Delaware Launches New Voluntary Disclosure Agreement Website
Earlier this summer, Delaware created a new voluntary disclosure agreement (“VDA”) process run by the Secretary of State’s office, separate from the sometimes criticized program run by the Department of Finance. Under the Secretary of State program (which is temporary) holders who come forward by June 2013 (and pay outstanding amounts by June 2014) will only have to review records back to 1996. Holders who come forward by June 2014 (and pay by June 2015) will only have to review records back to 1993. The VDA program run by the Department of Finance generally runs back to 1991.
Recently, the Secretary of State’s office launched DelawareVDA.com, which appears to be a one-stop resource for holders considering entering into the new amnesty program. There is an impressive amount of information available on the site, from an extensive overview of the VDA process, links to the governing legislation, forms, FAQs, and a list of upcoming educational seminars.
Putting extensive information concerning a state’s unclaimed property amnesty program in one place, in a simple easy to use format should not be a novel concept, but it is. Kudos to Delaware for taking this step.