38 Miss. Code. R. 4-3.1 - Reporting Requirements for Holders of Unclaimed Property

Every person holding funds or other intangible personal property presumed abandoned under the provisions of the Act shall report to the Treasurer with respect to the property as hereinafter provided.

A. The report shall be verified, and shall include:

1. Except with respect to traveler's checks and money orders, the name, if known, and last known address, if any, of each person appearing from the records of the holder to be the owner of any property of the value of more than ONE HUNDRED dollars ($100.00) presumed abandoned under the provisions of the Act;

2. The nature and identifying number, if any, or description of the property and the amount appearing from the records to be due, except that items of value under ONE HUNDRED dollars ($100.00) each may be reported in aggregate;

3. In the case of banking organizations, the owner's account number;

4. In case of unclaimed funds of life insurance corporations, the owner's date of birth, policy number, and the social security number of all beneficiaries listed on the policy according to the life insurance corporation's records;

5. In the case of securities, confirmation of transfer by a Depository Trust Company ("DTC") to the Division (DTC instructions available at the Division website), or, in the case of non-DTC eligible securities, confirmation of direct delivery or transmittal to the Division;

6. In the case of mutual funds or dividend reinvest accounts, a transfer confirmation statement from the transferor;

7. Except for any property reported in the aggregate, the date when the property became payable, demandable, or returnable, and the date of the last transaction with the owner with respect to the property;

8. In the case of a holder reporting property for TEN (10) or more owners, an electronic copy of the report in the file format currently approved by the Treasurer and the National Association of Unclaimed Property Administrators ("NAUPA");

9. In the case of a holder reporting property in electronic format, the NAUPA approved property code for each property submitted; and

10. Other information which the Treasurer prescribes by regulation as necessary for the administration of the Act.

B. Reports of unclaimed property submitted to the Treasurer will be returned to the holder for correction if the holder:

1. Fails to report on forms prescribed or approved by the Treasurer;

2. Fails to identify the NAUPA unclaimed property category(ies) contained in an electronically submitted report;

3. Fails to provide the date of the last transaction or first payable date for property reported; or

4. Fails to include any other information on the report as required under the Act or this regulation.

C. If the person holding property presumed abandoned under the provisions of the Act, or this regulation, is a successor to other persons who previously held the property for the owner, or if the holder h as changed his or her name while holding the property, he or she shall file with his or her report all prior-known names and addresses of each holder of the property.

D. Reports shall be filed every third year as required by Miss. Code Ann. Section 89-12-23. The report shall be filed before November 1 of each year in which a report is required as of June 30 next preceding. The Treasurer may postpone the reporting date upon written request by any person required to file a report.

E. Every banking organization in this state that has no reportable property is required to file a negative report in accordance with the Act and this regulation.

F. Every person who is requested in writing by the Treasurer shall file a report stating that such person is not holding any abandoned property which is reportable pursuant to the provisions of the Act or this regulation.

G. If the holder of property presumed abandoned under the provisions of the Act knows the whereabouts of the owner and if the owner's claim has not been barred by the statute of limitations, the holder shall, before filing the required report, endeavor to communicate with the owner and take reasonable steps to prevent abandonment from being presumed. The mailing of notice to the last-known address of the owner by the holder shall constitute compliance with the Act and no further act on the part of the holder shall be necessary.

H. Verification, if made by a partnership, shall be executed by a partner; if made by an unincorporated association or private corporation, by an officer; and if made by a public corporation, by its chief fiscal officer.

I. The initial report filed under the Act shall include all items of property that would have been presumed abandoned if the Act had been in effect since July 1, 1969, and all such property shall be subject to the provisions of the Act.

Notes

38 Miss. Code. R. 4-3.1

Miss. Code Ann. Sections 89-12-23, 89-12-49

Adopted 1/1/2015