Delaware unclaimed property provisions are amended to authorize the Secretary of State to create a voluntary disclosure program for holders not currently reporting any amounts or types of unclaimed property or already engaged in claims resolution with the State Escheator.
Noncompliant holders that have indicated in writing their intent to enter into an unclaimed property voluntary disclosure agreement must submit an agreement form to the secretary on or before June 30, 2013, and make payment in full or enter into a payment plan on or before June 30, 2014, for property held prior to 1996. For noncompliant holders that submit an agreement form on or before June 30, 2013, and make payment in full or enter into a payment plan on or before June 30, 2015, the agreement applies to property held prior to 1993. Written notices of intent to enter into an agreement cannot be accepted after June 30, 2014.
The current obligation of holders is to report abandoned property held back to 1981 or those making voluntary disclosure to report abandoned property back to 1991.
The secretary cannot enter an unclaimed property voluntary self-disclosure agreement with or otherwise accept payment of any amounts of abandoned property from holders:
- that have indicated in writing their intent to enter into an unclaimed property voluntary disclosure agreement by completing and delivering an agreement on or before June 30, 2012;
- that have entered a voluntary self-disclosure agreement with the escheator on or before June 30, 2012;
- to which a notice of examination has been mailed by the escheator; and
- that the secretary has previously referred to the escheator.
This voluntary compliance program is scheduled to sunset July 1, 2015.
Ch. 317 (S.B. 258 ), Laws 2012, effective July 11, 2012
