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Summer is flying by and some children are returning to school already. Tis the season for due diligence letters! Most fall reporting states require you to send your letters out no later than September 2nd.

If you have not done so already, you'll want to review your records and send out the required letters. Most states require a letter to be sent for any owner to whom you owe $50 or more. All states have their due diligence requirements available on their web sites. Check the individual state requirements to be sure you are in compliance.

States are stepping up their efforts to enforce due diligence. Many states now require an officer of your company to sign a section of the cover sheet that states you have done due diligence.

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The state of North Carolina passed HB 692, which was effective October 1, 2011. Enforcement of these changes was postponed to give holders time to make any procedure changes that might be necessary.

These changes officially go into effect starting with November 1, 2012 filings. If you haven’t already prepared for these changes, you will want to do so now.

You can view the actual bill here and North Carolina’s summary of the changes here.

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If you’ve been in the unclaimed property industry for any length of time, you know Delaware has a reputation for being very tough on holders. They usually give no quarter when it comes to compliance issues with holders. I was pleasantly surprised when Delaware extended an olive branch to non-compliant holders. If you have any past due unclaimed property for Delaware, I strongly encourage you to jump on this rare opportunity while you can.

The bill passed July 11, 2012 and sunsets July 1, 2015. You can read it here.

Holders may enter into a voluntary disclosure agreement with the Delaware Secretary of State. There are some caveats. There are certain deadlines for finalizing the agreement and for making the required payments to the state. Holders who entered a VDA on or before June 30, 2012 are not eligible. Holders who have already received a notice of examination (a letter stating you will be under audit) are not eligible. Review the law carefully to see if you qualify.

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