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News & Press: State Legislative and Regulatory News

Ohio Amends Unclaimed Property Regulations, Effective Feb. 1, 2018

Monday, January 29, 2018   (0 Comments)
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The state of Ohio recently published revised unclaimed property administrative rules. They go into effect on Feb. 1, 2018. Changes were made to sections outlining definitions and examination of accounts.


Rule 1301:10-1-01, Definitions: An amendment corrects the misspelling of "severance," in 1301:10-1-01(A)(7), to clarify the definition of “services rendered, in the course of business,” in (M) and to add a definition for "owner- generated activity.” These amendments are intended to provide clarification to the business community and general public about these terms as they relate to the reporting of unclaimed funds as required pursuant to Ohio Revised Code Chapter 169.


Rule 1301:10-3-04, Examination of accounts: An amendment adds language to clarify various aspects of the holder examination process. Section (E)(8) is amended to clarify that random selection of holders to be examined does not apply to examinations in response to a complaint regarding a holder’s non-compliance with Ohio Revised Chapter 169.


Sections (I)(6) and (J)(1) are amended to clarify that appeal of the examination findings is available to the holder at the completion of the closing review; and that the auditor, at the time of the closing review shall inform the holder of the holder’s appeal rights and provide the holder with the appeal form.


Section (L)(2) is amended to clarify that the holder is not subject to an involuntary examination of the same types of unclaimed property for the reporting cycles covered in a prior involuntary examination.


Section (M) adds information regarding holders’ ability to participate in the state’s voluntary compliance program before being selected for examination.


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