Georgia Escheat and Unclaimed Property Laws
| State | Reporting Period | Deadline | Due Diligence | Negative Report | Voluntary Disclosure Agreement | Reporting Method | Remittance Method | More Information |
|---|---|---|---|---|---|---|---|---|
| Georgia | Insurance: January 1 to December 31 Others: July 1 to June 30 | Insurance: Before May 1 Others: Before November 1 | $50 minimum, written notice to last known address 60 to 120 days prior to report filing, first class mail. | Required | Unclaimed property holders or consultants concerned with addressing compliance issues should email department of revenue | 25 or fewer properties may be submitted using manual forms. Electronic reports must be in NAUPA II format and submitted on CD. | Funds: Check Securities: DTC | Georgia Unclaimed Property |
The current statutes that govern unclaimed property in the state of Georgia can be found with the Annual Filing Report Information. Georgia has not enacted the 2016 Revised Uniform Unclaimed Property Act (RUUPA).
Georgia Unclaimed Property Reporting Period
The annual reporting period for unclaimed property in Georgia is January 1 to December 31 for Insurance companies and July 1 to June 30 for all others.
Georgia 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 days before the unclaimed property report is filed. Keep records to prove that due diligence was completed including whether mail was returned as undeliverable.
Georgia Unclaimed Property Reporting and Remittance Deadline
Annual reports and remittances are due before May 1 for Insurance companies and before November 1 for all others.
Georgia Unclaimed Property Reporting Format
25 or fewer properties may be filed on paper. Electronic reports must be in the NAUPA II file format.
Georgia Unclaimed Property Reporting and Remittance Method
Paper reports can be mailed and electronic reports can be submitted on CD. Funds can be transferred online, through Check. Securities can be transferred through Depository Trust Company (DTC).
Georgia 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. Georgia requires negative reports.
Georgia 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. Unclaimed property holders or consultants concerned with addressing compliance issues should email the Georgia department of revenue.
Georgia Unclaimed Property Dormancy Periods
Dormancy periods for unclaimed property in the state of Georgia vary, refer to the state dormancy period in the Annual Filing Report Information. Some common property types are as follows: Wages, Payroll, Salary (1 year), Safe Deposit Boxes (2 years), Traveler’s Checks (15 years).
More information from the state of Georgia 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.