The state of North Carolina passed HB 692, which was effective October 1, 2011. Enforcement of these changes was postponed to give holders time to make any procedure changes that might be necessary.
These changes officially go into effect starting with November 1, 2012 filings. If you haven't already prepared for these changes, you will want to do so now.
You can view the actual bill
here and North Carolina's summary of the changes
here.
You will now be required to report the owner's Full Name, Last Known Address, Tax ID, Date of Birth, Driver License Number or State Identification Number, and email address if you have this information on file.
Wages are now reportable after 1 year instead of 2 years.
Tangible (physical) property only needs to be reported if it is held in safekeeping by a financial institution. Hospitals no longer need to report this type of property.
Your annual report is not required if the total of your unclaimed property liability is $250 or less. You may wait until you have accumulated more than $250 of unclaimed property to report.
As an example, if you have only $150 to report for 2012 filing year you do not have to report in 2012. Keep those records on file and report them in 2013 if you have accumulated more than $250 by then.
Author: Danielle Herring
Product Manager, UPExchange
Labels: UP Compliance
