N.J. Admin. Code § 17:18-2.3

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

Section 17:18-2.3 - Notice to apparent owners of time deposits by certified mail, return receipt requested, before the filing of a report by the holder

(a) Not more than 120 days nor less than 60 days before filing the report of abandoned property with the administrator, the holder in possession of a time deposit presumed abandoned and subject to custody as unclaimed property, shall send, by certified mail, and with return receipt requested, written notice to the apparent owner at the apparent owner's last known address informing the apparent owner that the holder is in possession of property subject to the custody of the State, if:

1. The holder has in its records an address for the apparent owner which the holder's records do not disclose to be inaccurate; and

2. The property has a value of $ 50.00 or more.

(b) Notices sent by certified mail, return receipt requested, by financial organizations pursuant to 46:30B-50, shall contain, but not be limited to, the following language:

"Please contact us immediately, either in person, in writing, by telephone or electronically. Our review of the account referenced below indicates that there has been no contact or activity in your account for at least three years. Under New Jersey's Uniform Unclaimed Property Act we are required to make a diligent attempt to renew contact. If contact is not renewed we are required to transfer your account to the custody of the State of New Jersey. The State is required to maintain custody of these funds until you come forward to claim them from the State. The State must pay you interest when the funds are returned."

In addition, the following is suggested language for inclusion, but may be modified by the holder as appropriate:

"To reestablish contact and avoid having your account transferred to the State, you may sign below and return this letter in the enclosed envelope no later than (insert #of days) from the date of this letter. Once we receive the signed letter we will restore your account to an active status. The account will also be restored to active status if you make a deposit or withdrawal on your account to show immediate activity, or by simply calling us at (insert bank tel. #). You can also e-mail us at (insert e-mail address) or by electronically accessing your account if your account is set up for electronic access. This type of routine contact assures that accounts are not incorrectly classified as abandoned. If you have any updated address information, please provide it in the space below."

N.J. Admin. Code § 17:18-2.3