Many states are about to ramp up their 2012 legislative sessions, and many are bound to address unclaimed property this year. Already on the table is Delaware's HB 229 which would clarify the statute of limitations for enforcement actions. Georgia is now allowing prefiling of bills (AJC) for the 2012 session that begins on January 9, 2012.
The recent trend has been for states to shorten dormancy periods, change reporting dates, and provide administrative appeals and relief provisions. Furthermore, voluntary compliance opportunities that allow for late reporting while waiving interest and penalties are diminishing. Barganier expects this trend to continue in the 2012 legislative sessions.
As part of our ongoing commitment to platinum service for our clients, the Barganier team will monitor the state legislatures for bills that may effect your unclaimed property reporting.