Hawaii Escheat and Unclaimed Property Laws
| State | Reporting Period | Deadline | Due Diligence | Negative Report | Voluntary Disclosure Agreement | Reporting Method | Remittance Method | More Information |
|---|---|---|---|---|---|---|---|---|
| Hawaii | Life Insurance: January 1 to December 31 Non Life Insurance: July 1 to June 30 | Before November 1 | $50 minimum, written notice to last known address not more than 6 months prior to report filing. | Not Required | First time filers to contact department of budget and finance | Electronic reports must be in NAUPA II format and submitted on CD. | Funds: Check Securities: DTC | Hawaii Unclaimed Property |
The current statutes that govern unclaimed property in Hawaii can be found here along with the Holder Reporting Guidelines. Hawaii has not enacted the 2016 Revised Uniform Unclaimed Property Act (RUUPA).
Hawaii Unclaimed Property Reporting Period
The annual reporting period for unclaimed property in Hawaii is January 1 to December 31 for Life Insurance companies and July 1 to June 30 for Non Life Insurance companies.
Hawaii 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 not more than 6 months before the unclaimed property report is filed. Keep records to prove that due diligence was completed including whether mail was returned as undeliverable.
Hawaii Unclaimed Property Reporting and Remittance Deadline
Annual reports and remittances are due before November 1.
Hawaii Unclaimed Property Reporting Format
Reports must be electronic only and in the NAUPA II file format.
Hawaii Unclaimed Property Reporting and Remittance Method
Reports can be submitted on CD. Funds can be transferred through Check. Securities can be transferred through Depository Trust Company (DTC).
Hawaii 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. Hawaii does not require negative reports.
Hawaii 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. First time filers in Hawaii can contact the department of budget and finance to discuss options for voluntary disclosure.
Hawaii Unclaimed Property Dormancy Periods
Dormancy periods for unclaimed property in the state of Hawaii vary, refer to the state dormancy period on the state summary page. Some common property types are as follows: Wages, Payroll, Salary (1 year), Safe Deposit Boxes (5 years), Traveler’s Checks (15 years).
More information from the state of Hawaii 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.