Step 2: Attempt to Locate the Owners
North Carolina encourages you to attempt to locate all owners through customer service efforts.
In accordance with N.C.G.S. § 116B-59(b), for property that is a security, or other equity interest in a business association having a property value of $25 or more and all other property types having a property value of $50 or more, the law requires a holder to send a written due diligence notice to an owner, at the owner's last known address according to the records of the holder. Holders must exercise reasonable care to ascertain that they are sending the written notice to the apparent owner’s correct address.
The required notice shall include contact information of the holder and a statement that, once property is placed in the custody of the Treasurer, all interest, dividends, income, and gains earned on the property will remain with the Treasurer, even if the owner subsequently reclaims the property from the Treasurer.
N.C.G.S. § 116B-59(b) requires that you mail notices not more than 120 or less than 60 days from the reporting due date. The report due dates each year are as follows:
- Business or Organizations: November 1
- Government Organizations: November 1
- Life Insurance Companies: May 1
Holders violating the notice requirement are subject to the penalties applicable to other violations of the North Carolina Unclaimed Property Act.
Performing due diligence is also a good customer service practice. Owners often become upset when they discover that a holder has not made a diligent effort to contact them about their property, especially when their address has not changed.
NOTE: Amounts under $50.00 must be remitted; however, a notice to the owner is not required, though encouraged.
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