NORTH CAROLINA GENERAL STATUTE 116B
North Carolina law requires unclaimed property holders to report and remit unclaimed property on an annual basis after a dormancy period is met. Unclaimed property can be bank accounts, wages, refunds, utility deposits, insurance policy proceeds, stocks, bonds, or contents of safe deposit boxes that have been abandoned. Property is considered abandoned if there have been no documented transactions or contact with the owners for a period of time known as a dormancy period.
IMPORTANT 2017 LEGISLATIVE CHANGES
The 2017 Legislative
Session led to several changes in North Carolina’s Unclaimed Property laws. The
changes were spurred by an interest in improving the process for owners to be
reunited with their property and include several important clarifications and new
requirements for holders. The changes were proposed and adopted under House Bill 294.
IMPORTANT 2015 LEGISLATIVE CHANGES
In the 2015
Legislative Session, important changes were made to North Carolina’s Unclaimed
Property laws, which impact the transfer of tangible property to the State
Treasurer by financial institutions. These changes were designed to facilitate
the efficient and safe transfer of tangible property. Changes were also made to
existing provisions on exempt property. These changes are reflected in House Bill 291 and House Bill 184.