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North Carolina Revises Due Diligence Requirements


North Carolina HB 294 revises unclaimed property due diligence requirements. The new law lowers the threshold to provide notice of abandoned property (due diligence) for security, stock, or other equity interests in a business association to $25 or more. It also provides for specific content requirements that must now be included in due diligence letters. Additionally, the interest and penalty provision of North Carolina escheat law now specifically includes a reference to these new due diligence requirements – signaling perhaps that the state will be auditing for compliance with these new requirements in the future.

The bill was signed by the Governor on July 20 and becomes effective immediately.

Stay tuned to our blog for further developments and contact us with any questions about unclaimed property compliance.

Tagged: north carolina escheat, north carolina unclaimed property, due diligence, unclaimed securities