UNCLAIMED PROPERTY REPORTING: OPT IN

YOUR UNCLAIMED PROPERTY REPORTING OBLIGATIONS

Companies are required to file abandoned property reports annually with the individual states and US territories, and to turn over abandoned property according to individual state laws. Failure to file on time can result in significant penalties and interest fees per year. States are taking an increasingly aggressive stance against issuers for failure to comply with unclaimed property reporting rules.

State law also requires all companies to perform due diligence searches to locate all holders at risk of escheatment before declaring their property to be abandoned and escheating them as unclaimed.

To remain in compliance with state laws and to avoid turning over property to the state that is not, in fact, abandoned, it's important to handle the escheatment process diligently, thoroughly and accurately.

More information about escheatment

HOW CLEARTRUST CAN HELP

ClearTrust, LLC has teamed up with the unclaimed property specialists at MarketSphere Consulting, LLC to assist you and take this compliance burden off your shoulders. The service offering is simple:

1. Proactive escheatment prevention. Our first priority is to prevent escheatment by locating and reactivating lost or dormant shareholders. We conduct searches twice a year for all shareholders who have been tagged as "lost".
2. Abandoned property reporting. We monitor all changing unclaimed property laws. We analyze shareholder records to identify unclaimed property in accordance with state unclaimed property laws. We will perform statutory due diligence efforts prior to the property being turned over to the states in accordance with abandoned property laws.
3. Escheatment. We will prepare, execute, and submit all unclaimed property reports, and remit cash property to the correct jurisdiction in the proper format.

SERVICE OPTIONAL

Our unclaimed property management service is optional. Please indicate your interest by completing this quick online form.

PRICING