Kansas Escheat and Unclaimed Property Laws
| State | Reporting Period | Deadline | Due Diligence | Negative Report | Voluntary Disclosure Agreement | Reporting Method | Remittance Method | More Information |
|---|---|---|---|---|---|---|---|---|
| Kansas | Life Insurance: January 1 to December 31 Non Life Insurance: July 1 to June 30 | Life Insurance: Before May 1 Non Life Insurance: Before November 1 | $100 minimum, written notice to last known address 60 to 120 days prior to report filing | Not Required | Available | 10 or fewer properties may be submitted using manual forms. Electronic reports must be in NAUPA II format or excel .csv template and uploaded to online portal or submitted on CD/DVD. | Funds: ACH, Wire, Check Securities: DTC, DRS or DWAC | Kansas Unclaimed Property |
The current statutes that govern unclaimed property in Kansas can be found here along with the Holder Reporting Requirements. Kansas has not enacted the 2016 Revised Uniform Unclaimed Property Act (RUUPA).
Kansas Unclaimed Property Reporting Period
The annual reporting period for unclaimed property in Kansas is January 1 to December 31 for Life Insurance companies and July 1 to June 30 for Non Life Insurance companies.
Kansas 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 $100, written notice must be sent to the owners last known address 60 to 120 days days before the unclaimed property report is filed. Keep records to prove that due diligence was completed including whether mail was returned as undeliverable.
Kansas Unclaimed Property Reporting and Remittance Deadline
Annual reports and remittances are due before May 1 for Life Insurance companies and before November 1 for Non Life Insurance companies.
Kansas Unclaimed Property Reporting Format
10 or fewer reports can be submitted on paper forms. Electronic reports must be in the NAUPA II file format or excel .csv template.
Kansas Unclaimed Property Reporting and Remittance Method
Reports can be submitted on the state portal or on CD/DVD. Funds can be transferred online, through ACH, Wire or Check. Securities can be transferred through Depository Trust Company (DTC), Direct Registration System (DRS) or Deposit / Withdrawal At Custodian (DWAC).
Kansas 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. Kansas does not require negative reports.
Kansas 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. Kansas does have a VDA program.
Kansas Unclaimed Property Dormancy Periods
Dormancy periods for unclaimed property in the state of Kansas vary, refer to the state dormancy period in the Statute. The dormancy period for any type of property not specifically mentioned is five years. Some common property types are as follows: Wages, Payroll, Salary (1 year), Money Orders (7 years).
More information from the state of Kansas 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.