Missouri Escheat & Unclaimed Property Laws

Missouri 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 are required to report by April 30.

Early reporting is permitted with prior approval from the administrator. Negative reports are not required.

All holders have an obligation to report abandoned or unclaimed property to the state in order to maintain compliance with Missouri’s unclaimed property laws and regulations. Electronic filing is not required; but all holders reporting to Missouri are encouraged to submit their reports electronically.

Missouri Due Diligence Requirements

Missouri 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 within one year of the reporting deadline.

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.

Missouri Dormancy Periods

Dormancy periods in Missouri 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 for the allotted dormancy period for that property.

Dormancy periods in Missouri vary. Dormancy periods for common property types include:

• Wages, Payroll or Salary: Three years
• Checking Accounts: Five years
• Traveler’s Checks: 15 years

Still confused or overwhelmed? Try the Sovos UP Compliance Hub 

Reporting unclaimed property in Missouri, 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.