Hundreds of holders have voluntarily enrolled in the Delaware Secretary of State’s (SOS) Unclaimed Property Voluntary Disclosure Agreement (VDA) program since its implementation in 2012, with many of the VDAs closing within the past six months. Now the focus for the holders that have completed the process has turned to compliance. One of the conditions contained in the Delaware Form VDA-2 (i.e., the closing agreement) is that the holder commit to file three successive annual unclaimed property reports in accordance with Delaware’s Abandoned Property Law.
Failure to file the required reports results in the issuance of a “warning letter” from the SOS notifying the holder of its failure. If the holder fails to meet the requirements after receiving the warning letter, the state in its “sole discretion” is permitted to void the waiver of interest and penalties and the release from audit, which were the primary VDA program benefits.
Please see full publication below for more information.
