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UPPO Regional Breakout“Poll the States”
Presented by:Mike Ryan – Eastern Region Vice President
Troy Wangen – Outgoing Midwestern Region Vice President
Heather Steffans – Incoming Midwestern Region Vice President
Chris Jensen – Outgoing Southern Region Vice President
Michele Graf – Incoming Southern Region Vice President
Scott Pettinato – Outgoing Western Region Vice President
Lisa Linden – Incoming Western Region Vice President
UPPO Presentation Disclaimer
Use of the Unclaimed Property Professionals Organization, Inc., (UPPO) name of copyrighted
materials in this presentation does not constitute an endorsement by UPPO of a member, vendor, product or service. The content represents the
opinion of the author and not necessarily those of UPPO. This information is not intended as legal
advice and should not be used to replace the advice of legal counsel.
UPPO Antitrust StatementUPPO has a policy of strict compliance with federal antitrust laws.
UPPO members and/or meeting attendees cannot come to understandings, make agreements, or otherwise concur on positions or activities that in any way tend to raise, lower or stabilize prices or fees. Members and/or attendees can discuss pricing models,
methods, systems, and applications, as well as certain cost matters that do not lead to an agreement or consensus on prices or fees to be charged. However, there can be no
discussion as to what constitutes a reasonable, fair or appropriate price or fee to charge for any service or product.
Information may be presented with regard to historical pricing activities so long as such information is general in nature and does not include data on current prices or fees being
charged in any trade area. Any discussion of current or future prices, fees, discounting, and other terms and conditions of sale, which may lead to an agreement or consensus on prices
or fees to be charged, is strictly prohibited.
Any questions about UPPO’s antitrust policy should be directed to UPPO’s Executive Director.
Today’s Agenda
Over the past few weeks, the Regional Vice Presidents polled their respective
jurisdictions to answer questions YOU asked. Today, we will provide the states’ answers and provide any additional clarification.
Today’s Agenda
• Basic Reporting Questions
• Due Diligence Questions
• Legislation & Statute Questions
• Audit Questions
• Asset Recovery Questions
• General Questions
States that Responded
CaliforniaDistrict of Columbia
FloridaLouisianaMissouriNew YorkOregon
PennsylvaniaWashingtonWisconsin
To ask the other states…
An additional holder benefit is the State
Administrators Outreach Forum. Send
questions to [email protected] and she will
review and post appropriate questions to
the states.
Question #1
Does your State offer reciprocal reporting and do you recommend it for Holders?
Any advice for Holders who do reciprocal reporting?
Question #3
A Holder’s software doesn’t interface directly with each state which requires us to send CDs or flash drives with the state reports. After state reports are received, how does your state ensure that the Holder’s data is
protected?
Question #4
What are some recommendations for making the unclaimed property process more
efficient beyond tracking via a third party software?
Question #5
Does your state allow for report extensions and what is required to request an
extension?
Question #6
Many times there is a delay between the date a report is submitted and the date it is uploaded
or otherwise entered into the state system. Upon occasion, the Holder will receive notice
several weeks after submission that a report on a CD can’t be opened, or the online report is
missing information. If a report was submitted timely, in good faith, but there is a problem with it, will the state subject the Holder to interest or
penalties if the report has to be submitted?
Question #7
Is it a requirement for all unclaimed property to be filed regardless of the dollar amount of the property? Do any states have aggregate
amounts where filing is not required for certain amounts?
Question #8
In the best interest of an accountholder, does your state hold liquid assets, in kind, instead of liquidating it? If not, please provide the
reason.
Question #9During the due diligence process, the Holder will mail out several letters relating to death claim benefits. In many instances the Holder receives a response back to the letters acknowledging the owner will be required to
provide specific documentation in order for the claim to be paid. The Holder’s claims examiners send a letter to the requestor stating what type of
documentation needs to be provided in order to pay the claim. There have been several instances whereby the Holder’s claims examiners send a second
and third request for the information. Sometimes a response is never received, yet because the Holder received an initial response to our due
diligence letter the last contact date is updated to reflect the most recent contact. This change in the last contact date starts the clock over. The Holder’s claims examiners end up getting frustrated because this entire
process will start again and due diligence letters will be mailed again in the future most likely ending with the same result. Is the Holder required to update the last contact date to reflect a current date or can we remit the
funds to the appropriate state when they become due that year?
Question #10
When a beneficiary comes to the state to claim funds, what is the process that the states go through to verify the person is
entitled to the funds? The insurance company requires paperwork and death
certificates, etc. Do the states require the same?
Question #11
What should Holders do if funds are not reported to the states because they received
a due diligence letter back but it was later determined the person did not supply the necessary information to finish the claim?
What should the Holder provide to show the reason the funds would not be past due?
Question #12
What is your advice for sending due diligence letters to seasonal hires and interns who are
not required to provide the Holder with a permanent address, email or phone
number? Typically these individuals travel back and forth or work for a short period of time and will use the company’s address as
their own.
Question #13
Do you see mistakes Holder may be making regarding due diligence? Do you have a due
diligence template on your website?
Question #14
Does your state have any recent changes (e.g., dormancy periods, due diligence, B2B, gift cards, etc.) or new property type codes?
Question #15
Is your state entertaining implementing the Revised Uniform Unclaimed Property Act?
For all RUUPA related alerts, check out UPPO’s new Advocacy web page:
http://www.uppo.org/page/Advocacy17
Question #17
How are the state administrators governing the contingent fee auditors? Based on the recent cases and legislative changes, would there be more stringent oversight or would there be a shift from third party auditors to
more in-house/desk audits?
Question #19
What are some tips for developing a sustainable process to search for unclaimed
funds that belong to a company vs. an individual?
Question #20
If you have one piece of advice for a first-time Holder and/or filer, what would it be?
Question #21
If a Holder reports foreign addressed property to its state of incorporation – what are the state’s next steps with the remitted
funds?
Question #22
A minority of states exempt transactions between businesses from the statutory definition of unclaimed property (B2B
exemption). Other than revenue generation, what justification is there to claim funds that
are purportedly owed to another business organization?
Question #23
With look back periods being shortened, what are the chances a Holder can get a
refund on estimated amounts paid for the reduced period?
Q & A
Check out the Jurisdictional Guide for
specific state questions or links to the
state websites for more information. A
great Member benefit!