Laws and Requirements
- DETERMINE IF YOU ARE A HOLDER OF UNCLAIMED PROPERTY
Who are holders of unclaimed property?
Any business or association in possession of property is a potential holder. Holders can be corporations, partnerships, sole proprietorships, retailers, manufacturers, financial Institutions, governmental agencies, universities, hospitals, utilities, insurance companies and nonprofit organizations.
- DETERMINE IF THE UNCLAIMED PROPERTY IS DUE TO BE REPORTED
What is a dormancy period?
A dormancy holding period is a specified period of time that a holder has held property without communication from the owner. Property is designated as unclaimed property if due diligence efforts are unsuccessful and the property has met its dormancy period (defined in NCGS 116B-53(c) and listed on the back of forms ASD-159 or ASD-159G). All unclaimed property must then be reported and payable to Department of State Treasurer if the owner has not been located.
- ATTEMPT TO CONTACT THE PROPERTY OWNER
Performing Due Diligence
Once property is identified as potential unclaimed property, due diligence efforts to contact the owner are required. If the address on record is known to be invalid, holder must exercise reasonable care to ascertain the correct address of the apparent owner. A sample due diligence letter is available at Reporting Forms, Guides & Instructions. NOTE: Amounts under $50.00 must be reported but a notice to the owner is not required.
- FILE YOUR UNCLAIMED PROPERTY REPORT
Prepare and Submit Your Report
The Unclaimed Property Division is committed to providing holders with information needed for compliance with the State of North Carolina reporting laws. Visit the Filing Information section for more detailed reporting information.
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 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.
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).