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Unclaimed Property Focus
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UNCLAIMED PROPERTY FOCUS is a blog written by and for UPPO members, featuring diverse perspectives and insights from unclaimed property practitioners across the U.S. and Canada. We welcome your submissions to Unclaimed Property Focus. Please contact Tim Dressen via tim@uppo.org with any questions about submitting a blog post for consideration and refer to our editorial guidelines when writing your blog post. Disclaimer: Information and/or comments to this blog is not intended as a substitute for legal advice on compliance or reporting requirements.

 

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Minimizing Unclaimed Property Risk in the Credit Department

Posted By Administration, Thursday, June 11, 2015

Unclaimed property professionals understand the importance of staying in compliance with unclaimed property requirements but do the departments that produce the unclaimed property understand the importance? 

Toni Nuernberg, executive director, UPPO, wrote an educational piece for the June 2015 edition of Business Credit, a publication published by the National Association of Credit Management, which informs business credit professionals why unclaimed property should be on their radar, and what they should be doing to minimize the risk in their department.   


Read the full article.

Questions? Contact us at 763-253-4340 or uppo@uppo.org.

Tags:  business credit  compliance  liability  NACM  unclaimed property 

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Arkansas decreases the dormancy periods of most property types

Posted By Administration, Thursday, May 28, 2015
Updated: Thursday, July 30, 2015

Update: The post was updated on July 30, 2015, to reflect three additional property types (SD01-SD03) that weren't originally listed under the exception to the wide-spread dormancy changes. 

 

In April, the Arkansas legislature passed H.B. 1782 (Act 1039), which alters the dormancy periods of most property types, adds reporting requirements for holders reporting unclaimed mineral proceeds, and requires all holders to submit reports electronically. Changes will be effective July 22, 2015.

Below is a summary of the changes made by Act 1039:


1) Reporting format
Holders are required to submit reports electronically in the NAUPA standard format. 


2) Dormancy period changes
All property types with a dormancy period of five years now have a three year dormancy period. The exceptions are:

  • SC 08: Shares of stock (returned by the post office)
  • SC 09: Cash for fraction shares
  • SC10: Unexchanged stock of successor corp.
  • SC11: Other cert of ownership
  • SC12: Underlying shares or other outstanding certificates
  • SC15: U.S. Government securities
  • SC16: Mutual fund shares
  • SC19: Dividend reinvestment plans
  • SD01: Safe deposit box contents
  • SD02: Other safekeeping 
  • SD03: Other tangible property

3) Holders reporting unclaimed mineral proceeds must now include the following information when reporting:

  • The name, and last known address of the property owner
  • The applicable well name, uncontrolled lease name, or unitized area name as recognized by the Oil and Gas Commission
  • Either  (Note: Arkansas would like this information put in the description or comment fields on electronic reports)
  • The county, section, township, and range of the well
  • The county, section, township, and range from which the abandoned minerals were severed or produced  
  • Any other information required by the auditor of state

Questions? Contact the Arkansas Auditor of State’s Unclaimed Property Division at holders@auditor.ar.gov or call 501-682-9174.

 

Want more information like this?

Tags:  Act 1039  Arkansas  dormancy period  H.B. 1782  unclaimed property 

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Shareholder Services Association Annual Conference to Include Unclaimed Property Education

Posted By Administration, Tuesday, May 26, 2015

The Shareholder Services Association (SSA) 2015 Annual Conference, July 14 – July 17; Washington D.C., will provide you with the opportunity to learn with, and from a network of fellow issuers and service providers in an unparalleled learning environment. You will also have numerous opportunities to network, share ideas and information, and gain access to guidance and support that will help you perform your job responsibilities to the utmost.

The conference agenda includes two sessions about unclaimed property:


Unclaimed Property – ULC

Speakers: Jennifer Borden, Borden Consulting Group; Cindy Nisley, Computershare; Jackie Walding, SSA Board; Deb Zumoff, Keane
The Uniform Law Commission (ULC) is currently drafting a revised version of the 1995 Uniform Unclaimed Property Act and expects to release it to state governments for adoption, beginning in 2016. Come and listen to industry experts from the Holder Coalition speak about how we are working with the ULC to represent your interests.  Hot topics to be addressed will include the use of the death master file on stock related property and the other dormancy triggers, as well as early reporting, and other audit requirements.  Don’t miss this session to get up-to-date and make your voice heard!  


