New Jersey Escheat and Unclaimed Property Laws
| State | Reporting Period | Deadline | Due Diligence | Negative Report | Voluntary Disclosure Agreement | Reporting Method | Remittance Method | More Information |
|---|---|---|---|---|---|---|---|---|
| New Jersey | Life Insurance: January 1 to December 31 Non Life Insurance: July 1 to June 30 | Life Insurance: Before April 30 Non Life Insurance: Before October 31 | $50 minimum, written notice 60 to 120 days prior to report filing, certified letter with return receipt requested | Not Required but recommeneded if you typically report unclaimed property to New Jersey | Available | Electronic only, NAUPA II format, file extension: .txt, .hrs, or .rpt, submitted through online portal. Manual entry also available on the online portal. | Funds: Check, Wire Securities: DTC, DRS or DWAC | New Jersey Unclaimed Property |
The current statutes that govern unclaimed property in New Jersey can be found here along with the Holder Reporting Guide. New Jersey has not enacted the 2016 Revised Uniform Unclaimed Property Act (RUUPA).
New Jersey Unclaimed Property Reporting Period
The annual reporting period for unclaimed property in New Jersey is January 1 to December 31 for Life Insurance companies and July 1 to June 30 for Non Life Insurance companies.
New Jersey 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 (certified letter with return receipt requested) 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.
New Jersey Unclaimed Property Reporting and Remittance Deadline
Annual reports and remittances are due before April 30 for Life Insurance companies and before October 31 for Non Life Insurance companies.
New Jersey Unclaimed Property Reporting Format
Reports must be electronic only and in the NAUPA II file format. File formats accepted are .txt, .hrs and .rpt. 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.
New Jersey Unclaimed Property Reporting and Remittance Method
Reports can be submitted on on the state portal. Funds can be transferred online, through Wire or Check. Securities can be transferred through Depository Trust Company (DTC), Direct Registration System (DRS) or Deposit / Withdrawal At Custodian (DWAC).
New Jersey 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. New Jersey does not require negative reports but recommends them if you typically report unclaimed property to New Jersey.
New Jersey 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. New Jersey does have a VDA program.
New Jersey Unclaimed Property Dormancy Periods
Dormancy periods for unclaimed property in the state of New Jersey vary, refer to the state dormancy periods.
More information from the state of New Jersey 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.