Indiana Unclaimed Property Law Update: Dormancy Period Reduction will First Apply to Annual Reporting as of November 1, 2011
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).
Indiana’s new law reducing dormancy periods takes effect the day after the cutoff date for November 2010 reporting and can therefore be confusing as to whether it applies to the November 2010 reporting period, which is does not. To clarify any confusion, Indiana issued an update on their website. Initially, the Indiana website wrongly indicated that the new law affected the November 2010 reporting. The website has been corrected and now reads:
Effective July 1, 2010
- the statutory holding period for certain properties has changed from five (5) years to three (3) years. For the property types affected, see I.C. 32-34-1-20 as amended, by clicking
- . The amended holding periods must be reflected in the report of holders due NLT
November 1, 2011.
We will continue to track any changes regarding Indiana unclaimed property law & legislation in our unclaimed property blog and our quarterly unclaimed property newsletter, Keanotes.
Should you have any questions or require additional information, you may also contact me directly via email at email@example.com.
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