Companies are required to report unclaimed property to each state. To enforce compliance, states have statutorily authorized the state administrators to conduct audits. Most administrators have also been authorized to hire third-party auditors to conduct the audits on their behalf.
California State Controller John Chiang has sued American National Insurance Company (ANICO) for failing to comply or cooperate with audit requests under a multi-state unclaimed property audit. The lawsuit was filed in Superior Court in Sacramento County.
Last week, Florida Governor Rick Scott signed Senate Bill 464, to automate certain claims of unclaimed property with the state.
The Unclaimed Property Department has been authorized to implement an electronic system for the submission of claims. Further, if the property claimed is $1,000 or less, the Department may verify identify without the need for a drivers license or a sworn notarized statement.
Select Medical Corporation, a Delaware incorporated entity, has sued the State of Delaware in federal court over the state's recent audit assessment for unclaimed property. The company is challenging Delaware on many aspects, including the retroactive application of its extrapolation statute.
Patricia Barganier Thorn is scheduled to speak about unclaimed property at the 2013 National Association of State Treasurers' Treasury Management Symposium. Tricia is scheduled to speak on a panel discussing specific unclaimed property reporting issues such as reciprocity, foreign owners, third party administrators, and what constitutes contact.
The Alabama legislature has presented House Bill 112 to the governor for signature. The bill would make several changes to the current unclaimed property law in the state of Alabama.
Most of these changes are not substantive in nature for a holder corporation with a robust compliance program. It is notable that the legislature is delegating much more authority to the Treasurer for the details, such as rules relating to aggregate reporting and due diligence thresholds. For holders, this increases the compliance burden, as an employee must constantly check and verify any changes to regulations, rules, and other correspondence from the state administrator.
AB 212 saw action yesterday in the Assembly Judiciary Committee, where the bill passed despite opposition by several groups. The California Bankers Association opposes the requirement to send letters to every property owner, as the increased burden and administrative costs outweigh the benefit.
Under the bill, as written, holders would be required to send a letter to payees of a check worth pennies. The cost of the stamp alone is more than the property is worth and probably why the payee did not cash the check in the first place.
Nevada state Senator Michael Roberson (R) has introduced a bill that would amend several provisions of the state's unclaimed property law. The revisions would include: a new business-to-business exemption for both accounts payable and accounts receivable property types, a de minimis exemption for all property under $50, a prohibition against contingent fee auditing, and reductions in the statute of limitations and record retention requirements.
This past week, 
California State Controller John Chiang has sued American National Insurance Company (ANICO) for failing to comply or cooperate with audit requests under a multi-state unclaimed property audit. The lawsuit was filed in Superior Court in Sacramento County. 
Last week, Florida Governor Rick Scott signed Senate Bill 464, to automate certain claims of unclaimed property with the state. 
The Atlanta offices of Barganier and Associates, LLC have moved from Virginia-Highlands to the Ashford-Dunwoody area. The new address is:
The Alabama legislature has presented House Bill 112 to the governor for signature. The bill would make several changes to the current unclaimed property law in the state of Alabama.
Nevada state Senator Michael Roberson (R) has introduced a bill that would amend several provisions of the state's unclaimed property law. The revisions would include: a new business-to-business exemption for both accounts payable and accounts receivable property types, a de minimis exemption for all property under $50, a prohibition against contingent fee auditing, and reductions in the statute of limitations and record retention requirements. 
