Not all states have the same requirements for completing an unclaimed property state report. The state of New York requires that certain companies publish unclaimed property information in newspapers in the form of advertisements. It is important to note the advertising does not replace the need to send due diligence letters. Both advertising and due diligence letters are required in the state of New York.
Below is your guide to posting unclaimed property advertisements in New York.
Who needs to advertise
The requirement to post unclaimed property advertisements in New York applies to financial institutions, insurance companies and utility companies.
What needs to be advertised
Records must:
- Be dormant
- Have a value greater than or equal to $50
- Have a complete address
- Have “New York” in the field labeled “State”
- Not be foreign
In addition to the above, the following must apply if county codes are populated on the property records. If the county is:
- Queens, New York City, Kings, Bronx, or Richmond the total by county must be $10,000 or greater
- Other than those listed above, the total by county must be $2500 or greater
If county codes are not populated, the records must:
- Be dormant
- Have a value greater than or equal to $50
- Have a complete address
- Have “New York” in the field labeled “State”
- Not be foreign
And the sum of the records must have a total of $2500 or greater.
Holders can exclude records that meet these criteria but are for well-known entities like the IRS or celebrities.
Where you need to advertise
Any newspaper distributed in the county your record is tied to is acceptable. A list of approved newspapers for publication is available in the Handbook for Reporters of Unclaimed Funds. A copy of the newspaper is required to be sent with your New York state report filing to prove you fulfilled the requirement.
When you need to advertise
Financial Institutions
- Publish by: August 31
- Default begin date: June 30
- Default claims deadline: October 31
Life Insurance companies
- Publish by: May 1
- Default begin date: January 1
- Default claims date: August 31
Utility Companies:
- Publish by: August 31
- Default begin date: July 1
- Default claims deadline: September 13
Allocation Options
If the cost of advertising would cause hardship for your business you can submit a waiver form to the office of the state comptroller.
Take Action
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