This page addresses key areas of interest regarding Virginia unclaimed property and escheatment laws and regulations.
The deadline for annual reporting and remittance in Virginia is October 31 for all holders, except life insurance and other insurance companies, who must report by April 30. Early reporting is permitted but before an early report is allowed, a holder must have made a good faith attempt to determine that the lost owners cannot be located.
All holders have an obligation to report abandoned or unclaimed property to the state in order to maintain compliance with Virginia’s unclaimed property laws and regulations. Holders reporting to Virginia are required to submit their reports electronically via the website for reports that contain 25 or more properties. Written reports may be submitted for reports containing fewer than 25 properties.
Virginia requires holders to send due diligence notifications for any property with a value of $100 or more. Due diligence letters must be sent each reporting cycle to the apparent owner at the last known address at least 60 days prior to the reporting deadline.
This notice should be sent by first class mail and 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.
Most property types in Virginia have a dormancy period of five years. 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. Other dormancy periods in Virginia for common property types include:
Reporting unclaimed property in Virginia, 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.
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