Tennessee is now a Fall Reporting State!
Tennessee SB 2278 (the companion bill to SB 1859) enacted on April 24, 2018, amended Section 66-29-125 of the Tennessee Unclaimed Property Act. The effect changed the reporting dates shifting Tennessee from a spring reporting state to a Fall reporting state. The first November 1st, 2019 reporting date will be a transitional date to include 18 months of reporting (January 1, 2018–June 30, 2019). Going forward, reports must be filed by November 1st of each year and encompass the 12 months preceding July 1st of that reporting year.
Although these changes will not affect the statutory time frames for sending due diligence letters (60 to 180 days prior to report due date), the effect of this bill will modify your electronic email and/or letter mailing schedules. HB 420 signed 5/9/2017 increased the due diligence time line from a 60 to 120-day rule and included provisions for electronic mail if previous owner consent has been received.
Updates to your reporting system will need to be made to capture TN’s new due date and due diligence letter mailing schedule but don’t forget about the other changes that came along with HB 420 that will affect your reporting including:
• New Property Type Codes
• Dormancy Changes
• Activity Prompts
• Reporting and Payment Requirements
Everchanging statues can make unclaimed property reporting a challenge to manage and make the annual reporting process very time consuming. Let the professionals at UPCR help you stay in compliance with state unclaimed property laws and avoid late fees and penalties. Or contact us at email@example.com to request a demo of UPNavigator and prepare your own reports worry free.