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4/13/21 10:30 AM

Check Your Mail: Unclaimed Property Outreach From Maine & Massachusetts

We recently posted about the importance of checking the mail for letters inviting holders to participate in the Delaware Secretary of State’s Voluntary Disclosure Agreement (VDA) program. Delaware is scheduled to mail a new round of VDA invitations on May 14th. More states are beginning to join this outreach trend. Maine and Massachusetts appear to be joining states like Nevada and Washington in mailing targeted outreach to holders regarding their compliance with the unclaimed property laws, which can take the form of self-audit questionnaires or invitations to self-audit books and records, and often disclose that they will be assisted by a third-party auditor in the process.

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Topics: Compliance, Audit, Voluntary Disclosure Agreements, Massachusetts

4/29/16 9:54 AM

What’s the Latest in Unclaimed Property Legislation?

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.

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Topics: Delaware, Massachusetts, Michigan, Hawaii, U.P. Law