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Reciprocity Exchange Information | |
Historically, states have routinely accepted property belonging to other states and have subsequently forwarded that property to the appropriate states under reciprocity/exchange agreements. There has been confusion among states and the holder community as to what reciprocity/exchange really means and more importantly, understanding the current state reciprocity/exchange requirements and practices for reporting unclaimed property. In 2006, the National Association of Unclaimed Property Administrators (NAUPA) Executive Committee created the Uniform and Standardization Steering Committee to explore, develop and foster uniform legislation, practices and procedures related to the administration of state unclaimed property laws and programs. One of the issues addressed by this committee relates to state reciprocity/exchange practices. Recognizing that differing state laws, policies and practices, make it impossible to standardize state reciprocity/exchange requirements and procedures, the committee’s task was to provide a way for states, and the holder community, to "speak the same language" when discussing reciprocity/exchanges. Therefore, the Subcommittee has developed definitions of the concepts involved in reciprocity/exchanges practices and compiled current state property reciprocity/exchange practices into a comprehensive matrix. Reciprocity Definitions – defines concepts involved with reciprocity/exchanges. Reciprocity Matrix – provides current state property reciprocity/exchange practices. For further information on reciprocity/exchange, please contact the Bureau’s Compliance Section at (850) 413-5522 or by e-mail at EReporting@MyFloridaCFO.com. |
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