Under New Jersey law, administrative regulations expire automatically after 7 years unless they are re-adopted. NJSA 52:14B-5.1 . Pursuant to that rule, New Jersey’s administrative regulations relating to unclaimed property are now up for public comment as part of the readoption process. The current text of the regulations can be found at the website of the NJ Office of Administrative law , Title 17, Chapter 18. Those wishing to comment have until January 15, 2021 to do so.
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Some Thoughts on Unclaimed Property Asset Recovery An often overlooked aspect of unclaimed property law is the fact that most unclaimed property holders are also unclaimed property owners . The same data glitches, human errors, and industry practices that result in a company holding unclaimed property can also lead to that company’s unclaimed property being held by the state. If you are looking to get that money back, here are some considerations for undertaking a corporate unclaimed property asset recovery program. 1. You Have to Look The first step in recovering unclaimed property is to look for it. While some states make meaningful outreach efforts to get unclaimed property back into the hands of owners, not all do. Companies should not assume that unclaimed property will be brought to their attention by the state. Instead, companies should affirmatively look for unclaimed property in each of the states where it has a payment address or significant footpr