New Mexico Escheat & Unclaimed Property Laws

Holders of unclaimed property in New Mexico must report and remit by October 31; life insurance companies are required to report and remit property by April 30. Early reporting is permitted with prior written approval from the Administrator. Negative reports are required from holders.

All holders have an obligation to report abandoned or unclaimed property to the state in order to maintain compliance with New Mexico’s unclaimed property laws and regulations. Holders reporting to New Mexico are required to submit their reports electronically for reports that contain 25 or more records and must also provide a hardcopy printout. Written reports may be submitted for reports containing fewer than 25 records.

New Mexico Due Diligence Requirements

New Mexico requires holders to send due diligence notifications for any property with a value of $50 or more. Due diligence notices must be sent each reporting cycle to the apparent owner at the last known address no more than 120 days and no less than 60 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.

New Mexico Mineral Interests

Holders of mineral interest property have both letter and publication due diligence requirements. Advertising is required for items $50 or more that are mineral interests. Advertising consists of publication in a newspaper of general circulation in the New Mexico county of the owner’s last known address. Specific requirements are needed for advertising such as name and last known address.

New Mexico Dormancy Periods

Dormancy periods in New Mexico vary by property type. 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 New Mexico for common property types include:

• Wages or Payroll: One year
• Checking Accounts: Five years
• Money Orders: Seven years

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