Tennessee Escheat and Unclaimed Property Laws
| State | Reporting Period | Deadline | Due Diligence | Negative Report | Voluntary Disclosure Agreement | Reporting Method | Remittance Method | More Information |
|---|---|---|---|---|---|---|---|---|
| Tennessee | July 1 to June 30 | Before November 1 | $50 minimum, first class mail to last known address 60 to 180 days prior to report filing. Email diligence per RUUPA legislation. | Not Required but accepted | Available | Electronic only, NAUPA II format, file extension: .txt or .hde, submitted through online portal. | Funds: ACH Securities: DTC, DWAC | Tennessee Unclaimed Property |
The current statutes that govern unclaimed property in Tennessee can be found here along with the Reporting Instructions. Tennessee has enacted the 2016 Revised Uniform Unclaimed Property Act (RUUPA).
Tennessee Unclaimed Property Reporting Period
The annual reporting period for unclaimed property in Tennessee is July 1 to June 30.
Tennessee Unclaimed Property Due Diligence Requirements
Holders of unclaimed property must perform due diligence to show that they attempted to find the rightful owner of unclaimed property. For any balance greater than $50, written notice must be sent to the owners last known address 60 to 180 days before the unclaimed property report is filed. Email diligence also required per RUUPA legislation. Keep records to prove that due diligence was completed including whether mail was returned as undeliverable.
Tennessee Unclaimed Property Reporting and Remittance Deadline
Annual reports and remittances are due before November 1.
Tennessee Unclaimed Property Reporting Format
Reports must be electronic only and in the NAUPA II file format. File formats accepted are .txt or .hde. These formats can be generated through the HRS Pro software. The HRS Pro software has a limited free version that has restrictions including one user, one company and less than 100 properties per state report.
Tennessee Unclaimed Property Reporting and Remittance Method
Reports can be submitted on on the state portal. Funds can be transferred online, through ACH. Securities can be transferred through DTC or DWAC.
Tennessee Unclaimed Property Negative Reports
Negative reports refer to reports that need to be filed when there is no unclaimed property to report or remit to the state for the year. Tennessee does not require negative reports but recommends them.
Tennessee Unclaimed Property Voluntary Disclosure Agreement (VDA)
In some states, the unclaimed property Voluntary Disclosure Agreement (VDA) provides the opportunity for holders of unclaimed property to voluntarily report and remit past unclaimed property. If accepted by the state, the holder is then exempt from fines and penalties that cover the VDA period. The holder is expected to maintain strict compliance with state unclaimed property laws after the VDA period. VDAs are usually available on a one-time basis only to holders that are not already under state audit. Tennessee does have a VDA program.
Tennessee Unclaimed Property Dormancy Periods
Dormancy periods for unclaimed property in the state of Tennessee vary, refer to the Reporting Instructions.
More information from the state of Tennessee on unclaimed property reporting can be found here. Join our growing network of businesses that are using the Escheatify HolderExchange to prevent escheatment by reconciling their pre-escheat unclaimed property. Contact us to learn more.