The current dormancy period is three years for all items, except travelers' cheques, which have a fifteen (15) year dormancy period, and nursing home resident funds with a one year dormancy period.
Filing Deadlines Corporations and Non-Insurance Company filers:
Reports and remittances are due for corporations, government agencies, banks and other financial institutions on October 31st of each year for fiscal year ending the preceding June 30th (fiscal year runs July 1st to June 30th the following year). Insurance Companies are due on April 30th calendar year ending, preceding December 31st (January 1st to December 31st, calendar year). Penalties for non-filing There is a fifteen (15%) percent penalty on late remittances. Negative Reports Negative or None reports are only required for utilities, nursing homes, all insurance companies, banks and other financial institutions. Filing Extensions Extensions for filing reports must be submitted in writing and are granted on a case-by-case basis. The requests may be e-mailed, faxed or mailed to the Unclaimed Property Unit.
Retention of Records
All holders are required to retain records of unclaimed property for eight (8) years after the property has been reported.
Due Diligence Holders must send notice to owners
All holders of property subject to the abandoned property law are required to send a written notice by first-class mail to the apparent owner at the owner's last known address. In the notice, the property holder must inform the owner that the holder is in possession of property subject to the abandoned property law and that the property will be considered abandoned unless the owner responds within thirty (30) days of the notification.
The holder must send the notice no more than one-hundred and twenty (120) days or less than thirty (30) days before filing the required report with the Comptroller's Office.