New Rules

House Bill 219, Unclaimed Property Act Provisions, was passed by the 2007 Legislature.  This legislation will require some changes for unclaimed property holders reporting to Utah. 

The following highlights the significant changes contained in House Bill 219.

• Dormancy periods were reduced from five years to three years for all five year property except gift certificates, credit memos and safekeeping.
• All unclaimed funds owing under a life or endowment insurance policy are now considered abandoned after three years.
• Unclaimed Property reports will now be due on November 1.
• The aggregate limit was raised from $25 to $50.
• Allows for the filing of “nil” reports.

What do these changes mean for a business filing Unclaimed Property reports in Utah?

• A report will be due by November 1, 2007 for property balances as of the close of business on June 30, 2007. 
• The report due November 1, 2007 will include property with the revised dormancy periods. 
• The November 1, 2007 report will include unclaimed three-year property dated June 30, 2004 and prior and one-year property dated June 30, 2006 and prior.
• Property valued under $50 each may be reported in the aggregate.

The Utah Unclaimed Property Act (Section 67-4a et.seq.) requires that a holder report to the Treasurer property which is presumed to be "abandoned" or "unclaimed" after the stated dormancy period for each property type.

Unclaimed Property reports and remittance are due November 1st for property reportable to the State of Utah as of the preceeding June 30th. Holders who have never reported should include all property that has been held for the appropriate dormancy period. Remittance should be made payable to the Utah State Treasurer.

All holders are encouraged to report electronically, but holders reporting 25 or more records must file electronically. Free holder reporting software “Holder Reporting System (HRS) Pro” with detailed instructions are available for your use.

Holders reporting securities: please see additional instructions.

You may file online, but if you choose to submit your electronic report on CD or diskette by mail, include a printed copy of your report in your packet. PLEASE NOTE WE CANNOT ACCEPT EXCEL FILES. For holders submitting reports with fewer than 25 properties, you may file on paper if you wish. Complete and mail your report, along with your remittance, to the address included with the instructions. While a "nil" or negative report (when you have nothing to report) will not be required at this time, you may file such a report online if you wish to notify the Unclaimed Property Division of this fact.

If you do not have access to the internet or have any questions regarding the reporting instructions, please refer to our Holder Relations Section at (801) 320-5360, toll free at (888) 217-1203, fax (801) 366-8886, or by emailing holders@utah.gov.

Sincerely,

Unclaimed Property Division
Utah State Treasurer