| Unclaimed Property Act What Types of Property are Remitted to the State? When is Property Considered Abandoned and Remitted to the State? Georgia will Return the Property at NO CHARGE TO THE OWNER! How to Keep Property From Becoming Unclaimed Unclaimed Property Act The Disposition of Unclaimed Property Act protects the rights of owners of abandoned property and relieves those holding the property of the continuing responsibility to account for the property. Under the Act, when someone holds property (holder) that belongs to someone else (owner), but has lost contact with the owner for a specified period (holding period), that holder must turn over (remit) the property to the State. The State serves as the custodian for any property remitted under the Act allowing the owners or their heirs an opportunity to claim their property in the future.
What Types of Property are Remitted to the State?
Anyone holding abandoned property must remit it to the State when they have held the property for longer than the holding period. Companies must report abandoned property to the State of the last known address of the owner. When the owner address information is unknown, incomplete or foreign, the holder company reports unclaimed property to their state of incorporation. The Act provides for the remittance of property and funds in the possession of the holder which are owned by another from: banking and financial organizations,insurance companies,utilities,dissolution of a business association or person,a fiduciary, anda court, public corporation, public authority, public officer, or political subdivision.Other types of unclaimed property remitted to the State as custodian are: property issued or owed in the ordinary course of the holder's business,sums owing on traveler's checks and money orders, unclaimed court ordered refunds from business associations, gift certificates or credit memos,unpaid wagesemployee benefit trust distributions and income,safe deposit boxes,bequeathed property, andintangible personal property (stocks, bonds, etc.) held or owing in this State.When is Property Considered Abandoned and Remitted to the State? Unclaimed property is reported and remitted annually after the holding period has expired. For insurance companies, the report year is the calendar year beginning January 1 and ending December 31--the report is due the following May 1. For all others, the report year is the fiscal year beginning July 1 and ending June 30--the report is due the following November 1. The holding period is the time that must elapse before the property is considered abandoned and reportable to the State. The duration depends on the type of property held: | Wages | 1 year from payday | | Company Liquidation Proceeds | 1 year from sell date | | Safe Deposit Boxes | 2 years from drilling date | | Money Orders | 7 years from issue date | | Travelers Checks | 15 years from issue date | | All Other Property | 5 years from last contact |
Georgia Will Return the Property at NO CHARGE TO THE OWNER! Individuals or companies that locate unclaimed property for a fee are known as locators. They often approach Georgia citizens. If a locator offers to help the prospective owner of unclaimed property find property that is rightfully theirs, THEY SHOULD CALL THE DEPARTMENT OF REVENUE'S UNCLAIMED PROPERTY SECTION FIRST! Signing an agreement with a locator can be costly. Our section will assist the prospective owner in locating and reclaiming their property FOR FREE! How to Keep Property
From Becoming Unclaimed Open all correspondence from businesses that handle your money. They are required by law to notify you before sending your money to the State;Keep an accurate record of all financial matters;Notify all banks and companies of a new address when moving;At least once a year, make a deposit or withdrawal on all bank accounts;Cash all checks received promptly;Contact the company immediately if stock dividends are no longer received; andInform a family member, attorney, or trusted friend of the whereabouts of all financial records.
Contact For additional questions about unclaimed property, please call or write as follows: Telephone Hours: Monday - Friday, 8:00 a.m. - 4:30 p.m. (excluding state holidays) Telephone Number: (404)968-0490 Fax: (404)968-0772 Mailing Address: Georgia Department of Revenue
Unclaimed Property Program
4245 International Parkway, Suite A
Hapeville, Georgia 30354 Email: ucpmail@dor.ga.gov
Related Links to Other Websites
To find unclaimed property in other states contact the National Association of Unclaimed Property AdministratorsBack to Unclaimed Property index Back to LGS Home |