Holder Reporting and Compliance
Each year, businesses and organizations, commonly referred to as “Holders”, are required to review their records to determine if they are in possession of any unclaimed property. If property is found, Holders are required to complete and submit a report.
Parent organizations have a duty to ensure that unclaimed property held by their subsidiaries is reported. Principals have a duty to see that unclaimed property in the hands of their agents (including stock transfer, dividend, and payroll disbursing agents) is reported. Receivers and liquidating trustees have a duty to report for entities in receivership or liquidation.
Common holders of reportable property include, but are not limited to:
- financial institutions
- insurance companies
- oil and gas companies
- state and local government agencies
- real estate agents
If you are holding unclaimed property belonging to Minnesota residents, you must file a report with the Minnesota Unclaimed Property Program, even if you are not registered or licensed to do business in Minnesota.
Businesses and other organizations are required to report and remit unclaimed property by November 1st. Life Insurance companies and other fraternal organizations are required to report and remit unclaimed property by October 1st.