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12/21/20 7:44 AM

Vermont Clarifies Which Unclaimed Property Law Applies to Spring 2021 Reports

Vermont recently provided clarification for holders reporting unclaimed property to the state in Spring 2021. Holders should follow the statute currently in effect (§1247 Chapter 14, V.S.A. Title 27), and should not apply the provisions of the Revised Uniform Unclaimed Property Law (House Bill 550, effective January 1, 2021), until the following reporting season.

The guidance provided by the Office of the State Treasurer states the following:

The new RUUPA guidelines will start for January 1, 2021 and next reporting year. That means the current statute applies to this reporting year and should be followed for all reports sent for the spring reporting season.

Reporting Unclaimed Property to Vermont

Per the state's current Unclaimed Property Reporting Manual, holder reports are due to the Treasurer's Office by May 1st of each year. If May 1st falls on a weekend or holiday, reports are due the next business day. As May 1, 2021 is a Saturday, reports for the year ended December 31, 2020 must be received by May 3, 2021.

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Topics: Reporting, Vermont

5/28/20 10:02 AM

April 2020: Vermont Adopts The Revised Uniform Unclaimed Property Act

On April 29, 2020 Vermont joined the growing group of states that has adopted RUUPA, when the governor signed HB 550, an act relating to unclaimed property (“Act”) into law.  The Act is effective January 1, 2021.

The Act updates Vermont’s current unclaimed property law, and it is largely based on the revised model act produced by the Uniform Law Commission (ULC) in 2016. This act repeals Title 27, chapter 14 (Vermont’s current unclaimed property law) and replaces it with a new chapter 18.

The highlights of the new legislation include expanding record retention requirements, adjusting due diligence requirements, allowing use of extrapolation and statistical sampling for the failure to retain records and providing a transitional provision.

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Topics: Compliance, ULC, Reporting, Best Practices, Vermont