Unclaimed Property News Roundup: Ohio Anniversary, Delaware Proposed Regulations, NJ Cases
Ohio Division of Unclaimed Funds Celebrates 30th Anniversary: According to The Columbus Dispatch, the Ohio Division of Unclaimed Funds just celebrated its 30th anniversary of administering the Buckeye State's unclaimed property program. According to the article, the DUF has returned in excess of $800 million during that time. No word if Ohio residents are flooding the Division with unclaimed pearls in honor of its 30th anniversary.
Delaware Proposes Due Diligence & Audit Appeal Regulations: The Delaware Department of Finance is proposing regulations concerning due diligence for holders of securities-related property. According to the proposed regulations, holders reporting security positions valued at $250 or more would be required to send notification mailings to the apparent owner no more than 120 days, and no less than 90 days, before reporting property to the State. Separately, the State also issued proposed regulations to detail the procedures to be followed in the context of unclaimed property audit appeal process established in 2010. Comments on both proposals are due by January 31, 2012.
Federal Court Rules on New Jersey Gift-Card & Travelers' Check Laws -- We've covered the recent appellate court decision on NJ's gift card law here. On the same day, that court also ruled on a separate part of the same New Jersey law that shortened the dormancy period for travelers' checks from 15 years to 3 years. We will devote extended treatment to that case later this week, but briefly, the court determined that New Jersey was likely to demonstrate that it has the power to shorten the dormancy period to 3 years.
Delaware Proposes Due Diligence & Audit Appeal Regulations: The Delaware Department of Finance is proposing regulations concerning due diligence for holders of securities-related property. According to the proposed regulations, holders reporting security positions valued at $250 or more would be required to send notification mailings to the apparent owner no more than 120 days, and no less than 90 days, before reporting property to the State. Separately, the State also issued proposed regulations to detail the procedures to be followed in the context of unclaimed property audit appeal process established in 2010. Comments on both proposals are due by January 31, 2012.
Federal Court Rules on New Jersey Gift-Card & Travelers' Check Laws -- We've covered the recent appellate court decision on NJ's gift card law here. On the same day, that court also ruled on a separate part of the same New Jersey law that shortened the dormancy period for travelers' checks from 15 years to 3 years. We will devote extended treatment to that case later this week, but briefly, the court determined that New Jersey was likely to demonstrate that it has the power to shorten the dormancy period to 3 years.