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20 Nov

New Unclaimed Property Rules – Notification to Property Owners

New Unclaimed Property Rules – Notification to Property Owners

Are you aware of the new changes to the PA escheat rules that became effective on September 10, 2016? The changes are in relation to the Notification to Property Owners prior to reporting as unclaimed property, Modification of presumed abandonment rules for Fiduciary and Retirement Savings Accounts, application of effective date for Fiduciary and Retirement Savings accounts, indicated an interest in property – examples, Revised Rules for Publication of Unclaimed Property List, and Escheat of Matured US Savings Bonds.

The focus will be on the changes within the notification to Property Owners prior to reporting as Unclaimed Property. The holder (financial institution) is required to send notice to the owner of the property between 60 days and 120 days prior to the filing of the report to the state. If you submit your report on April 15 (filing date) that means notice should be sent between December 15 through February 15. Depending on when you elect to file will adjust the dates so the above is for illustrative purposes. Two stipulations for the notice are that the holder has an address for the owner that is accurate and the value of the property is more than $50.

When the notice is sent to the customer, it must be sent first class mail, unless the holder has a record showing the owner agreed to receive it electronically. When the notice is mailed it must contain the following information:

  • Description of the property
  • Description of the property’s ownership
  • The value of the property, if known; and
  • Any other information necessary to contact the holder to prevent the reporting of the property to the state Treasurer.

The holders of unclaimed property are prohibited from imposing any costs or fees on the owners of the property for the mailing of the notices.

This is one aspect of the new rules with unclaimed property, stay tuned for more updates on the other aspects of the rule.

Article written by Lyle Loeb, contact him at