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Tracker Unclaimed Property Bulletin

Q1 2017 Issue

State: NY, Property ID Code: MS17, Description:


RELEASE UPDATE
OTHER MISCELLANEOUS PROPERTY (CASH
ONLY), Dormancy: 2
The next releases of TRACKER, version State: SC, Property ID Code: MS02, Description:
COMMISSIONS (SALARY), Dormancy: 1
6.00, and Tracker PRO, version 4.0.00
are scheduled to be made available on The following codes have a description
or about March 4, 2017. change
COMPLIANCE FEATURE State: FL, Property ID Code: CT07, Description:
MISSING, UNKNOWN, OR UN-LOCATABLE HEIR
As a preview to the next releases of Tracker software, DETERMINED BY COURT ORDER
pertinent Property ID Code changes are listed below. State: FL, Property ID Code: MS15, Description:
(The following information was previously provided on VOLUNTARY OR INVOLUNTARY DISSOLUTION
February 16, 2017 as separate Alerts for TRACKER and OR LIQUIDATION
Tracker PRO). State: NY, Property ID Code: MS16, Description:
LOST PROPERTY (CASH ONLY)
It is not necessary to make any changes to TRACKER or
Tracker PRO; the next releases will encompass these and
others. For the updates to take effect; it is necessary to
STATE LEGISLATION
install the appropriate new release Installation DEVELOPMENTS
instructions will be accessible on the Tracker Help
Center, https://trackersupport.ryan.com; refer to the
Ryan tracks the progress of legislation effecting Tracker
appropriate Installation Guide for guidance.
software products and other pertinent abandoned and
unclaimed property topics. Legislative updates impacting
The following codes have an associated TRACKER and Tracker PRO will be or have been
dormancy period change incorporated into the correspondingly appropriate
releases. They are also being made available here for
notification and review. This bulletin contains a
State: AR, Property ID Code: CK15A, Description:
cumulative compilation of relevant legislation that has
OUTSTANDING CHECKS NON BANK, Dormancy:
been enacted throughout the year.
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IN THIS ISSUE

RELEASE UPDATE ........................................................................................................................................................... 1

STATE LEGISLATION DEVELOPMENTS ........................................................................................................................... 1

COMPLIANCE NEWS ...................................................................................................................................................... 2

TRACKER TIPS ................................................................................................................................................................ 3

TECHNICAL SUPPORT AND TRAINING .......................................................................................................................... 3


Tracker Unclaimed Property Quarterly Bulletin 1st Quarter 2017

Ryan does not render legal services or advice. The Under specified situations extensions may be granted by
information in this bulletin is not intended to substitute the State Escheator. These could be granted for good
for legal advice, which can only be rendered by an cause. When an extension is made, "the holder may pay
attorney. or make a partial payment of the amount the holder
estimates ultimately will be due. The payment or partial
payment terminates accrual of interest on the amount
paid."

Another change is owner notification/due diligence is


now universally required for all property presumed
abandoned. Holders "shall send to the owner notice that
complies with a format acceptable to the State
Escheator, by first-class United States mail, not more
than 120 days nor less than 60 days before filing the
report" If the "value of the property is $50 or more,
unless the property is a security, in which case the holder
must send notice to the owner regardless of the value of
Delaware SB 13 the property."

For aspects not related to reporting, please refer to the


Delaware SB 13 was enacted on February 2, 2017 with
Compliance News section of this bulletin. Also, the full
immediate effect. This bill adopts some provisions
legislation can be viewed online, please refer to:
similar to ones in the 2016 Revised Uniform Unclaimed
https://legis.delaware.gov/BillDetail?legislationId=25389.
Property Act (RUUPA), which was promulgated by the
Uniform Law Commission in July 1016. However, the
American Bar Association has not endorsed or approved COMPLIANCE NEWS
RUUPA at this time. Additionally, some of the
recommendations the Delaware Unclaimed Property Previous editions of Tracker Quarterly Bulletins can be
Task Force formed under SCR 59, which was originally referenced for historical information. To review current
approved by the Governor on June 17, 2014, were and prior bulletins, access the Tracker Help Center,
included. Finally, the legislation also seeks to address https://trackersupport.ryan.com, and select the News
items that were brought to light through the recent link.
Temple-Inland case heard in the U.S. District Court,
District of Delaware (TEMPLE-INLAND, INC., Plaintiff v. Due to a software change at Alabama, files with the .hde
THOMAS COOK, in his capacity as Delaware Secretary of extension can no longer be accepted.
Finance et al., Defendants).
Delaware- In addition to the reporting changes in SB 13,
The legislation brings notable changes to Delaware's it also makes changes related to other aspects of
unclaimed property reporting process. These changes compliance. For example, the legislation reduces the
include the record retention period being defined as 10 look back period for both voluntary disclosure
years. This requirement now applies to both Delaware, agreements and audits to 10 report years, and creating a
as well as holders. Therefore, Delaware itself now has a 10 year statute of limitations for Delaware to pursue
record retention requirement. unclaimed property. However, the statute of limitations
can be tolled by notice of an audit or by filing of a report
There will now be a mandatory requirement for interest that the State Escheator reasonably concludes contains a
to be assessed on any unclaimed property filed late for fraudulent or willful misrepresentation.
any property remitted and reported after July 1, 2017,
although, there are some provisions made for possible This bill generally offers any company currently under
waiver of a portion of these fees. audit, for audits that began prior to July 22, 2015, the
option to convert the audit into the voluntary disclosure
The legislation specifies as of March 1, 2018, an as of yet agreement (VDA) process conducted by Secretary of
unspecified form of web-based reporting will be State. However, securities examinations may not be
required. converted into a VDA. Separately, companies that
received a notice of examination and with an ongoing
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2017 Ryan, LLC. All rights reserved.
Tracker Unclaimed Property Quarterly Bulletin 1st Quarter 2017

