Holder Due Diligence If you are planning to submit a Holder Notice Report before November 1, 2018, holder due diligence should generally be performed from November 1, 2017, through April 30, 2018. CCP section 1513.5(a) (1) allows banking or financial institutions to use an alternative timeframe for issuing notices. Holders may provide additional notice any time
between the date of last activity and the date the property is transferred to the state. A holder may charge a fee for sending the required due diligence letters under specific conditions. Refer to Unclaimed Property Deductions and Withholdings in the Spring 2015 newsletter.
Indiana Unclaimed Property Implements New Database System
INDIANA
INBiz is a division of the Indiana Secretary of State’s office which hosts a website for Indiana entities to conduct business with multiple areas of Indiana government. Indiana entities with an INBiz account will be able to submit unclaimed property as well as pay electronically using INBiz. Lastly, entities will have the option to submit unclaimed reports through the ETM portal. ETM specializes in assisting the Holder community prepare unclaimed property reports in NAUPA format. Our office will have the ability to retrieve unclaimed property reports submitted through ETM for the State of Indiana. If you have any questions regarding these changes, please contact: updholder@atg.in.gov
The Office of the Indiana Attorney General’s Unclaimed Property Division has announced the implementation of a new database system, KAPS. As of April 9, 2018, the Indiana website, IndianaUnclaimed. gov, will have a new appearance; however, it will continue to provide Holders with reporting resources, including the ability to both report and remit payments electronically. As we implement our new database, there are some important dates that might impact your institution. March 28, 2018 - All holders that currently have accounts within the system will be deactivated. This is to prevent any reports/data being lost during conversion. April 4, 2018 - The current IndianaUnclaimed.gov will be taken down. April 9, 2018 - The new IndianaUnclaimed.gov will go-live and holders will be able to access our new KAPS system. In addition to implementing KAPS, Indiana Unclaimed Property has partnered with INBiz to assist Indiana entities with submitting unclaimed property.
Regards,
Patience Senter Holder Supervisor Indiana Unclaimed Property Division
41
G r o w t h T h r o u g h E d u c a t i o n - A p r i l / M a y / J u n e 2 0 1 8
Made with FlippingBook - Online magazine maker