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 Miscellaneous - 2008 Unclaimed Property Laws 

8/21/2008 
NAA 

NAA has released a new report on unclaimed property laws in the 50 states. This report examines the laws related to monetary property that goes unclaimed in the ordinary course of business for the apartment industry. There are four pieces to this research: a narrative that summarizes each state’s laws; a chart that lists the legislative and regulatory citations; a chart illustrating the different types of property in each state and their holding periods; and the supporting legal language from each state.

The information in the narrative is broken down into 11 questions. What is unclaimed property? What is the holding period for each type of property before it can be considered unclaimed? Is due diligence required and if so, what is the threshold amount? When must the state be notified of unclaimed funds? How are reports to be formatted and transmitted? Are negative reports required? What is the record retention period after filing? The answers are summarized from state law and information gleaned from each state’s unclaimed property Web site. When reviewing the narrative, you can then reference the state laws if you need further clarification. As always, questions regarding company policy with regard to the state law should be directed to your general counsel.

Summary of State Laws

Legislation and Regulations Chart

Property Types and Holding Periods

Download the entire group of all state laws (Zip File) below, or download the Individual State Laws from the list in the right-hand column.

 Zip File of All State Laws

 

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