audit will have the opportunity to enroll in an expedited StateInf.xls and System Management
audit review process. Time frames in which such
elections to convert into a VDA or expedited audit must Summary
be made are delineated in the bill. Various options will
become available after corresponding rules are Have you ever wanted an at-a-glance summary of
promulgated. compliance information for your respective Tracker
software product? Fortunately there will be no waiting;
For the complete legislation, please refer to: your wish has already come true. Summaries are
https://legis.delaware.gov/BillDetail?legislationId=25389. updated and available with each new release.

Nevada now specifies all cash remittances must now be For TRACKER the summary is known as the
through EFT. StateInf.xls
For Tracker PRO the summary is known as the
Puerto Rico's Office of the Commissioner of Insurance of System Management Summary.xlsx
Puerto Rico has provided guidance on the Office's
interpretation related to the scope for insurance Tracker Help Center makes it simple to retrieve these
property reporting. Puerto Rico instructs reporting summary documents. For TRACKER, the current version
requirements apply to insurance property for insurance can be retrieved under the Documentation option. The
companies authorized to do business in Puerto Rico. most recent version can be retrieved by selecting
Specifically, if a company was authorized to carryout "StateInf Winter 2016."
business in Puerto Rico during the year 2014, then the
insurer must report and remit any unclaimed property
generated from activities for the same year.

Statutory Citation: 26 L.P.R.A. 2602 2602. Scope


This chapter shall apply to unclaimed funds, as
defined in 2603(b) of this title of any insurer,
general agent, manager and producer to whom the
insurer may have returned or credited funds to Likewise, the summary for Tracker PRO can also be found
transmit to a person entitled thereto, who is under the Documentation option. The most recent can
engaged in the business in Puerto Rico when the last be retrieved by selecting "System Management
known address of the person entitled to the funds is Information Dec 2016."
one in Puerto Rico, in accordance with the records of
the insurer, general agent, manager and producer. If
the person entitled to the funds is not the insured or
the annuitant, and no address of this person is
known, or if from the records there does not appear
in a certain and definite manner what person is
entitled to the funds, it shall be presumed, in both
cases, for the purposes of this chapter, that the last
known address of the person entitled to receive the
funds is the same as the last known address of the
insured or annuitant, in accordance with the records
of the insurer, general agent, manager and producer.

For Tennessee online report upload is now required. In


conjunction with this cash remittance by ACH Debit is
also now required.

TRACKER TIPS
TRACKER and Tracker PRO
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2017 Ryan, LLC. All rights reserved.
Tracker Unclaimed Property Quarterly Bulletin 1st Quarter 2017

participating in training. We also offer custom, refresher,


TECHNICAL SUPPORT AND or standard training at your location. For more
TRAINING information, contact Tracker Support.

In-House Training
TRACKER and Tracker PRO regular
support hours are Monday through Comprehensive training courses are offered at the Ryan
Friday, 8:00 a.m. to 6:00 p.m. Central Training Center in Cedar Rapids, Iowa. CPE credit is
available for this training. For more information, contact
Time. your Tracker Support.

TRACKER Web-Based Training


Phone: 800.593.0403 With web-based refresher training sessions, you can
Email: tracker.support@ryan.com participate from the convenience of your desk; all you
Internet: https://trackersupport.ryan.com need is a computer, an Internet connection, and a phone
line. For more information, refer to the upcoming
Tracker PRO scheduled webinars http://ryan.com/About-Us/Media-
Center/Webinars.
Phone: 877.624.5637
To submit bulletin topic suggestions, please send an
Email: trackerpro.support@ryan.com
email to the Tracker Unclaimed Property Bulletin Editor,
Internet: https://trackersupport.ryan.com
christa.deoliveira@ryan.com.

Training Options
Enhance your TRACKER and Tracker PRO productivity and
increase your softwares value to your organization by

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2017 Ryan, LLC. All rights reserved.