18 CAR § 21-306 – Reporting and Delivery of Property

(a)
1. (1) Holders are responsible for the content, accuracy, and timeliness of reports, as well as the retention of all records associated with the reports.
2. (2) Holders’ report responsibilities apply regardless of whether the report is filed by the holder or another person on behalf of the holder.
(b) Holders must maintain a record of the name and last-known address of each owner in addition to any signature cards and other evidence that might assist in the identification of the owner for ten (10) years after the property has been remitted to the Auditor of State.
(c) Where a holder acquires unclaimed property from another holder, such as in a merger, acquisition, reorganization, consolidation, or transfer, the successor holder shall have a duty to maintain and continue the records of the prior holder concerning unclaimed property.
(d)
1. (1) Life insurance reports are due prior to May 1 of each calendar year.
2. (2) All other reports are due prior to November 1 of each calendar year.
(e)
1. (1) The Auditor of State may, at its discretion, postpone the reporting date, or allow early reporting and payment or delivery upon written request by any person or entity required to file a report.
2. (2) Any requests for extension must be received, in writing, by the Auditor of State at least one (1) day prior to the reporting deadline.
(f)
1. (1) Holders must designate an employee or internal representative to serve as the contact person responsible for reporting.
2. (2) If any report or correspondence is presented by a third party, the holder’s internal designee must still be included.
(g)
1. (1) A holder must report the original nature of any property being reported, if known.
2. (2)
  1. (A) Property shall be reported under the laws and regulations applicable to the original nature or purpose of the item.
  2. (B) For example, if the underlying transaction is an unclaimed wage but the financial instrument for delivery of that wage is a cashier’s check, the reportable item is the wage, and not the cashier’s check.
3. (3)
  1. (A) Subsection (g) does not apply when property has been converted from its original nature at the direction of the owner or as required by law.
  2. (B) For example, if a check or other distribution is sent to the owner due to securities that are liquidated at the direction of the owner, or due to a required cash redemption, or where corporate actions or “cash in lieu” payments require property to be converted to cash such that the “original form” of the property no longer exists, the check or distribution is no longer a "security" for purposes of this subsection.