Frequently Asked Questions:
How does the Amnesty Program work?
Eligible participates must submit a completed and signed Amnesty Agreement form to the Attorney General's Unclaimed Property Division. Upon acceptance of the Amnesty Agreement and proper submission of required reports and assets, the Attorney General's Office will waive any fees or penalties subject to the provisions of said agreement.
What are some examples of holders?
Examples of types of businesses that most frequently report and the most common types of property are: banking and financial organizations, insurance companies, business partnerships, hospitals, utilities, manufacturing, retail organizations, oil and gas companies, transportation, communication, state and local government.
Who is eligible for the Amnesty Program?
Any business organization that has unclaimed property that should have been reported during this year or in previous years-- but has not done so or has not done so in full compliance with the Unclaimed Property Act-- may participate.
A holder is eligible if:
- They are not currently under examination by the Office of the Indiana Attorney General (or anyone acting on behalf of the office), or
- They have not been notified by the Office of the Attorney General (or anyone acting on behalf of the office) of its intent to conduct an unclaimed property examination of the holder's books and records.
- They nor its principal(s) is not presently in arrears in payment of taxes, permit fees or other statutory, regulatory or judicially required payments to the State including the Office of the Attorney General's Unclaimed Property Division, and:
- Holder warrants that it has no current, pending or outstanding criminal, civil, or enforcement actions initiated by the state.
What are the benefits of the Amnesty Program?
The Amnesty Program allows the holder to come into compliance with the Unclaimed Property Act IC 32-34-1. The Attorney General agrees to waive all penalties and fees ascribed to late reporting (this does not include interest accruing and due to the owner of the property). This waiver of fees and penalties is applicable only during the amnesty period. Consultation services provided by the Unclaimed Property Division are an added benefit of the program.
How do I submit my unclaimed property report?
Report property in 4 easy steps:
1. Register to access reporting software
2. Create your NAUPA formatted report
3. Submit your report via the Web site
4. Print remittance detail sheet, attach to physical check, send to:
Office of the Indiana Attorney General
Unclaimed Property Division
35 South Park Blvd
Greenwood, IN 46143
What are examples of unclaimed property?
- Inactive savings and checking accounts
- Safe deposit box contents
- Uncashed checks and money orders
- Uncashed payroll checks
- Stock shares, dividends and the underlying shares
- Mutual funds
- Utility deposits
- Uncashed death benefit checks
- Retirement and pension benefits
- Paid up life insurance policies
- Court-ordered distributions
What are the reporting requirements in Indiana?
Indiana's Unclaimed Property Act requires that holders annually report and deliver property to the Office of the Indiana Attorney General. Any and all holders of unclaimed assets are required by law to attempt to contact the owners (due diligence process) before reporting the property to the State. This applies to holders located within Indiana, as well as those who may be incorporated in another state but do business in Indiana.
What are the penalties for failure to comply with the Unclaimed Property Act?
The penalties for failing to file a report are $100 per day the report is late, up to $5,000. A holder who intentionally fails to pay or deliver property is subject to an additional civil penalty of 10% of the value of the property that must be paid or delivered. A holder that willfully refuses to pay after written notice commits a Class B misdemeanor.
For additional information please see IC 32-34-1-45 (opens in new window).
How do I learn more about my legal obligation to report unclaimed property?
Any holder may request a FREE consultation from the Unclaimed Property Division's education and compliance staff to help them identify property that must be reported. Again, if the holder files a report after the amnesty period has expired, the holder shall be liable for any fees and penalties as provided by the Act.
How do I become compliant to the Unclaimed Property Act?
Full legal compliance is achieved by (1) performing due diligence; (2) reporting all unclaimed property properly; and (3) remitting all funds and shares due to the state before the November 1st deadline.
What is due diligence?
Due diligence is the process of sending a letter via first class mail or better to the last known address of all property owners no more than one hundred twenty (120) days and no less than sixty (60) days before you report the property to the state. This allows you to directly pay owners for whom you have the proper address and only report property for those you don't. This is required for all property with a value of at least $50.
How far back do I need to report?
In order to take advantage of this program, you must report all unclaimed property accrued over the past ten (10) years, or for as long as you have been in business, if that period is less than ten (10) years. This timeframe applies to all holders as there may be property that was overlooked in previous reports or missing non-filed years.
What happens if I don't submit a report?
Reporting is a legal requirement. If you do not report under this program, you are subject to pay penalties and interest charges and your books could be subjected to an examination/audit, at your expense.
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