Delaware General Assembly

Signed 7/22/02

The General Assembly has ended, the current status is the final status.

6/13/02

Marshall

AN ACT TO AMEND TITLE 12 OF THE DELAWARE CODE RELATING TO ESCHEATS.

This Act creates periods of limitation and penalties for unclaimed property similar to those pertaining to tax requirements. Specifically, Section 1 creates a limitation on audit assessments of three years following the date of filing or the due date, whichever is later. The period becomes six years in the case of a deficiency in the report of over 25% of the amount reported. There is no limitation on assessments where no report is filed or where the filed report is false or fraudulent. The holder of unclaimed property and the State may agree to extend the period of limitations. Section 2 creates penalties. Failure to file a report at the required time triggers penalties of 5% per month up to 50%. Failure to pay creates penalties of .5% per month up to 25%, and fraud penalties equate to 75%. Sections 3, 4 and 5 consolidate interest provisions already present in the unclaimed property law. Interest on unclaimed property is computed at a rate of .5% per month up to a maximum of 50%.

73:417

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Takes effect upon being signed into law

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