Posted on Thursday, 14th April 2011 by Keane Unclaimed Property Team

We’ve seen the word “escheatment” achieve a new level of notoriety over the past several months, and it’s largely due to the recent wave of unclaimed property penalties and notices that have been sent out by the State of California Controller’s office.

These interest assessment notices are the result of a recent internal review by the Controller’s office to identify “past due” property that had been reported and was included on the unclaimed property reports filed since 2007. Read More »

Posted on Friday, 8th April 2011 by Keane Unclaimed Property Team

March 30, 2011

Nevada unclaimed property, from casinos, could bring the state millions. When gamblers step into casinos, especially in Nevada, they’re looking to win big bucks. Typically, these gamblers don’t bother redeeming the low-value payout tickets dispensed from cashless slot machines or other electronic games.

However, if they cashed in those tickets each time they played, the abandoned winnings would begin to add up. Nevada state officials have not only done the math, but now they want their piece of the pie.

Read More »

Posted on Monday, 28th February 2011 by Keane Unclaimed Property Team

Reporting unclaimed property in Indiana? If so, pay attention! Today, February 28, 2011, is the deadline for unclaimed property reports under the Indiana Amnesty Program. Early last fall, the Office of the Indiana Attorney General instituted a one-time only unclaimed property amnesty program to help organizations holding unclaimed property come into compliance with the Unclaimed Property Reporting Act, without consequence of accrued payment and applicable penalties. Holders wishing to participate in this program had to have enrolled by October 31, 2010.

Read More »

Posted on Thursday, 4th November 2010 by Keane Unclaimed Property Team

With reporting deadlines occurring at the end of this month, we are constantly keeping abreast of issues involving unclaimed property and dormant accounts—even ones occurring outside the United States. A recent article caught our attention from CaymanNewsService titled “Law fundamentally ‘flawed’” as it raised some unclaimed property law issues that have and continue to occur state side. Read More »

Posted on Thursday, 4th November 2010 by Keane Unclaimed Property Team

As you might have guessed, New Jersey’s attempt to collect an additional $79.5 million in revenue per year by revising the Uniform Unclaimed Property Act is causing a legal uproar in Trenton’s federal court. Monday’s article on Law.com which covered the proposed unclaimed property law revision caught our eye, as there are currently three lawsuits contesting that the recent revision is pre-empted by federal law and violates the Constitution’s taking, commerce, contract and due process clauses.

So just what does the law say? On July 1, 2010, New Jersey passed a revision to the Uniform Unclaimed Property law stating that gift cards – which were not previously covered by the unclaimed property act – are presumed abandoned after two years. This includes paper gift certificates and rebates cards. The law also reduces the time to redeem travelers’ checks and money orders from 15 years to three years and seven years to three years, respectively. Finally, the law forbids fees charged on stored value cards and limits the amount of dormancy fees businesses can charge on travelers’ checks.

The lawsuits involve American Express Travel Related Services Company, the New Jersey Retailers Association and the New Jersey Food Council, and are all seeking a preliminary injunction against enforcement of the law. Read More »

Posted on Thursday, 7th October 2010 by Keane Unclaimed Property Team

Some important news for you if you’re a holder following state unclaimed property law; Indiana has recently announced a change –

A one-time only “Amnesty” program to help holders of unclaimed property regain compliance.

Read More »

Posted on Wednesday, 6th October 2010 by Keane Unclaimed Property Team

American Express as well as the New Jersey Retail Merchants Association have targeted a recent law which altered the length of time upon which the state can seize travelers check and unused gift card balances. American Express is concerned with travelers checks and the NJRMA is unhappy with the law’s implications on gift cards.

New Jersey state treasurer, Andrew P. Sidamon-Eristoff, has been hit with two law suits concerning a measure approved back in June of 2010 which was part of the budget recommended by Governor Christie. The budget called for changes to when a travelers check or gift card could be considered as abandoned, resulting in an estimated $80 million for the state. Gift cards alone are estimated to generate $33-55 million.
Read More »

Posted on Monday, 4th October 2010 by Keane Unclaimed Property Team

It’s hard to believe, but the holiday season is only a few months away. According to the National Retail Federation, Americans spent 23.6 billion last holiday season on gift cards alone. That being said, last month new gift card escheatment laws involving unclaimed property and the amount of time consumers have to use gift cards went into effect. While these regulations aim to help consumers, they aren’t crystal clear and leave room for some confusion.

For most states, these new regulations give consumers five years as opposed to one year to use the balance on most gift cards, but they will still have to pay fees for not using them. One major key improvement is that card issuers must wait a year before charging an inactivity fee. However, in a recent Associated Press interview, Laura Lane, vice president of unclaimed property services here at Keane Unclaimed Property, indicated that this could be both good and bad for consumers. Read More »

Posted on Tuesday, 14th September 2010 by Keane Unclaimed Property Team

Are you interested in learning some of the key concepts of New York escheat and unclaimed property laws? Have a specific question about reporting, auditing or compliance?

This page gives you key information pertaining to New York State escheat laws including reporting & compliance. Read More »

Posted on Friday, 10th September 2010 by Keane Unclaimed Property Team

Looking for information on unclaimed property & escheat law in California? This post will point you in the right direction with some general facts & knowledge about California unclaimed property law. If at the end, you still have questions or would like guidance pertaining to your specific situation, contact an unclaimed property expert at (800) 848-8896 or by filling out this contact form on our website.

Other California Unclaimed Property blogs include:

• California Unclaimed Property Penalties & Notices Catching Many Companies Off-Guard
• California Unclaimed Property Reporting Procedures Cause Confusion
• California Issues Escheat Reporting Guidance To Corporate Holders
• California Unclaimed Property Eclipses $6.1B

California Escheatment At A Glance

With an eye-opening 6.1 billion dollars in unclaimed property, the State of California has in its possession a substantial chunk of tangible and/or intangible property that you’ve likely turned over year after year. John Chiang, the Controller for the State of California, is the state’s fiscal officer responsible for, among other tasks, overseeing that 6.1 billion—and trying to return the property to its legal owner or heir. Read More »