Tuesday, October 12, 2010

NJ Issues Money Order Reporting Instructions

A less-discussed provision  of New Jersey's recent unclaimed property amendments (perhaps because it is the only one the state is not currently being sued over) is the state's decision to shorten the dormancy period of money orders and similar written instruments from 7 years to 3 years.

The NJ Treasury Department issued additional guidance on the reporting of money orders last week, which can be found here.  As noted, all unredeemed money orders issued prior to July 1, 2007 are due in this year's report, and there are certain additional reporting requirements for instruments that have been subject to dormancy fees (basically, a copy of the contract authorizing the fee, and a representation from the company that such charges are not reversed or otherwise canceled).

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