Reporting Guidelines
What is Unclaimed Property?
Unclaimed property can be any financial asset that has been abandoned (i.e., no contact between the holder and owner) for periods ranging from one to 15 years.
Unclaimed property is not real estate and usually not physical property.
What is a Holder?
A holder is an entity/individual in possession of property belonging to another entity or individual.
Holders Include:
- Mortgage and Title Companies
- Insurance Companies
- Oil and Gas Companies
- Businesses
- Securities Brokers
- Utility Providers
- Local Government Entities
- Institutions of Higher Education
Relevant Dates:
- All property
- Report year is March 2 through March 1
- Due diligence by May 1
- Report and payment due by July 1
STEPS FOR REPORTING UNCLAIMED PROPERTY
Holders are to review their records and identify any property they hold without owner contact as of March 1 every year.
- Determine Dormancy – the amount of time from the last contact between the holder and the property owner. Dormancy periods range from one to 15 years depending upon property type. See Abandonment Periods tab for complete list.
- Perform Due Diligence – send a notice to last known address of owner stating that the holder has the property, and is required to submit it to the Comptroller’s office on or before the due date if they do not claim it. See Due Diligence tab for additional information.
- Prepare Report – format property reports in the required NAUPA2 format. See Submit a Report for additional information.
- Submit Report & Payment – submit reports electronically via one of the approved online submission methods. Reports on CDs or other physical media are not permitted and will not be accepted. Acceptable payment methods include check, wire or ACH debit/credit.
- Archive Data – holders are required to preserve owner data and hold it for 10 years after reporting it to the Comptroller’s office.
UNCLAIMED PROPERTY 101 FOR HOLDERS
General Business Reporting Instructions Video
Financial Institution Reporting Instructions Video