We recently learned that some holders have been contacted by the State of Delaware for a “verified report” after a filing was received. This initiative is a result of the enactment of a new “Compliance Review” process that was part of Delaware’s Unclaimed Property Law Amendment beginning in 2017.
Although a copy of a holders Policies & Procedures is not required unless the request letter for a “verified report” is received, be proactive and take this opportunity to review your entities current policies and procedures.
Holders who are not in compliance with the State have also recently received notices, encouraging them to enter into a Voluntary Disclosure Agreement. It is our understanding that these companies will be given 60 days from the date of the invitation to apply for the VDA program. However, we also understand that audit notices will be sent to those who do not apply within 60 days. Holders will not be able to enter into a VDA after that time and are subject to audit.
If your company has unclaimed property liabilities with the State of Delaware, be sure you are in compliance with their laws and procedures.
UPCR is knowledgeable about every State’s laws and procedures, and we can help you with all aspects of compliance, including VDA filing. Contact us today for a free consultation.