Turning up the heat – States step up unclaimed property retrieval

Description

Abstract: Revenue-strapped states nationwide are enforcing their unclaimed property laws with new vigor. As part of the retrieval process, states are arranging audits of unclaimed property, and auto dealerships are common targets. This article discusses what constitutes unclaimed property, along with amnesty programs that states are providing businesses as an incentive for conforming to unclaimed property rules. A sidebar looks at “bounty hunters” who conduct unclaimed property audits for the state.