Louisiana Unclaimed Property Program | Nolan News
Under the direction of State Treasurer Michael Frerichs, the Illinois Unclaimed Property Program is expected to reimburse around 66,700 state citizens.
The Unclaimed Property program includes this project, called the Money Match program, which will give out an estimated $47 million to qualified people.
The money comes from a number of places, such as neglected bank accounts, unutilized rebate cards, underpaid life insurance benefits, and missed safe deposit boxes.
Due to state legislation requiring unclaimed money to be restored to its legal owners or heirs, Frerichs worked with the General Assembly to enhance the Money Match initiative.
“How can we make life a little bit better and a little bit easier for our residents? That is the driving force behind all of our programs,” Frerichs stated.
“Putting money in people’s pockets so they can decide how best to spend it simply makes a lot of sense and is the right thing to do.”
Improvements include increasing the maximum amount of automated payments from $2,000 to $5,000 and streamlining the procedure for giving money back to individuals. The idea is to directly put money in the hands of the citizens, making their lives simpler and allowing them to choose how best to utilize it.
The state gathers data for the Money Match program, and that data is compared with the treasurer’s unclaimed property database.
A first letter informing the eligible persons of the amount owing and the reasons behind it would be sent to them. The property owner will get a payment from the treasurer’s office after fulfilling an extra security procedure.
The procedure is meant to be simple; all recipients need to do is watch their mailboxes for the money they are eligible to receive.
This initiative essentially uses technology and governmental data already in place to locate unclaimed property and restore it to Illinois homeowners.
In order to help thousands of citizens financially, the state plans to guarantee that these monies find their proper owners by streamlining the recovery procedure and increasing the payout maximum.
What is an unclaimed property program, and how can I avail myself of it?
Programs for unclaimed property are intended to assist people and companies in reclaiming assets that have been given up to the state but have been misplaced or forgotten. A reputable resource in this area is the National Association of Unclaimed Property Administrators (NAUPA), which assists people in reclaiming their unclaimed property and makes sure companies abide by state regulations pertaining to yearly reporting.
For example, the Unclaimed Property Program in Hawaii collects and holds abandoned and dormant property from holders and returns it to rightful owners at no cost. Each state has its own unclaimed property program. In essence, these programs gather and hold property from “holders” that has been abandoned or is dormant.
Compliance with unclaimed property may be challenging and daunting. Many times, clients inquire as to what steps they should take to make sure they are in compliance with all applicable laws and rules. It’s not simple, particularly if you have several kinds of property, including credit, checks, or customer accounts, that may end up as unclaimed property across many jurisdictions.
You should familiarize yourself with unclaimed property as a first step. To do this, educate yourself on unclaimed property laws, including what they are, how to follow them, and what happens if you own property that is not in compliance.
To learn more about unclaimed property, you may join the Unclaimed Property Professionals Organization (UPPO), access member resources, and attend the annual conference, which is jam-packed with educational sessions. You can also read a lot of online articles and watch webinars. Because each state’s laws and regulations differ from one another, there is a lot to understand.
Establishing and documenting a robust strategy for tracking and reporting unclaimed property is essential. Procedures should specify precisely how to locate and report unclaimed property, taking into account all possible business segments that can have unclaimed property. Incorporate activities that are contracted out, like payroll, and specify exactly who is responsible for unclaimed property under the terms and circumstances of the agreement. Incorporate leaders from each department, such as payroll, accounts payable, and accounts receivable, as well as internal partners in compliance, legal, and IT. These individuals should all be aware of the procedures and might possibly play a major part in ensuring effective compliance. Make sure there are clear guidelines in place to prevent the practice of writing off old accounts payable checks or customer credit balances.
There are programs you may take advantage of, such as voluntary disclosures with some states, if you’re new to unclaimed property and discover your firm is out of compliance. These programs may help you get into compliance. Since every state has a different program, it will be vital to review each one before joining to ensure that your firm is eligible.
Finally, keep in mind who the property’s true owner is. Ensure you have a strategy in place for property owners to claim their belongings. What do they need to provide you in order for you to reprint a check, apply a credit, or get their customer account back? Have you informed your customer support team that letters requesting due diligence have been sent and that they could be contacted? A excellent practice is to train front desk employees and other departments so that owners may recover their property before it is escheated. Additionally, be careful to give the state the information required for it to restore unclaimed property to its rightful owner if you are unable to locate the owner and the property is reported to the state.
