Abandoned and unclaimed property legislation is evolving rapidly as holder companies take a stand against what they believe is overreaching enforcement by auditors and states. States continue to press the boundaries of the law to protect the rights of consumers.
MarketSphere keeps an eye on current developments in unclaimed property law and the way the laws affect our clients. In the last year, we have seen a flurry of legislative adjustments related to contingent fee auditors—an area of great concern to holders, who believe the condition of contingent fees creates incentive for auditors to unfairly assess past due amounts. Other legislation of note is related to the overall audit process, due diligence and Delaware’s new VDA and audit manual.