This page addresses key areas of interest regarding Georgia unclaimed property and escheatment laws and regulations.
Holders of unclaimed property, other than insurance companies, must file unclaimed property reports to the Georgia Department of Revenue before November 1. Insurance companies must file their reports before May 1.
Businesses may obtain an extension of up to 90 days by submitting a written request at least 30 days prior to the reporting deadline and must include an estimated filing date and the reason for the extension. Companies who do not have any unclaimed property to report are still required to submit a negative report.
Georgia requires property holders to notify owners prior to submitting a report to the Georgia Department of Revenue. Holders are required to send due diligence letters for any property that is valued at $50 or more. These letters are sent to the property owner as a means to notify them that their property is being held, and will escheat to the state if no action is taken.
Georgia requires holders to send notifications no less than 60 days, and no more than 120 days prior to filing their unclaimed property reports. Due diligence letters are to be sent by first-class mail to those addresses which the holder’s records do not disclose as inaccurate.
Dormancy periods in Georgia vary by property type. Generally, most property types have a five-year dormancy period. Accounts are considered dormant if the property owner has not indicated any interest in the property, or if no contact has been made by the owner for the allotted dormancy period for that property.
Dormancy periods in Georgia for common property types include:
Reporting unclaimed property in Georgia, 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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Georgia Department of Revenue
Unclaimed Property Program
4125 Welcome All Road Suite 701 Atlanta, GA 30349