Mississippi Escheat and Unclaimed Property Laws
| State | Reporting Period | Deadline | Due Diligence | Negative Report | Voluntary Disclosure Agreement | Reporting Method | Remittance Method | More Information |
|---|---|---|---|---|---|---|---|---|
| Mississippi | July 1 to June 30 | Every three years from your last report on November 1 | $50 minimum, written notice to last known address at least 60 days prior to report filing. | Not Required | Not Available | Electronic only, NAUPA II format, file extension: .hde, submitted through online portal or on CD. | Funds: ACH, Wire, Check (less than $10K) Securities: DTC | Mississippi Unclaimed Property |
The current statutes that govern unclaimed property in Mississippi can be found with the Holder Reporting Instructions. Mississippi has not enacted the 2016 Revised Uniform Unclaimed Property Act (RUUPA).
Mississippi Unclaimed Property Reporting Period
The annual reporting period for unclaimed property in Mississippi is July 1 to June 30.
Mississippi 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 at least 60 days before the unclaimed property report is filed. Keep records to prove that due diligence was completed including whether mail was returned as undeliverable.
Mississippi Unclaimed Property Reporting and Remittance Deadline
Annual reports and remittances are due every three years from your last report before November 1.
Mississippi Unclaimed Property Reporting Format
Reports must be electronic only and in the NAUPA II file format. File formats accepted are .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.
Mississippi Unclaimed Property Reporting and Remittance Method
Reports can be submitted on on the state portal. Funds can be transferred online, through ACH, Wire or Check (less than $10K). Securities can be transferred through Depository Trust Company (DTC).
Mississippi 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. Mississippi does not require negative reports.
Mississippi 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. Mississippi does not have a VDA program.
Mississippi Unclaimed Property Dormancy Periods
Dormancy periods for unclaimed property in the state of Mississippi vary, refer to the state dormancy period in the Holder Reporting Instructions.
More information from the state of Mississippi 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.