To ensure unclaimed property can be returned to its rightful owner, state law requires businesses and government agencies to file unclaimed property reports annually with the Arkansas State Auditor’s Unclaimed Property (UCP) Division. It is important to our office to make the reporting process easy and efficient for holders. Our website provides holders with the ability to create and submit report(s) online. Reports must be in the NAUPA standard format.
As an ongoing effort to promote compliance with the Unclaimed Property Law, the Office of the Auditor of State offers three voluntary filing programs to any holder not currently under audit or in receipt of an audit commencement letter from this office. Submit your request in writing with any necessary agreements to be admitted.
What is unclaimed property?
Intangible or tangible property that has been abandoned or lost by its rightful owner for a specified period of time. Examples include, but are not limited to, savings and checking accounts, unpaid wages or commissions, stocks, bonds, utility deposits, insurance proceeds, cashier’s checks, money orders, and contents of safe deposit boxes.
Who needs to report unclaimed property?
By law businesses and government agencies are required to review their records annually to determine if they possess any unclaimed property and file a report with our office. If you are a holder of unclaimed property belonging to Arkansas residents, you must file an annual report with the Arkansas Unclaimed Property Division. See A.C.A. 18-28-201
When do I report my unclaimed property?
Businesses and government agencies are required to report and remit unclaimed property by November 1st. Life insurance companies are required to report and remit unclaimed property by May 1st.
How long must unclaimed property be dormant before it is considered abandoned?
In Arkansas most property types are presumed abandoned or unclaimed if there has been no account activity for three years. However, wages, commissions, and utility deposits and refunds are presumed abandoned or unclaimed after one year.
I have past due property to report, will there be a penalty?
In most cases, we are able to make arrangements for past due property through the Voluntary Compliance Program. The program is designed for businesses to file without the threat of penalties and interest.
Is a negative report required?
Do I need to perform due diligence?
The holder must send a written notice to the owner stating the holder is in possession of property which has been deemed abandoned and will be turned over to the state as unclaimed if the owner does not reply. Due diligence notices only need to be sent for properties of $50 or more and do not need to be sent to those owners whom the address on the holder’s records has been proven to be incorrect.
How do I report property if the owner is unknown?
For property where the owner is unknown, enter “unknown” in the last name field. List any descriptive or identifying information in the property description field.
When may a holder deduct a dormancy charge?
Service fees are only allowed until the property is abandoned in accordance with A.C.A. 18-28-202.
Arkansas Unclaimed Property Division
Attn: Compliance Section
1401 West Capitol Avenue, Suite 325
Little Rock, AR 72201