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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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Posted by on in Unclaimed Property

As part of our continuing series of interviews with UPExchange users, our Roving Reporter traveled to Valparaiso, Indiana, to interview Sergeant Bud Gootee of the Porter County Sheriff’s Department. Sgt. Gootee became the Department’s business manager in 2007, after serving as a division commander in the Department’s police services.

His responsibility for unclaimed property reporting, an offshoot of his responsibilities as an inmate trust fund officer, has become a separate discipline, one Sgt. Gootee says would overwhelm the inmate trust fund officer with all that’s now required:

RR: I have to admit to being intrigued because I didn’t think that a sheriff’s office would be managing unclaimed property, so I’m about to learn something. What, precisely, is the nature of the unclaimed property you typically handle?

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  • Connie
    Connie says #
    Great insight!
    What great insight to someone else's business. Thank you for sharing.
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