card or certificate.

 

Equity

When evaluating equity for potentially escheatable property, include in the review outstanding dividends, other payments that are owed and outstanding to the shareholder, as well as the underlying shares. Many states require that if a dividend check is dormant and escheatable, the holder also escheat the underlying share related to the dividend.

 

Most holders employ a transfer agent to oversee their equity. The transfer agent’s duties usually include escheat review and annual compliance filing. Holders should request and maintain copies of all annual unclaimed property reports filed by the transfer agent on the holder’s behalf. 

 

If the holder is conducting its own analysis of potentially escheatable equity transactions, review the report of shareholder activity. This report should include the date of the shareholder’s last account activity, as well as list the outstanding dividend check payments.

 

States vary on what information is considered sufficient contact to identify the shareholder’s last activity date, so check the applicable state provision for that determination.

 

Mineral Rights and Royalties

Some holders may hold potentially escheatable property in the form of mineral rights and royalties. If so, review the list of suspended accounts resulting from contact with the property owner. The determination of lost contact may vary depending on applicable state law, so the always verify what is considered lost contact.

 

Similar to the analysis of equity transactions, if the royalty is determined to be dormant and escheatable, be aware that some states require holders to remit all owed royalties with the outstanding payment. Some states have more stringent guidelines for reporting mineral rights and royalties, so be sure to research state statutes.

 

Insurance

Insurance companies have a number of unique transactions from other types of businesses that may become escheatable property. Besides the traditional unclaimed property scenario of uncashed checks resulting in unclaimed property, insurance companies need to conduct analysis on agent commission liability accounts to identify any dormant unpaid commission balances.

 

Also obtain and review records related to life insurance policies. The purpose is to identify policies that have matured but were not paid to the policy holder due to lost contact. These policies may be escheatable.

 

Obtain a listing of life insurance policies for which the death notice was received but the claim not paid. This often occurs because the beneficiaries cannot be found. Many states have enacted the Life Insurance Benefit Act, which requires companies to check policy inventory against the Death Master File on a regular basis.

 

Further, the holder should obtain and review a listing of unpaid annuities and inactive retained asset accounts to identify transactions that have become dormant and may be escheatable to the states. As with all property types, dormancy and escheat requirements vary by state, so holders should confirm the law with the applicable state.

 

 

Tags:  equity  gift cards  insurance  mineral rights  records  unclaimed property 

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