Keeping up with Compliance Changes

One of the most important pieces of unclaimed property is keeping up with compliance changes. There were more compliance changes than normal this year and they will impact your fall reporting.

Many states have made changes to the property codes they will accept, the dormancy period for property types, due diligence amounts, report due dates, aggregate reporting requirements, and negative reporting requirements.

If you are using a software vendor to process your unclaimed property, they should have all of these changes implemented and provide you with an update of the details.

If you do not use a software vendor, make sure to review each state’s website. Review their handbook and any other forms they make available on their websites. Many states have newsletters you can subscribe to so that you will receive alerts about any important changes.

Danielle Herring

Product Manager, UPExchange

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