Vermont Escheat and Unclaimed Property Laws
| State | Reporting Period | Deadline | Due Diligence | Negative Report | Voluntary Disclosure Agreement | Reporting Method | Remittance Method | More Information |
|---|---|---|---|---|---|---|---|---|
| Vermont | January 1 to December 31 | Before May 1 | $50 minimum, written notice to last known address 60 to 180 days prior to report filing. Email due diligence also required if consented. | Not Required but recommended | Available | 10 or fewer properties may be submitted using paper forms. Electronic reports must be in NAUPA II format, file extension: .hde. and submitted online or on CD, diskette, thumb/flash drive. | Funds: Check, ACH, EFT Securities: DTC | Vermont Unclaimed Property |
The current statutes that govern unclaimed property in Vermont can be found with the Holder Reporting Manual. Vermont has enacted the 2016 Revised Uniform Unclaimed Property Act (RUUPA).
Vermont Unclaimed Property Reporting Period
The annual reporting period for unclaimed property in Vermont is January 1 to December 31.
Vermont 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 180 days before the unclaimed property report is filed. Email due diligence also required if consented. Keep records to prove that due diligence was completed including whether mail was returned as undeliverable.
Vermont Unclaimed Property Reporting and Remittance Deadline
Annual reports and remittances are due before May 1.
Vermont Unclaimed Property Reporting Format
10 or fewer properties may be reported by paper. Electronic reports must be 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.
Vermont Unclaimed Property Reporting and Remittance Method
Reports can be submitted on on the state portal or on CD, Diskette or thumb/flash drive. Funds can be transferred through Check, ACH or EFT. Securities can be transferred through DTC.
Vermont 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. Vermont does not require negative reports but recommends them.
Vermont 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. Vermont does have a VDA program.
Vermont Unclaimed Property Dormancy Periods
Dormancy periods for unclaimed property in the state of Vermont vary, refer to the Holder Reporting Manual.
More information from the state of Vermont 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.