We recently received a notice from the Delaware State Unclaimed Property Administration regarding an important update about the Delaware Secretary of State (SOS) Voluntary Disclosure (VDA) Program.
In two weeks, (around the middle of October) the Delaware office will begin mailing notices to Holders who have been identified as likely being out of compliance with Delaware law as it relates to reporting dormant abandoned or unclaimed property. Holders that do not enroll in the SOS VDA Program within 60 days of the mailing of this notice will be referred to the State Escheator for examination. If an audit notice is issued, the Department of State will have no legal ability to accept a Holder into the SOS VDA Program.
The SOS VDA Program was put in place to respond to concerns about Delaware’s ongoing audit program, and to encourage more companies to come into compliance with their legal responsibilities as they relate to abandoned property. Through recent changes in the law, Delaware is providing every company with an opportunity to voluntarily comply prior to being issued an examination notice.
We strongly encourage all Holders to take advantage of this opportunity to enroll in the SOS VDA Program as soon as possible.
UPCR specializes in filing and administering VDA’s on behalf of every holder type. Contact us for a no-cost consultation!