Client Alerts

Pending Legislation to Amend Delaware’s Unclaimed Property Statue Would Create Additional Incentive for Holders to Participate in New Voluntary Disclosure Program

The Delaware General Assembly is currently considering legislation that would amend the state’s unclaimed property statute and expand the new Voluntary Disclosure Agreement (“VDA”) to provide additional incentives for holders to participate. The legislation appears to be an effort by the State of Delaware to further encourage participation by holders in the new VDA program by opening the program to currently ineligible holders and allowing holders more time to complete their submissions.

House Bill 2, which was introduced late last week, was considered today by the House Administration Committee, where Delaware Secretary of Finance Thomas Cook spoke regarding the bill. The bill is sponsored by Speaker of the House Peter C. Schwartzkopf, House Majority Leader Valerie Longhurst, and Senate President Pro Tem Patricia M. Blevins, and carries the support of numerous other co-sponsors. The administration of Governor Jack A. Markell also supports the legislation. The full text of the bill is available here. Attorneys from Morris Nichols were consulted and provided input during the drafting process.

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