North Dakota Unclaimed Property & Escheat Laws

North Dakota, like many states, has a fall deadline for annual reporting and remittance. Holders of unclaimed property must report and remit by November 1st, except for life insurance companies who must report and remit by May 1st.

Requests for early reporting must be submitted in writing and can be approved with written consent from the administrator. Negative reports, which can be completed online, are not required but are strongly encouraged to help establish a solid reporting history.

Beginning in 2018, electronic reporting is required.

All holders have an obligation to report abandoned or unclaimed property to the state in order to maintain compliance with North Dakota’s unclaimed property laws and regulations.

North Dakota Due Diligence Requirements

North Dakota requires holders to send due diligence notifications for any property with a value of $25 or more. Notifications to owners must be sent no more than 120 days prior to the filing due date.

Each letter should be sent to the owner at the last known address informing the owner that the holder is in possession of property that will be turned over to the state unless the owner claims it from the holder before the report is filed.

North Dakota Dormancy Periods

Dormancy periods in North Dakota vary by property type. Generally, most property types have a 2 or 3 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 North Dakota for common property types include:

• Wages, Payroll or Salary: 2 years
• Safety Deposit Box Contents: 3 years
• Travelers Checks: 15 years

Still confused or overwhelmed? Try the Sovos UP Compliance Hub

 Reporting unclaimed property in North Dakota, 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.