Reporting Unclaimed Property

General Information
The current dormancy period is three years for all items except travelers' cheques which have a fifteen 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 31^st of each year for fiscal year ending the preceding June 30^th (fiscal year runs July 1^st to June 30^th the following year)

Insurance Companies are due on April 30^th calendar year ending preceding December 31^st (January 1^st to December 31^st, calendar year).

Penalties for non filing
There is a fifteen percent penalty on late remittances.

Negative Reports
Negative or None reports are only required for utilities, nursing homes, banks and other financial institutions and all insurance companies.

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 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 30 days of the notification.

The holder must send the notice not more than 120 days or less than 30 days before filing the required report with the Comptroller's Office.