How often are businesses required to report unclaimed property?
As stated in Section 55-210.12, Item D. “The report and remittance shall be filed before November 1 of each year as of June 30 next preceding, but the report and remittance of insurance corporations shall be filed before May 1 of each year as of December 31 next preceding.” Businesses uncertain as to whether or not the Act applies to them, should contact our office for assistance.
As stated in Section 55-210.12, Item D. “The report and remittance shall be filed before November 1 of each year as of June 30 next preceding, but the report and remittance of insurance corporations shall be filed before May 1 of each year as of December 31 next preceding.” Businesses uncertain as to whether or not the Act applies to them, should contact our office for assistance. In summary, if a department is holding a deposit or a balance belonging to a customer, after a year, the balance must be reported to OUB for due diligence. If the property remains unclaimed, the balances will be forwarded to the State of Virginia for custody.
