Christa DeOliveira, CIA, CCEP
The latest release of TRACKER®, available on September 4, 2013, contains a host of compliance updates. Compliance updates are vital in the ever changing unclaimed property arena and are essential with assisting to keep our users on top of unclaimed property compliance. As might be expected there are a number of typical changes including dormancy period changes, activations and deactivations of property ID codes, state contact information updates, mailing address changes, and functional enhancements.
In addition to those, here are a few compliance highlights of what is encompassed in the version 5.00 upgrade:
- The requirement to notarize reports has been removed for Alabama and North Carolina.
- Indiana now requires for unclaimed property reports to be submitted online.
- The Verification Checklist for Louisiana has been updated to include the recently required “Official Verification” statement.
- Maine no longer accepts paper reports. When reporting property submit the electronic report file regardless of the count of items being reported. (Previously, Maine accepted paper reports for 10 items or less.)
- Montana now requires for unclaimed property reports to be submitted online.
- Oklahoma is now requiring holders to submit unclaimed property reports online. There is an exception for reports containing 14 items or less; however, it is advised to submit an electronic report file whenever reporting property, regardless of the count of items.
- Texas no longer needs to receive a payment voucher with check remittances accompanied by the unclaimed property report. Previously, this was a preferred document for holders mailing in reports accompanied by check remittances.
- For West Virginia AC11, AC12, AC13, AC14, and AC16 are no longer active Property ID Codes. Instead, West Virginia is now following the NAUPA standards for AC01, AC02, and AC04. The result of this is that there are no longer separate codes to designate interest bearing versus non-interest bearing accounts, but rather all such accounts will be reported under the same codes. However, holders should be sure to include any applicable interest rate information in the property record.
For more information TRACKER clients can refer to the Technical Bulletin on Lifeline for changes tied to version 5.00. Also, more information on changes can be found in the current Compliance Manual and StoneRiver’s TRACKER® Unclaimed Property 3rd Quarter 2013 Newsletter, which is also available on Lifeline.