Connecticut Escheat and Unclaimed Property Laws
| State | Reporting Period | Deadline | Due Diligence | Negative Report | Voluntary Disclosure Agreement | Reporting Method | Remittance Method | More Information |
|---|---|---|---|---|---|---|---|---|
| Connecticut | January 1 to December 31 | Within 90 days after December 31 | No minimum, written notice to last known address within one year before presumption of abandonment, within 180 days for property types with a one year dormancy period, first class mail. | Required if your business/company has a physical location/presence, or is incorporated/based in Connecticut | First time reporting process similar to Voluntary Disclosure Agreement | Electronic only, NAUPA II format, file extension: .txt, .hrs, or .rpt, submitted through online portal. Manual entry also available on the online portal. | Funds: Online, ACH, Wire Securities: DTC, DRS or DWAC | Connecticut Unclaimed Property |
The current statutes that govern unclaimed property in Connecticut can be found here. Connecticut has not enacted the 2016 Revised Uniform Unclaimed Property Act (RUUPA).
Connecticut Unclaimed Property Reporting Period
The annual reporting period for unclaimed property in Connecticut is January 1 - December 31.
Connecticut 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 (no minimum), written notice must be sent to the owners last known address within 180 days before the unclaimed property report is filed. Keep records to prove that due diligence was completed including whether mail was returned as undeliverable.
Connecticut Unclaimed Property Reporting and Remittance Deadline
Annual reports and remittances are due within 90 days after December 31.
Connecticut Unclaimed Property Reporting Format
Reports must be electronic only and in the NAUPA II file format. File formats accepted are .txt, .hrs and .rpt. 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.
Connecticut Unclaimed Property Reporting and Remittance Method
Reports can be submitted on on the state portal. Funds can be transferred online, through ACH or Wire. Securities can be transferred through Depository Trust Company (DTC), Direct Registration System (DRS) or Deposit / Withdrawal At Custodian (DWAC).
Connecticut 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. Connecticut does require negative reports if your business/company has a physical location/presence or is incorporated/based in Connecticut.
Connecticut 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. Connecticut has a first time reporting process that is similar to a VDA.
Connecticut Unclaimed Property Dormancy Periods
Dormancy periods for unclaimed property in the state of Connecticut vary, refer to the state dormancy periods on the state website for details. Some common property types are as follows: Wages, Payroll, Salary (1 year), Money Orders (7 years).
More information from the state of Connecticut 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.