Unclaimed property consists of many types of intangible and tangible properties that have remained unclaimed by its rightful owner for a specific period of time. The abandonment period for each type of property is defined by New Jersey's Unclaimed Property Statute.
Any data requests must be submitted through the Open Public Records Act (OPRA). An OPRA request can be filed through the state’s OPRA web site. It should be noted that per State Statute (N.J.S.A. 46:30B-76.1) the UPA is only permitted to release the name and reported address of property owners.
There are three options available for submitting an unclaimed property report. The most efficient and modern option is to utilize the UPA’s Online Holder Reporting application. A user simply creates an account, uploads their report file, and then either remits their payment through the application’s eCheck payment tool or by issuing a paper check. The second option is to load the electronic file to either a CD or DVD, then mail the file along with a UP-1 form and the remittance. The third option is to mail a paper report (must be less than 20 records) that includes the UP-1 and UP-2 forms along with the remittance. The last two options also allow for ACH or Fed Wire transfer as the means of remittance.
Instructions for all three filing methods are available within the Unclaimed Property Holder Packet.
Yes, you can obtain reporting instructions through our web site. There is a link titled ‘Reporting Information’ on the UPA home page that will provide a listing of the tools needed to file including the ‘Holder Packet’. This packet is the main instruction manual for Holder Reporting.
Reports containing personal property must be postmarked before November 1st covering the previous reporting cycle (July 1st thru June 30th). Reports containing insurance property must be postmarked before May 1st covering the previous reporting cycle (January 1st thru December 31st).
Yes, as part of the Holder Packet you can complete the ‘extension of time to file’ form and either mail or email it prior to the reporting deadline. Remember that this extension only provides additional time to report the properties. The UPA does NOT provide an extension to remit funds. In the event you need an extension and are unsure of your unclaimed property obligation you must make an estimated payment to avoid interest assessed for late reporting. Any overpayment will be returned after the report is successfully filed.
Yes, NJ requires electronic reports for holders reporting 20 or more records. The electronic report files must be submitted in the NAUPA standard format (see instructions in the Holder Packet titled “Electronic Media Reporting Specifications…”).
If a third party company is contracted (paid) to perform report functions (create the report), that company’s name must be recorded on the UP-1 form in the space indicated. Otherwise; leave the “Agent” field blank.
Holders who utilize the Online Holder Reporting application can simply remit the payment using our eCheck tool after they upload their file. Holders who mail in their report may initiate an ACH or Fed Wire Transfer or they may issue a check, made payable to “Treasurer, State of New Jersey”. Any Holder who mails in their report and is remitting funds $50,000 or greater are required to remit these funds via either ACH or Fed Wire transfer. Please follow the instructions provided in the Holder Packet.
Securities may be delivered as a physical certificate registered in the name of “Neary Penco” and submitted along with the report or may be delivered electronically via DTC (see instruction in Holder Packet titled “Delivery of Stock Securities…”). The Holder must report DRP accounts as whole shares. Fractional shares must be sold for each individual and the CIL reported for each as SC09. Mutual Funds must be liquidated and the cash proceeds reported as SC16.
Properties less than $50 may be aggregated and accumulated to a single property record for the same property type code. If there are several different aggregate property types being reported there must be a separate aggregate property record for each different property type. The Holder is required to maintain the aggregate detail in order to authorize payment from a specific aggregate. Certain property type codes cannot be aggregated (see N.J.S.A. 46:30B-47).
All resources necessary for reporting abandoned safe deposit box contents can be located on our web site. Reports are due to the Unclaimed Property Administration by no later than November 1st covering the same reporting cycle as personal property. When reporting safe deposit box contents it is required that the Holder creates a separate report exclusively for the reporting of these safe deposit box contents. If there are any questions regarding any safekeeping report submissions please contact Kemberly Springsteen at 609-633-2024.
No and yes. DO NOT send a UP-1 form. However, the Holder that uploads their report through the online holder reporting application but decides to make a Fed Wire Transfer must select the ‘Submit Payment by Mail’ option and print the payment Voucher. Please note on the voucher that remittance was made via Fed Wire Transfer. The voucher can be faxed to (609) 984-0593, scanned and emailedto email@example.com , or mailed to the address on the voucher.
No, the holder will be contacted if there are problems or questions related to their report.
A negative report is when a Holder files an annual report even though the Holder is not reporting or remitting any unclaimed property for that given year. Negative reports are required for all businesses that are either incorporated in New Jersey or have a business presence in New Jersey. The UPA only accepts negative reports through our Online Holder Reporting application.
If the abandoned property is $50 or greater a due diligence letter must be sent via certified mail return receipt requested to the apparent owner at the last known address not more than 120 days and not less than 60 days prior to the report submission. Please refer to statute N.J.S.A.46:30B-50 for further information.
No. An unclaimed property report is submitted once annually. If the Holder has additional property to report, a supplemental report may be submitted but the Holder must identify the second report as a supplemental report.
The email sent to you from this office is an annual reminder to unclaimed property holders to review your records for unclaimed property. If your company identifies unclaimed property where the owner's last known address was listed in New Jersey, the property must be reported to New Jersey according to the reporting requirements. Negative (nothing to report) reports are required.
Yes, although the Holder is responsible for reporting compliance. The agent information is required on the UP-1 form. The Holder must review the NJ Unclaimed Property web site and instructions for reporting requirements.