The Delaware Secretary of State (SOS) has indicated its intent to mail the latest round of VDA invitations on or around February 24, 2023.
Under Delaware law, the state cannot initiate an unclaimed property examination (audit) unless a business has first been notified in writing by the SOS that it may enter the SOS VDA Program. Holders who do not enroll in the VDA Program within the 90-day notice period set forth in the letter will be referred to the Department of Finance for an unclaimed property audit.
Another round of SOS VDA mailings is currently scheduled for July 14th. Note that the February and July mail dates are subject to change, but are the dates posted on the state’s website as of today.
As a reminder DE SB 281, effective June 30, 2022, revised Delaware’s unclaimed property law. Most importantly, this bill provided that if a holder receives a request from Delaware’s Department of Finance for a verified report or compliance review and the holder fails to respond to or complete such report or review, the state does not have to provide such notice, thereby depriving those holders of the ability to enter the VDA program which may ultimately lead to a formal audit.
Taking into consideration the various methods used by Delaware to ensure holder compliance with the unclaimed property law, it is essential for holders to be on the lookout for any communication sent by the state, particularly if your business is either incorporated or has significant operations in Delaware.
If you recently received a letter from Delaware, we encourage you to contact MarketSphere to consider your available options and determine your next steps.
If you received a letter or an email, please check out our FAQ section to learn more about next steps.
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