If you have no new unclaimed property records for a particular state this filing year, does that mean you are off the hook? Well, not necessarily.

Most states want you to file with them each year. If you’ve reported in the past, they want to hear from you even in the years when you have nothing to report.

This rule applies to District of Columbia, Florida, Georgia, Illinois, Kentucky, Massachusetts and a few other states.

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.

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.