Delaware Unclaimed Property Bill passes both the Senate and the
House and is now on the Governor's desk for signature. Action
is required if your company is under a Delaware audit.
Senate Bill 13 ("the Bill" or "SB 13"),
which will entirely revamp the State of Delaware's unclaimed
property law, has completed its expedited track through the
Delaware legislature and is now at the final step before it becomes
the new Delaware Unclaimed Property Law. Consequently, having
cleared the legislative hurdles, it is an absolute certainty that
the execution of the Bill is eminent.
Consequently, it is imperative for all companies under audit to
begin the process to determine the steps needed to model the
following elections afforded in the Bill: (i) to convert an
existing audit to a VDA; and (ii) the option to take advantage of
the expedited audit. These elections, in addition to the ability to
settle directly with the Department of Finance, will depend
entirely on the facts
