Indiana health care providers and other entities who have been holding unclaimed funds of patients or other persons are required to submit their annual report to the Indiana Attorney General on or before November 1st. Generally, the property that will be subject to the 2011 report will be that property that has been abandoned between July 1, 2007 and June 30, 2008.
Penalties for non-compliance with Indiana's unclaimed property rules include (i) a late fee of $100 for each day the annual report is late (up to $5,000), (ii) payment of interest for the time of delinquency at a rate equal to the one-year T-Bill rate plus 1% (currently 1.19%), (iii) the cost of any audit performed and associated administrative expenses in investigating the failure to pay, and (iv) if found to have intentionally failed to pay or deliver property, an additional civil penalty of 10% of the value of the property.
The instructions for filing a Report with the Indiana Attorney General are available on its website at: http://ucp.indianaunclaimed.com/attorneygeneral/ucp/holder_reporting.html. For any other questions regarding Indiana's unclaimed property rules, please contact Brian Heaton at (317) 238-6354 or bheaton@kdlegal.com.
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