Delaware Unclaimed Property Amnesty

Delaware unclaimed property provisions are amended effective July 11, 2012 and 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 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.

After June 30, 2014, the secretary can no longer accept a notice in writing of intent to enter into an unclaimed property voluntary disclosure agreement. Furthermore, the secretary will not have authority to accept payment forany amounts of abandoned property after June 30, 2015.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s