After years of criticism about the enforcement tactics of the state’s unclaimed property laws, Delaware moved to make major changes to its unclaimed property statute. Delaware’s governor in early February 2017 signed into law Senate Bill (SB 13) that makes significant and wide ranging reforms to Delaware’s unclaimed property statute. The statutory changes include changes to the compliance requirements for companies as well as how Delaware will enforce the statute through both audits and participation in the state’s voluntary disclosure program.
The revisions in the legislation provide new rules concerning:
- Due diligence requirements
- Contact that is acceptable via electronic communication between a holder and owner
- The property owner’s “last known address”
- Annual filing of reports by holders
- Web based electronic reporting
- Record retention for a 10-year period
- Reduced Audit and VDA look back period
- Statute of limitations for enforcement action set for 10 years
- Revisions to gift cards reporting requirement excluding loyalty cards