Vermont Unclaimed Property Law (Act 161)

Statue Changes - No 2008 Reporting Year Changes

Important Dates

Vermont's filing date of the unclaimed property report is May 1. This is the date when reports with remittances are due for the previous calendar year. Important dates are listed by Holder Type.

Unclaimed Property Fact Sheet for Businesses

Businesses play key role in success of Unclaimed Property Program. Read Facts for Businesses highlights.

Holder Reporting Manual

Reporting Manual defines what unclaimed property is, as well as who, when, where and how to report it.

Unclaimed Property Holder Reporting Manual

Unclaimed Property Reporting Package Includes:

1. Report Cover Sheet (Affidavit of Due Diligence is listed on the Report Cover Sheet);
   
2. Report detail must be on a formatted CD-R or on a standard high density 3.5 inch diskette (less than 10 accounts may be manually reported);
3. Hard copy of the report detail;
4. One check, made payable to Vermont State Treasurer's Office, for the total amount of the submitted report.
   
   

Quick Reporting Guide

Quick Reporting Guide summarizes a list of holder reporting questions/answers, contact information, and NAUPA property type codes.

ANNUAL Report Cover Sheet

All Annual reports require the following Cover Sheet. Both Pages of the cover sheet are required to be completely filled-in and sent together. Section 3a now lists a requirement to enter the total number of accounts reported within the listed aggregate total.

Due Diligence Letter

The holder must make a documented written effort to locate the apparent owner of the presumed abandoned property not more than 120 days or less than 60 days prior to the filing of the annual Unclaimed Property Report. The holder is obligated under §1247 (e) Chapter 14, V.S.A. Title 27 to attempt to communicate with the owner before property is presumed abandonded.

Reporting More Than 10 Items

All holders reporting more than 10 items are required to file their reports electronically. Report must be on a formatted CD-R or 3.5 inch standard high density diskette and mailed to Unclaimed Property Division, 109 State Street, Montpelier, Vermont 05609-6200, along with a hard copy of the report for our backup. To create the electronic file, two options are available from Wagers & Associates

1. Wagers Holder Reporting System
2. NAUPA Standard Electronic Format

Please download the HRS Pro (Free Addition) Software and Guide from the Wagers & Associates website. Guide provides advice and help in the preparation and filing of your electronic report. Bookmark the Wagers & Associates Web page for your future and periodic updates.

Reporting 10 Iems or Less

Reporting 10 or fewer items may be reported manually, using the required provided forms:

Safe Deposit Box Reporting

All Safe Deposit Box content must be reported on the Safe Deposit Box-Cover Sheet and Safe Deposit Box-Inventory Sheet. Do not send Report Report Cover Sheet together with the content of the safe deposit box(es).

Holder Reimbursement Request

After a report is submitted, a holder may choose to repay the owner directly or may determine that items within the report were filed in error. In these cases, the holder may seek reimbursement by submitting the "Holder Request for Reimbursement" form along with the required documentation substantiating the repayment or error. Reference page 20 of the Holder Reporting Manual for more reimbursement details.

Holder Report Extension Request

If you are unable to comply with any statutory or regulatory requirement in a timely manner you may request an extension of time to file your unclaimed property report.

Request for an extension must describe the circumstance(s) that prevent timely compliance and must indicate the amount of additional time needed to properly comply. Request for extension can be made by mail or e-mail and must be submitted to the Unclaimed Property Division at least 30 days before the report due date. Reference page 21 of the Holder Reporting Manual for additional extension request details.

Voluntary Compliance Program

The Vermont Voluntary Compliance Program has been established to assist companies that are not in compliance with the Unclaimed Property Act to come into compliance while avoiding penalties. We encourage holders of any unclaimed funds to come forward and take advantage of this one-time unique opportunity to report unclaimed property free of penalties and interest.

Voluntary Compliance Agreement

A holder, considering participation in the Voluntary Compliance Program, must submit a request to participate by mail, fax or e-mail to the Vermont Unclaimed Property Division. The Voluntary Compliance Agreement document SAMPLE details the Holder's reporting requirements.

VCA - Compliance Report Cover Sheet

Unclaimed Property VCA-Compliance Report Cover Sheet is issued by the Unclaimed Property Division to companies approved for enrollment into the Vermont Voluntary Compliance Program. VCA acronym and Green background at the top of this form distinguishes it from the "ANNUAL" Report Cover Sheet.

Workshops

The unclaimed Property Division of the State Treasurer's Office offers Unclaimed Property Workshops to educate Vermont holders on the Unclaimed Property Law, rules, and reporting requirements. Whether you are new or experienced in unclaimed property, workshops will provide valuable information to assist your organization with reporting and compliance responsibilities.

No workshops are scheduled at this time. To receive a notification when a workshop is scheduled or to request a speaker, please e-mail UPCompliance@state.vt.us