DE SB141

State Escheator cannot initiate new unclaimed property examinations until notifying holders they may enter voluntary disclosure agreements, effective July 1, 2015.

State cannot seek payment for transactions prior to January 1, 1986, and cannot initiate new examinations for transactions before January 1, 1991 through December 31, 2016.

Effective January 1, 2017, State Escheator cannot examine or seek payment for transactions more than 22 years prior to the examination notice year.

Interest on late-filed unclaimed property capped at 0.5% per month (not to exceed 25% of amount owed) for reports filed on or after March 1, 2016, if failure is not due to reasonable cause.

Holders entering voluntary disclosure agreements must file reports starting from January 1, 1996 (or 19 years prior for agreements accepted after January 1, 2017) and must designate a contact person for State correspondence.