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Showing posts from July, 2012

Private Corporations Are Not The Only Ones With Unclaimed Property: St. Louis Court Sitting on $7.6 Million

The fact that corporations, financial institutions, and the like often have unclaimed property that ultimately gets reported and remitted to state governments is (relatively) well known.  But it is not only private entities that have this issue.  If an entity has a significant amount of payment streams coming in and going out, it stands to reason that at least some percentage of those payments will be misplaced, uncashed, or otherwise not disposed of. By way of example, the St, Louis Post-Dispatch is reporting that the St. Louis Circuit Court has more than $7.6 million in refunds, credits and other unreconciled payments.  According to the article, these funds have built up over more than 10 years, and consist of, among other things, bail deposits, court fees, and other payments that were supposed to be returned to citizens.  The article explains that the court is looking to retain a private contractor to sort through the applicable records, and determine what payments are to be mad

Breaking News: Delaware Secretary of State VDA Process Signed Into Law

Last week, we mentioned that Delaware was considering a second voluntary disclosure process, separate from the one run by the Department of Finance.  That legislation was approved, and was signed by the Governor yesterday.  A copy of the legislation can be found here, but the highlights are as follows:  holders who come forward by June 2013 (and pay outstanding amounts by June 2014) will only have to review records back to 1996.  Holders who come forward by June 2014 (and pay by June 2015) will only have to review records back to 1993. 

Illinois State Treasury Announces Launch of "I-Cash" Program

Illinois State Treasurer Dan Rutherford recently  announced  a relaunch of Illinois' unclaimed property outreach program, and the addition of more than 780,000 names to the state's unclaimed property database.  The new program, called  I-Cash , aims to connect Illinois residents to the more than $1.5 billion (yes, with a "b") that the state is currently holding for its residents. According to the program's  marketing piece , 1 and 8 Illinois residents have property being held for them by the Treasurer's office.  In other reunification news, the unclaimed property administrations of  Missouri ,  Arkansas ,  Iowa , and  Pennsylvania  all recently touted their successes in reuniting unclaimed funds with their rightful owners.

Mid-Atlantic Minute: Updates from New York, New Jersey & Delaware

There have been a variety of unclaimed property updates up and down the New Jersey Turnpike in the past week, from New York to Delaware.  From North to South: New York Passes "Finder" Regulation :  Recently, we mentioned that Ohio sent a cease and desist order to an unclaimed property "finder" firm that was allegedly charging people for unclaimed property claim forms (that are available free from the Ohio Department of Commerce website).  As we mentioned, there is no fee to claim property from the state, but most individuals (and even some businesses) that are contacted by property "finder" firms are unaware of that fact.  New York, for its part, is trying to make sure that consumers are educated before entering into agreements with finder firms.  New York  Senate Bill 7690 would require all contracts between consumers and finder firms to include contact information for the State Comptroller's office, as well as the following language in at least

New Jersey Gift Card Legislation Passes

According to Escheatable's contacts in the New Jersey State Government (read: the Internet ) Governor Christie signed  Senate Bill 1928 into law.  While it did not go as far as many hoped it would (by, for example, repealing all references to gift cards in New Jersey's unclaimed property law) it does provide some regulatory relief for gift card issuers.  In particular, this bill: extends the dormancy period for stored value cards to 5 years (up from the current 2); restricts the application of expiration dates and dormancy fees;   provides that retail gift cards are escheatable at 60% of the face value (thereby giving retailers the benefit of some profit margin).  Note that this does not apply to "general purpose" cards as defined in the legislation;  and requires issuers to redeem cards in cash if there is a balance of less than $5 The full text of the legislation can be found  here .  While the gift card industry's response to the bill is yet to be