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North Carolina extends Holder reporting deadline until December 31, 2017 for businesses impacted by recent natural disasters.  Formal request for an extension is not required.
 
Step 2: Attempt to Locate the Owners

Overview

For properties $50 or greater, holders should make a good faith effort to locate the owner and send a due diligence letter to the owner’s last known address. 

 

What You'll Need to Complete Step 2
A)  Listing of property owners, contact information, and properties

B)  Letter or communication template for communicating with owners
      (View a sample due diligence letter)

 

Why Should You Attempt to Locate the Owners?

Good Due Diligence and Customer Service Practices

Owners often become upset when they discover that a holder has not made a diligent effort to contact them about their property, especially when their address has not changed. 

It’s the Law

For items $50 and greater, the law requires that written notices be sent to the owner’s last known address on the holder’s records, informing the owner that there is property being held for him or her.

North Carolina General Statute 116B-59(b) requires that you mail notices not more than 120 or less than 60 days from the reporting due date.

The report due dates each year are as follows:

  • Business or Organizations:  November 1
  • Government Organizations:  November 1
  • Life Insurance Companies:  May 1

View a sample due diligence letter

 

Step 2 Checklist

To complete step 2, you should have made a diligent effort to contact the owner. This includes written notices (for items $50 and greater) sent to the owner’s last known address informing the owner that there is property being held for him or her.  

The notices should be mailed not more than 120 days or less than 60 days from the reporting due date.  If you have completed this step, you are ready to move to Step 3.​​


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 Holder Reporting Four-Step Process