District of Columbia Escheat and Unclaimed Property Laws
| State | Reporting Period | Deadline | Due Diligence | Negative Report | Voluntary Disclosure Agreement | Reporting Method | Remittance Method | More Information |
|---|---|---|---|---|---|---|---|---|
| District of Columbia | Insurance: January 1 to December 31 Others: July 1 to June 30 | Insurance: Before April 30 Others: Before October 31 | $50 minimum, written notice to last known address 60 to 120 days prior to report filing, first class mail. | Required if your company is domiciled in the District of Columbia | Available | Electronic only, NAUPA II format, file extension: .txt, .hrs, or .rpt, submitted through online portal. Manual entry also available on the online portal. | Funds: ACH, Wire, Check Securities: DTC | District of Columbia Unclaimed Property |
The DC Unclaimed Property Laws are the current laws that govern unclaimed property in the District of Columbia and are accompanied by the DC Holder Manual. The District of Columbia has enacted the 2016 Revised Uniform Unclaimed Property Act (RUUPA).
District of Columbia Unclaimed Property Reporting Period
The annual reporting period for unclaimed property in the District of Columbia is January 1 to December 31 for Insurance companies and July 1 to June 30 for all others.
District of Columbia 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 120 days from the unclaimed property report filing. Keep records to prove that due diligence was completed including whether mail was returned as undeliverable.
District of Columbia Unclaimed Property Reporting and Remittance Deadline
Annual reports and remittances are due before April 30 for Insurance companies and before October 31 for all others.
District of Columbia Unclaimed Property Reporting Format
Only electronic reports are accepted 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.
District of Columbia Unclaimed Property Reporting and Remittance Method
Reports can be submitted through the state online portal. Funds can be transferred through Automated Clearing House (ACH), Wire Transfer or Check. Securities can be transferred through Depository Trust Company (DTC).
District of Columbia 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. Negative reports are required if your company is domiciled in the District of Columbia.
District of Columbia 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. The District of Columbia does have a VDA program.
More information from the District of Columbia 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.