5 Key Takeaways | 2024 Emerging Trends: Delaware Unclaimed Property VDA and Multistate Audits
Kilpatrick’s David Hughes and Jordan Goodman recently joined BDO for a discussion of trends around state unclaimed property enforcement measures, including audits, voluntary disclosure agreements, and other outreach...more
Unclaimed property examinations and new types of regulatory inquiries will pose major challenges for US companies in 2024. Not only are states pushing ahead with more examinations, but many states are using new techniques to...more
On February 17, 2022, Assembly Bill 2280 was introduced in the California Assembly. AB 2280 offers a long-awaited solution for companies owing past-due property to the State of California....more
After almost a decade of frustration, the dust has finally settled on the era of life insurance/annuity unclaimed property regulation by audit. Not without pain, though, as many endured multi-state, multi-year audit processes...more
Our Unclaimed Property Team provides a line of sight into the developing trends, ongoing policy debates, and litigated disputes that may shape the future of unclaimed property law and compliance....more
Onerous unclaimed property audits and vexing compliance issues will continue to challenge companies in a wide range of industries in 2018. Even with the robust economy, new federal tax provisions will push states to view...more
On October 1, 2017, the Delaware Department of Finance published final regulations in the Register of Regulations repealing its former unclaimed property regulations and promulgating a new reporting and examination manual. ...more
On October 1, the Delaware Department of Finance adopted its final set of unclaimed property audit regulations, as mandated by Section 1176(b) of Delaware’s newly revised Escheats Law. The regulations are effective on October...more
Delaware is instituting an aggressive push forward on its controversial unclaimed property audit program, as indicated in two recent announcements. The Secretary of State has announced that his office will begin sending...more
In two weeks, the Delaware Secretary of State (SOS) will begin mailing notices to holders who have been identified as likely being out of compliance with Delaware unclaimed property law. Holders that do not enroll in the SOS...more
On August 1, the Delaware Department of Finance (DOF) published a revised version of its proposed reporting and examination manual regulation addressing audit procedures and method of estimation. See 21 DE Reg 123 (Aug. 1,...more
On June 29, 2017, Delaware Governor John Carney signed into law Senate Substitute 1 for Senate Bill 79, which revises parts of Senate Bill 13, the major unclaimed property legislation passed earlier this year. Perhaps...more
On Saturday, April 1, 2017, the Delaware Department of Finance (DOF) promulgated two regulations that would repeal all existing unclaimed property regulations and replace them with a single DOF regulation containing a revised...more
The proposed reforms are a welcome change, specifically as they relate to lookback periods, electronic filing and limited compliance reviews. As a result of what some might view as a scathing decision by the U.S....more
On February 2, 2017, Delaware Governor John Carney signed Senate Bill 13 into law, completing a wholesale rewrite of the Delaware Escheats Law, codified at 12 Del. Code Ann. § 1130 et seq. The final version of the legislation...more
Facing widespread criticism about the enforcement of its unclaimed property laws, Delaware has just completed a wholesale revision of its unclaimed property statute. The statutory overhaul has passed both houses of the...more
On January 26, 2017, the Delaware House approved comprehensive unclaimed property rewrite legislation (SB 13) that was passed by the Senate (with committee amendments) last week. Our summary of many of the key provisions of...more
On January 12, 2017, the Delaware Senate introduced legislation that represents a complete rewrite of the state’s Escheats Law, currently codified at 12 Del. Code Ann. § 1130 et seq. The bill – SB 13 – is...more
The Delaware General Assembly has introduced legislation that would significantly rewrite the Delaware unclaimed property statute by repealing the three current subchapters and replacing them with a single unclaimed property...more
Background - Unclaimed Property: It’s not just about life insurance. The same contingency-fee unclaimed property auditors that targeted unclaimed life insurance proceeds are now turning their focus to other types of...more
The recent reforms have not impacted the power and authority of the Office of the State Bank Commissioner to examine Delaware financial institutions for compliance with the escheat laws, but the shortened look-back period...more
On June 18, 2015, a bill (S.B. 141) was unanimously approved by the Delaware Senate that would place limits on the look-back period and permanently extend the Voluntary Disclosure Agreement (VDA) program. This represents the...more
The first stage of the Delaware Secretary of State’s Voluntary Disclosure Agreement program (the “Delaware VDA Program”) for unclaimed property reporting closes on June 30, 2013. Companies that enter into the Delaware VDA...more
On November 1, 2012, you may have filed state unclaimed property reports or are getting ready to do so for March 1, 2013 or May 1, 2013, depending on the state. On the other hand, you may not have filed, or plan to file, any...more