TheDMAWay
The DMA Way

Delaware Unclaimed Property: Secretary of State to Issue Notices to Holders Likely Out of Compliance

by DMA Staff | Oct 02, 2017
DMA_Blog_UnclaimedProperty

The Delaware Secretary of State (SOS), who manages an unclaimed property voluntary compliance program (VDA), has issued a notice of intent to mail notices to unclaimed property holders deemed likely to be out of compliance with unclaimed property in that state.

Holders receiving that notice will be given 60 days from the mailing of that notice to enroll in the SOS VDA Program; any holders not availing themselves of that program will be referred to the state Escheator for examination. Once the referral is made, holders will no longer be eligible for the SOS VDA Program.

Historically the SOS VDA Program has been a friendlier means for non-compliant holders to come into compliance and to avoid an audit by contingency auditors. The SOS VDA Program offers many attractive advantages over the programs of the Escheator, but the Program requires significant provision of information and sometimes restrictive timelines for certain activities. Preparation before entry and early engagement of assistance if needed will ease the VDA process.

DMA is registered with the SOS to represent holders in the Delaware VDA Program. For more information about this program and other unclaimed property matters, contact Mark Watters, Technical Director, via email at mwatters@dmainc.com, or by phone at (800) 309-2110, ext. 1999.