§ 116B-60. Report of abandoned property; certification by holders with tax return.
§ 116B‑60. Report ofabandoned property; certification by holders with tax return.
(a) A holder ofproperty presumed abandoned shall make a report to the Treasurer concerning theproperty. Holders reporting 50 or more property owner records shall file thereport in an electronic format prescribed by the National Association ofUnclaimed Property Administrators and approved by the Treasurer. Holdersreporting less than 50 property owner records may file the reportelectronically. Holders reporting electronically may file an electronicallysigned affidavit in order to comply with subsection (f) of this section.
(b) The report must beverified and must contain:
(1) A description of theproperty;
(2) Except with respectto a traveler's check or money order, the name, if known, and last knownaddress, if any, and the social security number or taxpayer identificationnumber, if readily ascertainable, of the apparent owner of property of thevalue of fifty dollars ($50.00) or more;
(3) An aggregated amountof items valued under fifty dollars ($50.00) each;
(4) In the case of anamount of fifty dollars ($50.00) or more held or owing under an annuity or alife or endowment insurance policy, the full name and last known address of theannuitant or insured and of the beneficiary;
(5) The date, if any, onwhich the property became payable, demandable, or returnable, and the date ofthe last transaction or communication with the apparent owner with respect tothe property; and
(6) Other informationthat the Treasurer by rule prescribes as necessary for the administration ofthis Chapter.
(c) If a holder ofproperty presumed abandoned is a successor to another person who previouslyheld the property for the apparent owner or the holder has changed its namewhile holding the property, the holder shall file with the report its formernames, if any, and the known names and addresses of all previous holders of theproperty.
(d) The report must befiled before November 1 of each year and cover the 12 months next precedingJuly 1 of that year, but a report with respect to a life insurance company mustbe filed before May 1 of each year for the calendar year next preceding.
(e) Before the date forfiling the report, the holder of property presumed abandoned may request theTreasurer to extend the time for filing the report. A request for an extensionfor filing a report shall be accompanied by an extension processing fee of tendollars ($10.00). The Treasurer may grant the extension for good cause. Theholder, upon receipt of the extension, may make an interim payment on theamount the holder estimates will ultimately be due, which terminates theaccrual of additional interest on the amount paid.
(f) The holder ofproperty presumed abandoned shall file with the report an affidavit statingthat the holder has complied with G.S. 116B‑59.
(g) Every businessassociation holding property presumed abandoned under this Chapter shallcertify the holding in the income tax return required by Chapter 105 of theGeneral Statutes. The certification shall be a part of the tax return withwhich it is filed. If the business association is not required to file anincome tax return under Chapter 105, the certification shall be made in theform and manner required by the Secretary of Revenue. The information appearingon the certification is not privileged or confidential, and this informationshall be furnished by the Secretary of Revenue to the Escheat Fund on October 1of each year, or if this date shall fall on a weekend or holiday, on the nextregular business day. (1979, 2nd Sess., c. 1311, s. 1; 1981, c. 531, ss. 7, 8; 1983, c. 204,s. 3; 1985, c. 215, ss. 2, 3; 1987, c. 163, ss. 1‑3; 1993, c. 541, s. 6;1999‑460, s. 6; 2009‑177, s. 1.)