Delaware collects more than $600 million a year in unclaimed
property, and many companies are wholly unaware of their annual
reporting obligations. However, those still facing Delaware
unclaimed property exposure are in luck. The Delaware General
Assembly passed Senate Bill 228 ("SB 228") June 26, 2014,
and the governor is expected to sign the bill Monday, June 30.
SB 228 will extend the period that companies may enter into the
Secretary of State's voluntary disclosure program from the
current deadline of June 30, 2014, to September 30, 2014. For those
already participating in the program, the bill provides an extra
year to comply—from July 1, 2015 to July 1, 2016. So
companies that have not yet tackled their Delaware unclaimed
property exposure can consider jumping in. Those who do not, face
the risk of multistate audits conducted by private audit firms that
are paid a percentage of the amount they demand.
