This page addresses key areas of interest regarding Arkansas unclaimed property and escheatment laws and regulations.
Arkansas, like many states, has a fall deadline for annual reporting and remittance. Holders of unclaimed property must report and remit by October 31, except for life insurance companies who must report and remit by April 30. Early reporting is permitted with written consent from the administrator. Negative reports are not required, but the state requires a negative report for holders who have had property to report in the last three years.
All holders have an obligation to report abandoned or unclaimed property to the state in order to maintain compliance with Arkansas’ unclaimed property laws and regulations. Holders reporting to Arkansas are required to submit their reports electronically where they contain 25 or more properties.
Arkansas requires holders to send due diligence notifications for any property with a value of $50 or more.
Holders must send due diligence letters each reporting cycle to the apparent owner at the last known address not more than 180 days or less than 90 days prior to filing the report. This notice should inform the owner that the holder is in possession of unclaimed property that will be turned over to the state unless the owner claims it from the holder before the report is filed.
Dormancy periods in Arkansas vary by property type. Generally, most property types have a three-year dormancy period. Accounts are considered dormant if the owner of a property has not indicated any interest in the property or if no contact has been made for the allotted dormancy period for that property.
Dormancy periods in Arkansas for common property types include:
Reporting unclaimed property in Arkansas, and other jurisdictions, can be a stressful process that consumes valuable internal resources. However, when properly managed, the annual reporting and escheatment process does not need to be a burdensome experience.
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Auditor of State
Unclaimed Property Division
1401 West Capitol Avenue, Suite 325 Little Rock, AR 72201