IPA’s outside regulatory counsel, Baird Holm LLP, has conducted a survey of state Unclaimed Property Laws that summarizes state requirements with respect to unclaimed property held by financial institutions including gift card products, bank accounts, payroll card accounts, and catch-all products.
The chart includes a summary of what current requirements apply to these products in terms of the ability to charge a dormancy fee, a holder's due diligence obligations, reporting requirements, the circumstances under which a holder may recover property reported to a state, and the penalties for non-compliance.
The Survey covers all 50 states.
Knowing the relevant laws can prepare your compliance plans as you look to expand into new markets. The price for a single survey is $5,000. Save by purchasing all 4 surveys in advance of their release.
A portion of the proceeds will go to support the IPA.
