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1 month ago | 
ryan.com | Mark Paolillo |Susan Han |Jeff Henshall |Christopher Jensen
Many states cast a wide net to pursue participants for their voluntary disclosure programs. Voluntary Disclosure Agreements (VDAs) are a type of amnesty program in which companies can disclose previously unreported and currently due unclaimed property, usually in exchange for a waiver of interest and penalties. A number of these state programs are also administered by third parties, as disclosed in the outreach letters.
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Oct 8, 2024 | 
ryan.com | Mark Paolillo |Susan Han |Jeff Henshall |Christopher Jensen
Delaware and 30 other states have reached a settlement resolving yearslong litigation over unclaimed checks issued by MoneyGram. The settlement follows last year’s Supreme Court decision in Delaware v. Pennsylvania et al.1 In that case, a unanimous Supreme Court determined that Agent and Teller Checks sold by financial institutions on behalf of MoneyGram fell under the Federal Disposition of Abandoned Money Orders and Traveler’s Checks Act (FDA).
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Aug 28, 2024 | 
ryan.com | Mark Paolillo |Susan Han |Jeff Henshall |Christopher Jensen
If you were one of the many companies that recently received a Delaware verified report process letter, you are in good company. Our understanding is that well over 700 letters were sent out in the mid-August timeframe, consistent with Delaware’s wave of letters sent late last fall. Delaware anticipates expanding this to 2,500 letters next year, with the goal of reviewing holders on a regular cadence going forward, possibly up to once every five years.
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May 7, 2024 | 
ryan.com | Mark Paolillo |Susan Han |Jeff Henshall |Christopher Jensen
As reported earlier, the Michigan Court of Appeals agreed with the Circuit Court for Oakland County that two companies, Disney1 and Dine Brands,2 were not required to turn over unclaimed property to the state for transactions that were incurred outside the statute of limitations period.
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May 2, 2024 | 
ryan.com | Mark Paolillo |Susan Han |Jeff Henshall |Christopher Jensen
The Delaware General Assembly has proposed two bills to address important and timely major issues in the state’s unclaimed property laws. Senate Bill 266 provides the state escheator the ability to control whistleblower actions through incentives, while providing consequences to noncompliant holders. Senate Bill 267 defines the designations of foreign property, worthless securities, and early reporting.
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Feb 13, 2024 | 
ryan.com | Mark Paolillo |Susan Han |Jeff Henshall |Christopher Jensen
The Delaware Secretary of State has revised its schedule for sending out Voluntary Disclosure Agreement (VDA) Program invitations. We previously reported the schedule of mailings on February 13, 2024. As part of a periodic and ongoing effort, and as published on the state’s website, Delaware’s Secretary of State recently disclosed they will be sending out the next round of VDA Program invitations on November 15, 2024, to an unknown number of large companies that are incorporated in Delaware.
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Dec 6, 2023 | 
ryan.com | Mark Paolillo |Susan Han |Jeff Henshall |Christopher Jensen
With a constant eye on legislative and industry developments, the Ryan Unclaimed Property practice is keenly focused on a new initiative recently launched by the state of Delaware. In November 2023, the Delaware Department of Finance, Office of Unclaimed Property (OUP) began issuing notices to businesses across all sectors requesting that holders complete the state’s verified report process or face further enforcement due to inaction.
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Nov 20, 2023 | 
ryan.com | Mark Paolillo |Susan Han |Jeff Henshall |Christopher Jensen
Earlier this year, the Michigan Court of Appeals agreed with the Circuit Court for Oakland County that two companies, Disney1 and Dine Brands2, were not required to turn over unclaimed property to the state for transactions that were incurred outside the statute of limitations period.
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Aug 9, 2023 | 
ryan.com | Mark Paolillo |Susan Han |Jeff Henshall |Christopher Jensen
Ryan previously reported that California established a voluntary compliance program (VCP) for unclaimed property for the first time since 2000. For California purposes, interest on past due property is assessed at 12% per annum, so this program has been eagerly anticipated by holders who want to get into compliance and have interest waived as part of the VCP.
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Feb 24, 2023 | 
ryan.com | Mark Paolillo |Susan Han |Jeff Henshall |Christopher Jensen
In continuing its efforts to cast a wide net to pursue participants for the voluntary disclosure program, Delaware has sent out another scheduled round of letters requesting voluntary compliance. The Delaware Voluntary Disclosure Agreement (VDA) is a type of amnesty program in which companies can disclose previously unreported and currently due unclaimed property in a self-review process within the state’s VDA guidelines, in exchange for a waiver of interest and penalties.
