Delaware – Pending legislation would create additional incentives for holders of abandoned property

January 25, 2013

House Bill 2 which passed the General Assembly on January 24 and awaits action by the governor creates additional incentives for holders of abandoned property to report such property to the state and promptly resolve such claims. The bill expands the new voluntary self-disclosure program administered by the Secretary of State.  Holders that elect into a voluntary self-disclosure prior to June 30, 2013 have one additional year to enter into an agreement and make payment or enter into a payment plan.  A holder that entered into an agreement prior to June 30, 2012 may enter into the new program with respect to any related party that was not included or property types and/or periods that were not included in the previous voluntary self-disclosure.  The bill text can be accessed at http://legis.delaware.gov/LIS/lis147.nsf/vwLegislation/HB+2/$file/legis.html?open.  More information is available at http://www.DelawareVDA.com/.