Authored by: Cathleen Bucholtz, Jim Sadik and Robert Tucci
Changes to the Delaware Statutes
Delaware Senate Bill 141 (the “Bill”) was signed by Governor Jack Markell on July 23, 2015, and included some of the most sweeping changes to Delaware’s unclaimed property program ever proposed by the state’s legislature with an immediate effective date.
What This Means to You
The changes brought about by this legislation represent some of the most significant reforms to Delaware’s unclaimed property program ever enacted. Its provisions, including making the Secretary of State’s Voluntary Disclosure (“VDA”) Program (“VDA Program”) permanent, coupled with the shortening of the look-back periods on VDAs and audits, represent a clear shift forward by Delaware to create a more holder-friendly environment in the State.
Included among the significant changes to Delaware’s unclaimed property audit and enforcement programs are the following:
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