attention all PA title insurers...time to escheat!

April 15 is the deadline to report and deliver unclaimed property to the Pennsylvania Treasury.  Here are a few things to keep in mind as you prepare your company’s report:

• All owner accounts with a last known address in Pennsylvania should be reported to the Pennsylvania Treasury.  Companies incorporated in Pennsylvania should report all “unknown” owner accounts to the Pennsylvania Treasury.
• Reports can be filed prior to or on April 15; reports filed after April 15 may be subject to penalties.
• The Pennsylvania Treasury requires holders to file electronically reports containing 10 or more owners – including reports for tangible property.  Visit www.patreasury.org for links to free reporting software tools.
• Companies in possession of unclaimed property belonging to Pennsylvania residents must file an unclaimed property report.  It’s not an option, it’s the law!
• Failure or refusal to file a report can result in an audit, penalties, or interest.

Treasury’s Web site, www.patreasury.org, contains a wealth of information about filing an unclaimed property report, including:  detailed instructions, free electronic reporting software, a copy of the Disposition of Abandoned and Unclaimed Property Law, and a list of frequently asked questions.
Treasury’s Unclaimed Property Compliance Team is available to assist you with any questions regarding your annual report.  Call 1-800-379-3999, Monday – Friday, 8:00 a.m. – 5:00 p.m. EST or email unclaimedpropertyreporting@patreasury.org.