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 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.

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Posted on Friday, 19th November 2010 by Keane Unclaimed Property Team

According to the National Association of Unclaimed Property Administrators, states collectively hold $33 billion in unclaimed property – and California Unclaimed Property accounts for $6.1 billion. Forgotten bank accounts, uncashed checks or dividends, overlooked security deposits or utility refunds, old stocks or mutual funds, unclaimed insurance payouts – the list goes on. The bottom line is, consumers need to keep a watchful eye on their assets – and those who haven’t, should find out what they may be missing.
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Posted on Friday, 12th November 2010 by Keane Unclaimed Property Team

As states become more aggressive with abandoned property laws and guidelines, they continue to make changes to legislation in an effort to generate more revenue. On September 30, Tennessee proposed new administrative rules for unclaimed property that if passed will directly affect businesses operating in the state.

The proposed changes apply to Organizations and Individuals Required to Report, Reporting Forms, Alternative Reporting Forms Accepted by the State and Agreements Relative to Unclaimed Property.

Organizations and Individuals Required to Report: The current rule for organizations and individuals states that business employing less than 25 employees do not have to report unclaimed property. The proposed rule would delete this exception making it mandatory for all businesses in the state to report this information. 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 Friday, 8th October 2010 by Keane Unclaimed Property Team

Michigan’s new reporting bill, HB 6421 – introduced on September 8th, was signed into law by the Governor on October 5, 2010.  The details are summarized below:

• General dormancy period from 5 to 3 years.
• Money orders from 7 years to 3 years.
• Any sum payable on a check, draft, or similar instrument from 5 years to 3 years.
• Demand, savings, matured time deposits including any automatically renewable deposits, from 5 to 3 years.
• Trust accounts and accounts under the Gifts to Minors Act, from 15 years to 3 years.
• Funds owed under any life or endowment insurance policy, from 5 to 3 years.
• Gift Cards, from 5 years to 3 years.

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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.

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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.
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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 »

Posted on Thursday, 2nd September 2010 by Keane Unclaimed Property Team

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 »