N.J. Admin. Code § 17:18-1.3

Current through Register Vol. 56, No. 23, December 2, 2024

Section 17:18-1.3 - Reporting

(a) The safe deposit box holder shall be sent a notification each year prior to August 1 detailing any changes in reporting requirements. The State of New Jersey accepts HRS Pro files, which may be downloaded from the Unclaimed Property Administration website. The Unclaimed Property Administration may also be contacted for further instructions.

1. Instructions as to how to report will be posted on the Unclaimed Property Administrations website. The web address is http://www.unclaimedproperty.nj.gov/. All holders shall record an owners name, associated address, and social security number.

(b) In the event that the contents of an individual box are valued at less than $ 25.00 the holder shall report the name and last known address, N.J.S.A. 46:30-47d notwithstanding.

(c) Each owner's property shall be maintained and reported separately. Property of different owners shall not be intermingled.

(d) Cash, consisting of coins or currency, must be maintained in its original form and not commingled with the cash of other owners. It must not be converted to any other cash instruments until the box has been inspected by Unclaimed Property Administration personnel. The State at that time will require the cash determined to be worth face value to be totaled and the total cash amount be converted by the safe deposit box holder to a check instrument payable to "Treasurer, State of New Jersey." The cash funds are to be reported by the owner and deposited into the Unclaimed Personal Property Trust Fund. Cash in a safe deposit box is not to be confiscated by the holder for reimbursement. Cash that is worth more than face value shall be delivered to the Unclaimed Property Administration in its original form. Cash shall not be converted to any other cash instrument.

N.J. Admin. Code § 17:18-1.3

Amended 46 N.J.R. 1713(a), effective 7/21/2014.