This page addresses key areas of interest regarding Utah unclaimed property and escheatment laws and regulations.
Utah, like many states, has a fall deadline for annual reporting and remittance. Holders of unclaimed property must report and remit prior to October 31 of each year.
Requests for early reporting must be made in writing and include the reason for reporting early. Negative reports are not currently required.
All holders have an obligation to report abandoned or unclaimed property to the state in order to maintain compliance with Utah’s unclaimed property laws and regulations.
Holders reporting to Utah are required to submit their reports electronically via the state’s website in the accepted NAUPA format. Paper reports are no longer accepted.
Utah 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, not more than 180 days and not less than 60 days prior to the filing due date.
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.
Dormancy periods in Utah vary by property type. Generally, most property types have a 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 Utah for common property types include:
Reporting unclaimed property in Utah can be a stressful process that consumes valuable internal resources, especially if you must report in other jurisdictions as well. However, when properly managed, the annual reporting and escheatment process does not need to be a burdensome experience.