Unclaimed Property Compliance
It’s that time of year again when entities across the country are required to review their records for any outstanding obligations owed to individuals or businesses and report them to the appropriate state. My office strives to make this process as painless as possible. This year we are pleased to roll out a new holder reporting portal which will make your job of submitting your report safer and easier.
New for 2016 Reporting:
• Iowa will no longer accept .hde files. Only .hrs and .txt files will be accepted. All software systems have been notified of this change and have updated their software.
• If you use HRS Pro software and your version is older than the August 23 release 2016.823.924, you will need to run an update only to reflect the changes. You will not lose data if you update only.
• Once you have transferred your file to my office, you will need to then remit the funds. You may send a check/coversheet, ACH or use UPExpress (there is a third party fee to remit funds using UPExpress). The choice is yours.
- The Iowa unclaimed property law requires that all businesses review their records each year and report unclaimed assets to the unclaimed property program in my office.
- This report must be filed on or before November 1 of each year and should include all property that is reportable as of July 1.
- Unclaimed property is reportable to the state of Iowa where:
- The obligation is not expressly exempted under Iowa Code Chapter 556.
- The owner of the obligation has a last known address in Iowa.
- The holder is incorporated in the state of Iowa and the address of the owner is unknown or the address is in a foreign jurisdiction.
- The underlying obligation is represented by a money order, traveler’s check or other similar written instrument, which was issued in Iowa.
- The property consists of safe deposit box contents and the safe deposit box is located in Iowa (regardless of the last known address of the owner).
- Refer to our holder manual for additional information.
The treasurer’s office is glad to assist you in any way we can. Please do not hesitate to contact our office (phone 515-281-7546 or e-mail email@example.com
). I look forward to working with you.