Laws and Requirements NORTH CAROLINA GENERAL STATUTE 116B North Carolina law requires unclaimed property holders to report and remit unclaimed property on an annual basis after a dormancy period is met. Unclaimed property can be bank accounts, wages, refunds, utility deposits, insurance policy proceeds, stocks, bonds, or contents of safe deposit boxes that have been abandoned. Property is considered abandoned if there have been no documented transactions or contact with the owners for a period of time known as a dormancy period. IMPORTANT 2020 LEGISLATIVE CHANGES The 2020 Legislative Session led to several changes in North Carolina’s Unclaimed Property laws. The changes include several important clarifications and new requirements for holders. These changes were proposed and adopted under Senate Bill 719.
Laws and Requirements NORTH CAROLINA GENERAL STATUTE 116B North Carolina law requires unclaimed property holders to report and remit unclaimed property on an annual basis after a dormancy period is met. Unclaimed property can be bank accounts, wages, refunds, utility deposits, insurance policy proceeds, stocks, bonds, or contents of safe deposit boxes that have been abandoned. Property is considered abandoned if there have been no documented transactions or contact with the owners for a period of time known as a dormancy period. IMPORTANT 2020 LEGISLATIVE CHANGES The 2020 Legislative Session led to several changes in North Carolina’s Unclaimed Property laws. The changes include several important clarifications and new requirements for holders. These changes were proposed and adopted under Senate Bill 719.
