Posted on Thursday, 2nd September 2010 by The Keane Organization

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Are you interested in cost risks of unclaimed property compliance in Arizona?

Here you will find valuable knowledge pertaining to Arizona State escheat and unclaimed property laws.

Should there be a specific question that we fail to answer here, we’re ready and willing to provide our insight.  To submit your inquiry and get more information, fill out this brief form below or get in touch directly with the Arizona Unclaimed Property Unit.

Aspects of Arizona Unclaimed Property and Escheatment Law

Listed here are several aspects of Arizona unclaimed property and escheatment law to keep in mind in order to avoid interest and penalties: Read More »

Tags: Abandoned Property, Abandoned Property Law, Arizona, Best Practices, Dormancy Periods, Escheat Law, Escheatment, State Escheatment, Unclaimed Property, Unclaimed Property Law, Unclaimed Property Reporting
Posted in Abandoned Property, Abandoned Property Law, Best Practices, Dormancy Periods, Escheat Law, Escheatment, State Escheatment, Unclaimed Property, Unclaimed Property Law, Unclaimed Property Reporting | Comments (0)

Posted on Friday, 16th July 2010 by The Keane Organization

Recent legislative, regulatory and legal developments that occurred during the month of June 2010 in the areas of state unclaimed property law and regulation are summarized below, by state and by topic:

Unclaimed Property Reporting Laws: State By State Changes

Delaware Unclaimed Property Reporting

SB 272

Introduced 5/13/10, Passed Senate 6/22/2010, Passed House 6/29/2010.

Section 1 of the Act provides for an administrative review process at the conclusion of an unclaimed property examination. This review process may be invoked at the option of the unclaimed property holder. It will allow the holder to file a written protest, submit additional information in support of the protest and request that the Audit Manager reconsider the Department’s findings following an examination.

Section 2 of the Act creates a limited exemption from the definition of property for abandoned property purposes that arises from transactions between merchants covered by the Uniform Commercial Code where, for whatever reason, a merchant holder receives goods for which the holder was never invoiced by the seller. Read More »

Tags: Dormancy Periods, Escheat Law, Legislative Updates, State Escheatment, State Escheatment Laws, Unclaimed Property Reporting
Posted in Dormancy Periods, Escheat Law, Legislative Updates, State Escheatment, Unclaimed Property Reporting | Comments (0)

Posted on Wednesday, 23rd June 2010 by The Keane Organization

This post details a recent change in Indiana unclaimed property law that reduces dormancy periods & will effect reporting as of November 1, 2011. If you have specific questions or would like personalized guidance, please contact an unclaimed property consultant.

On March 17th the Governor of Indiana signed HB 1083 into law, with an effective date of July 1, 2010. The following dormancy periods were reduced from five years to three years: (1) A demand, savings, or matured time deposit. (2) Property payable as a result of a demutualization, rehabilitation, or related reorganization of a mutual insurance company. (3) All other property not otherwise specified under the act (catch-all provision). Read More »

Posted in Dormancy Periods, Escheat Law, Legislative Alerts, State Escheatment, Uncategorized, Unclaimed Property Law | Comments (0)

Posted on Tuesday, 25th May 2010 by The Keane Organization

This is to advise that on May 14, 2010, the Delaware General Assembly introduced legislation that proposes significant changes to the administration and enforcement of Delaware’s unclaimed property statute.

Specifically, this Act improves the administration of the Delaware Abandoned and Unclaimed Property Statute by providing holders with additional clarity and certainty regarding the enforcement of the Delaware abandoned property statute. Read More »

Posted in Abandoned Property Law, Legislative Alerts, State Escheatment, Unclaimed Property Compliance, Unclaimed Property Law | Comments (0)

Posted on Monday, 26th April 2010 by The Keane Organization

Following Arizona unclaimed property law? Some late-breaking news for you:

On April 20, 2010, the Governor of Arizona signed HB 2453 into law.

This bill reverts the dormancy period for Arizona security and bond property back to a 3 year dormancy, up from 2 years.

The legislation reverses the recently enacted Senate Bill 1003 which reduced the dormancy period for most property types by one year.

SB1003 was a budget reconciliation bill enacted in a last ditch effort to get the delayed Arizona budget passed.  Beyond the revenue the reduced dormancy periods would bring to the State, it appears that not much time was spent evaluating the other consequences of the bill. Read More »

Posted in Escheat Law, Legislative Alerts, State Escheatment | Comments (0)

Posted on Wednesday, 14th April 2010 by The Keane Organization

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

Indiana Institutes Unclaimed Property Amnesty Program

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

What does that mean exactly?

Well, a lot of companies continue holding unclaimed property on their books – either intentionally, or more often, simply because they are unaware of the state unclaimed property laws.

This is not very surprising considering the vast number of escheat laws that apply to holders across the 50 states, and the break-neck pace with which they change.

But this type of program allows holders to voluntarily come forward to comply with the laws without the threat of paying hefty interest and penalty payments. Read More »

Posted in State Escheatment, Unclaimed Property Audit, Unclaimed Property Compliance, Unclaimed Property Law | Comments (0)

Posted on Wednesday, 17th February 2010 by The Keane Organization

January 2010 was a busy month for state unclaimed property rules.

A major trend across many states, which is a hindrance to corporations and holders, is the reduction in dormancy periods.

Recent legislative, regulatory and legal developments that occurred during the month of January 2010 in the areas of unclaimed property law and regulation are summarized below, by topic: Read More »

Posted in Abandoned Property Law, Legislative Updates, State Escheatment | Comments (0)

Posted on Tuesday, 2nd February 2010 by The Keane Organization

Escheatment rules by state, and unclaimed property reporting and compliance in general, are constantly changing, as you have probably noticed.

The initial thought is that change complicates matters further, and usually it does. But some states, like Idaho, are giving unclaimed property holders what they need – relief from all the rules.

Still, many states continue proposing and passing legislation that make escheat compliance more difficult on unclaimed property holders.

We have included some January updates to escheatment rules by state below. This list is not exhaustive, but it does contain some important developments.

To receive all legislative updates, sign-up for Keanotes, our premium unclaimed property newsletter. Read More »

Posted in Abandoned Property Law, Legislative Alerts, State Escheatment | Comments (0)

Posted on Friday, 8th January 2010 by The Keane Organization

This Mississippi bill died in committee but shows how state legislators are proposing changes that make unclaimed property compliance more complicated for corporations.

The bill contemplated dormancy period reductions (which would increase the amount of property escheated) as well as a host of fines and penalties. Specific details of the proposal are shared below: Read More »

Posted in Legislative Updates, State Escheatment, Unclaimed Property Compliance | Comments (1)

Posted on Friday, 20th November 2009 by The Keane Organization

I’ve talked in the past about escheatment audit risk, the increased scrutiny companies are facing, and the rising state interest in unclaimed property. The bottom line is that unclaimed and abandoned property contributes a large amount of revenue to the States’…well, their top line revenue!

Apropos to that, I came across a story in the Time Picayune in New Orleans, LA regarding the State’s unclaimed property auditing and collection efforts. Benny Spann, director of the Unclaimed Property Division in the Louisiana’s Treasury Department shares some valuable insight about the state’s collection efforts and how it views unclaimed property (or abandoned property).

From the story:

The money collected this year brings the cumulative pot of unclaimed money forwarded to the state since the program began in 1972 to $643.6 million. The program has paid out $206.9 million to 271,808 individuals as of last week, Spann said.

Read More »

Posted in Escheatment, State Escheatment, Unclaimed Property Audit | Comments (0)