What to do after an UNCLAIMED Property Audit
Moderator: Karen Danielson, Coca-Cola Company
Speakers: Kendall Houghton, Alston & Bird LLP; Jim Sadik, True Partners Consulting; Cecilia Rueda-Stephens, Pfizer

Early bird registration rates expire June 12. To register visit this page. For more information about the conference, visit www.shareholderservices.org.

About: The SSA is a powerful network of issuers, service provider professionals and industry leaders representing the diversity of the shareholder services industry.

Tags:  annual conference  network  shareholder services association  unclaimed property education 

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California creates centralized holder reimbursement mailbox

Posted By Administration, Tuesday, May 5, 2015

If you have questions about submitting a reimbursement claim to the California State Controller’s Office (SCO) you can now send it to a new email address, dedicated to answer questions about reimbursements. SCO made the switch to better serve the holder community, and states, in its spring 2015 newsletter that they’ll respond to inquiries within two business days.

 

Holders submit reimbursement claims when they remit property to an owner after that property has been delivered to the SCO. The process to reimburse hasn’t changed. The requirements the SCO lists in its Holder Handbook for holders to follow when submitting a reimbursement claim are:

 

Include a Holder’s Claim for Reimbursement (HCR-1) form. The instructions for completing the form are listed on page 2 of the form.

  • All HCR-1 forms must contain an original signature.
  • Handwritten or faxed forms are not acceptable.
  • All HCR-1 forms for $1,000.00 or greater must be notarized.
  • All reimbursement requests for securities must be notarized.
  • All requests must be accompanied with a “Letter of Authorization”. The letter must be on the claiming holder’s letterhead and contain the name of each individual authorized to claim on behalf of the holder; agent cannot authorize themselves.
  • A copy of the Holder Face Sheet, Form UFS-1 form (a copy of the property detail sheet showing the owner’s name and account) will help facilitate the processing of the claim.
  • All documents should be mailed to the following address: California State Controller’s Office Unclaimed Property Division, P.O. Box 942850, Sacramento, CA 94250-5873

Questions about the reimbursement process can be directed to California’s new reimbursement-specific email address CAHCR@sco.ca.gov.

Tags:  California  reimbursement  SCO  unclaimed property 

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UPPO submits concerns about Texas H.B. 1454

Posted By Administration, Thursday, April 30, 2015
Updated: Thursday, April 30, 2015

On Thursday, April 23, UPPO submitted comment and suggested alternatives about Texas H.B. 1454 to bill sponsor, Texas Rep. John Raney, and then later sent comments to Lieutenant Governor Daniel Patrick and Texas Senate Minority Leader Juan Hinojosa. The bill aims to allow a representative of an owner of specific property types to be designated to receive a notification that the owner’s property may be reported pursuant to the conditions set forth in Texas’ unclaimed property law. UPPO vocalized practical concerns regarding the owner’s best interest, and the potential cost and burden that will be assumed by the holder in order to comply with this proposed legislation.

 

Specific concerns are: 

  • The lack of a provision to address change in relationship (such as separation and divorce) between the owner and designated representative. For example, if an owner designates their spouse to be a representative but later divorces, the remittance to the state rather than the divorced spouse may be preferred so estate executors or surviving heirs can be made aware of the owner’s property.
  • The potential cost and time it will place on holders to undertake the requirements of the bill. In order to comply, holders will need to alter and possibly re-program their systems to record the representative, being mindful that they are not authorized to act on the account, as well as possibly collect their email and physical contact information.
  • The deviation from the standardized NAUPA reporting format that holders use to report to the states. By requiring the holder to add the designated representative’s information to the report, it will increase the time, effort, and complexity faced by holders to achieve compliance in Texas.

In addition to submitting concerns, UPPO suggested two possible methods Texas can use to increase the owner’s opportunity to collect unclaimed property, and minimize the amount of unclaimed property remitted each year.

  • Lowering the due diligence minimum from $250 to a more common minimum threshold like $50. This will increase the number of due diligence letters holders need to generate but will notify an increased number of owners of their unclaimed property.
  • Increasing the dormancy period for securities property from three years to five years, which would give owners more time to communicate with the holder or take action.

For more information about the letter or UPPO’s advocacy efforts contact UPPO 15/16 President Dana Terry or UPPO Executive Director Toni Nuernberg.

 

More information
Check out UPPO’s advocacy page to learn more about UPPO’s positions and outreach.

Visit the govWATCH page to read the full text of the bill.

Not a member? Join today to receive govWATCH, a weekly email update containing information about the legislative and regulatory changes facing the profession.

Tags:  compliance  holders  Texas HB 1454  unclaimed property 

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