Delaware: “Unclaimed property” reforms are proposed | KPMG | US
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Delaware: “Unclaimed property” reforms are proposed

Delaware: “Unclaimed property” reforms are proposed

Legislation introduced in Delaware—if enacted—could provide additional “unclaimed property” reforms that would affect corporations.


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Senate Bill 13 (SB 13) was introduced on January 12, 2017, in the Delaware General Assembly, and if passed by the legislature and enacted would make significant changes to Delaware’s unclaimed property laws. 

Among the proposed changes are measures concerning: 

  • Look-back periods
  • Record retention, estimation, and statute of limitations rules
  • Audits, voluntary disclosures, and compliance reviews
  • Interest and penalty provisions
  • Jurisdictional rules including the rule for the “last known address” of the property owner
  • Property types (including gift cards) and the presumption of abandonment

There are also potential changes that would affect holders in specific industries (e.g., banks, broker/dealers, securities issuers, and retailers). 


Read a January 2017 report [PDF 94 KB] prepared by KPMG LLP

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