This page addresses key areas of interest regarding Kansas unclaimed property and escheatment laws and regulations.
Kansas has a fall deadline for annual reporting and remittance. Holders of unclaimed property must report and remit by October 31, except life insurance companies who must report by April 30. Early reporting is permitted with prior written approval from the administrator provided due diligence has first been performed.
Negative reports are not required; but properties under $100 need to be accumulated, if not reported until their total reaches $250, and then they must all be reported.
All holders have an obligation to report abandoned or unclaimed property to the state to maintain compliance with Kansas’ unclaimed property laws and regulations. Holders reporting to Kansas are required to submit their reports electronically if the reports contain more than 10 items. Written reports on forms provided by the state are permitted for 10 or fewer items.
Kansas requires holders to send due diligence notifications for any property with a value of $100 or more (except for property in a dividend reinvestment plan or safe deposit box property, for which notice must be sent regardless of value).
Holders must send due diligence letters each reporting cycle to the apparent owner at the last known address. This notice should be sent at least 60 days and no more than 120 days prior to filing the report.
The due diligence letter should inform the owner that the holder is in possession of property that has been deemed abandoned and will be turned over to the state unless the owner claims it from the holder before the report is filed.
Dormancy periods in Kansas vary by property type. Generally, most property types have a five-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 during the allotted dormancy period for that property.
Dormancy periods in Kansas for some common property types include:
Reporting unclaimed property in Kansas, 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.
The Sovos UP Compliance Hub is a subscription-based service that includes access to multiple educational and operational resources. Sovos compliance experts continuously monitor and update these resources. Compliance Hub subscriptions can be customized to suit your company’s unique business needs and compliance objectives. Connect with the experts at Sovos today to learn more.
Kansas State Treasurer
Division of Unclaimed Property
900 SW Jackson Street, Suite 201 Topeka, KS 66612-1235