What are due diligence letters?
Due diligence letters are state-required notices sent to the last known address of the property owner. The holder of the property must try to contact the property owner before reporting the unclaimed property to the state. This allows the owner to claim their property before it is turned over to the state. Owners can be notified with letters, emails, or advertisements, depending on state requirements, but letters are the most commonly required format.
Due diligence requirements
The requirements for due diligence vary by business category and state. Some states require it if the owner has a valid address, while others require it depending on the property’s value (state thresholds). States also have specific mailing window requirements for sending letters. Go to the Compliance Resources page to check the due diligence requirements.
- Select Compliance Resources from the side menu.
- Click the All tab, then download the Due Diligence by State document from the Reporting Information section.
In New York, some unclaimed properties must also be advertised in the newspaper. Contact us to learn more about our enterprise solution that supports advertising in New York.