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Delaware Governor Jack Markell Signs Into Law Senate Bill 258, Creating a Three-Year Voluntary Disclosure Opportunity for Holders of Unclaimed Property Managed by the Delaware Secretary of State

On July 11, 2012, legislation that would establish a three-year window for holders to enter into voluntary disclosure agreements (“VDA”) – with “look-back” periods shortened by up to five years – with the Delaware Secretary of State was signed into law by Delaware Governor Jack Markell. The final version of the legislation included amendments that clarified the state’s examination authority over participants in the new program.

The full text of the legislation, as enacted, is available here. Senate Bill 258 was drafted and supported by the administration of Governor Markell to attempt to address holder concerns about Delaware’s unclaimed property enforcement, encourage compliance during the next three years, and promote additional stability in unclaimed property as a revenue source going forward. Attorneys from Morris Nichols were consulted and provided input during the drafting and legislative process.

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