An Important Update regarding All Communications More Info
The Secretary of State Abandoned or Unclaimed Property Voluntary Disclosure Agreement (SOS VDA) Program was established in July 2012 by then Governor Jack Markell to provide a business friendly program to all companies seeking compliance with the Delaware unclaimed property laws. Initially, the SOS VDA Program was geared towards Delaware domiciled companies which desired to “catch up” on its past due abandoned or unclaimed property obligations.
In February of 2017, Governor Carney signed into law Senate Bill 13 (SB 13) which re-wrote Delaware’s abandoned or unclaimed property statutes. In June of 2017, Governor Carney signed Senate Substitute for Senate Bill 79, which provided updates to SB 13.
In July of 2017, the Department of State finalized regulations (SOS VDA Estimation Regulations) related to the SOS VDA Program on estimation and other SOS VDA related matters.
In October of 2017, the Department of Finance finalized regulations (DOF Regulations) entitled “104 Department of Finance Abandoned or Unclaimed Property Reporting and Estimation Manual.”
This section provides a history of the legislative changes, introduces the SB13, SS 1 SB 79 and provides guidelines to be considered by Holders entering into the SOS VDA Program.
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