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 Laws and Requirements

NORTH CAROLINA GENERAL STATUTE 116B  
North Carolina law requires unclaimed property holders to report and remit unclaimed property on an annual basis after a dormancy period is met. Unclaimed property can be bank accounts, wages, refunds, utility deposits, insurance policy proceeds, stocks, bonds, or contents of safe deposit boxes that have been abandoned.  Property is considered abandoned if there have been no documented transactions or contact with the owners for a period of time known as a dormancy period.

IMPORTANT 2013 LEGISLATIVE CHANGES  
The 2013 session of the General Assembly produced a number of legislative changes, including improvements to North Carolina General Statute 116B - North Carolina’s Unclaimed Property law.  These improvements, introduced and passed as House Bill 257, bring the unclaimed property statute into alignment with legislation passed during the 2011 session of the General Assembly.  The bill also reduces the amount of paperwork private sector unclaimed property holders are required to submit and eliminates a fee currently paid by some holders. 
 
IMPORTANT 2012 LEGISLATIVE CHANGES  
The 2012 session of the General Assembly introduced and passed two pieces of legislation which have an impact on the work of the North Carolina Department of State Treasurer, the Unclaimed Property Division, and on all businesses holding unclaimed property tied to North Carolina.  The 2012 legislative changes resulted from the passing of the Regulatory Reform Act of 2012 (Senate Bill 810/ N.C. G.S. § 116B-73), and Contingency Contracts for Audits/Assessments  (House Bill 462 and Senate Bill 847/N.C. G.S. §§ 116B-6(h) & 116B-8).
 
IMPORTANT 2011 LEGISLATIVE CHANGES  
The 2011 legislative changes outlined in House Bill 692 include revisions to reporting requirements, to the notice given concerning the sale of tangible property, and increased data sharing between state agencies.  Please review the summary of 2011 legislative changes for complete details.