MA Self Review Invitation Letters Update: April 2021
Pursuant to The Massachusetts Unclaimed Property Law (M.G.L.c. 200A), the Commonwealth of Massachusetts, State Treasurer’s Office (the “Commonwealth”) issued a wave of letters inviting companies to participate in their Self-Review Program.
The Commonwealth mailed notices to holders believed to be noncompliant with Massachusetts unclaimed property reporting laws and are holding property due to the state. Holders have 30 days from the receipt of the letter to respond by submitting accurate contact information to the state website. This timeline is shorter than other states, such as Delaware, who offer a 60 day response window. Upon response to the letter, holders may be contacted by a representative from Kelmar Associates, LLC (“Kelmar”) as the Commonwealth has contracted with them to assist with the administration of this outreach process.
If you receive one of these invitations, Sovos’ Unclaimed Property Consulting Team has extensive experience assisting organizations as a Holder Advocate, ensuring that all requirements of the Massachusetts Self Review program are completed in an efficient and compliant manner.
Learn how Sovos Unclaimed Property Consulting solutions can help you meet your compliance needs. Talk to an Expert