Indiana unclaimed property reporting is governed by the Revised Unclaimed Property Act at Indiana Code 32-34-1.5, which requires any business or organization holding money or property belonging to someone else to report it to the Attorney General’s Unclaimed Property Division once it has gone unclaimed for the applicable dormancy period. The general filing deadline is November 1 each year; life insurance companies file by May 1.1Indiana General Assembly. Indiana Code 32-34-1.5-20 – Reporting Deadlines Missing a deadline or ignoring the requirement can cost $100 a day in fines, a 10% civil penalty on the property’s value, and in willful cases a Class B misdemeanor charge.
Who Has to Report
The statute reaches almost every kind of organization. Banks, credit unions, insurers, corporations, utilities, government agencies, and nonprofits all qualify as holders, and small businesses are not exempt. An employer sitting on an uncashed payroll check, a landlord holding a former tenant’s security deposit, or a retailer with unredeemed customer credits has a reporting obligation once the property’s dormancy period runs.
Out-of-state businesses get pulled in too. When the last known address of the owner is in Indiana, the property is reportable to Indiana no matter where the holder is incorporated.
Dormancy Periods by Property Type
Property becomes reportable only after it has sat unclaimed for the statutory dormancy period. Indiana sets different periods depending on the type of property:2Indiana General Assembly. Indiana Code 32-34-1.5-4 – Presumption of Abandonment
- Three years: demand, savings, and time deposits (including payroll cards); amounts owed under life or endowment policies and annuity contracts; debts of a business association; customer credits from retail transactions; stocks, dividends, and other distributions owed by a business association to shareholders or members; and property held by a court, including class action proceeds.
- One year: wages, commissions, bonuses, and other compensation for personal services; utility deposits and refunds; property distributable during a business dissolution; and property held by a government entity.
- Seven years: money orders.
- Fifteen years: traveler’s checks.
Gift Cards Are Excluded
Indiana carves gift cards out of the definition of reportable property. A gift card, for this purpose, is a stored-value card whose value does not expire, can only be reduced by redemption for goods or services (or by issuer fees), and cannot be cashed out. Loyalty cards, loyalty balances, in-store credits for returned merchandise, and game-related digital content are also excluded.3Indiana General Assembly. Indiana Code 32-34-1.5-3 – Definitions A card that can be redeemed for cash falls outside the exclusion and may still be reportable.
Virtual Currency
Holders of virtual currency must liquidate the asset at least 30 days before filing and remit the cash proceeds.4Indiana Unclaimed. Reporting FAQs The state does not accept the digital asset itself.
What Resets the Dormancy Clock
The clock does not simply run from the last transaction. It restarts every time the owner shows an “indication of interest.” Indiana recognizes several triggers:5Indiana General Assembly. Indiana Code Title 32 Property 32-34-1.5-11 – Indication of Interest
- Any written or oral contact from the owner about the property or account, including recorded phone calls.
- Deposits, withdrawals, or any owner-directed change to the account. Accessing account information online also counts.
- Activity on any other account the owner holds at the same financial institution, including loan payments, resets the clock on all accounts at that institution.
- Cashing or depositing a dividend check, interest payment, or other distribution.
- Paying a premium on a life insurance policy. Premiums auto-deducted from the policy’s cash value do not count.
- For financial institutions, any statement or correspondence mailed to the owner that is not returned as undeliverable.
The mail rule catches many holders by surprise. If your statements keep going out and none come back, the dormancy clock keeps resetting. A catch-all in the statute also treats any other owner action that reasonably shows knowledge of the property as an indication of interest.
Due Diligence Notice
Before reporting property valued at $50 or more, the holder must attempt to reach the owner by first-class mail or better. The notice has to be sent between 60 and 180 days before the report filing date. Send it earlier or later and it does not satisfy the requirement.4Indiana Unclaimed. Reporting FAQs
The notice needs a heading substantially stating that the property may be transferred to the Attorney General if the owner does not respond within 30 days. It must also describe the property and its value, explain the coming transfer, tell the owner they would need to file a claim to recover the property, note that non-cash property may be sold, and give instructions for preventing the transfer.6Indiana General Assembly. Indiana Code 32-34-1.5-24 – Notice Requirements
If the owner responds, return the property and drop it from the report. If the notice comes back undeliverable, keep a record of the attempt; you have satisfied the obligation. Property under $50 does not require individual notice but still goes on the annual report.
How to File
Most holders file before November 1 each year, covering the twelve months ending the prior July 1. Life insurers file by May 1 for the preceding calendar year. Extensions are available if requested in writing at least 30 days before the deadline, and partial payments while an extension is pending stop interest from accruing on the amount paid.1Indiana General Assembly. Indiana Code 32-34-1.5-20 – Reporting Deadlines
Reports are filed electronically at indianaunclaimed.gov using a NAUPA-formatted file. The site also allows manual online entry for smaller reports. Payment can be made online or by mailing a check payable to “State of Indiana” along with a Holder Summary form to the Unclaimed Property Division in Greenwood.4Indiana Unclaimed. Reporting FAQs
Each report must include the owner’s name, last known address, a description of the property, and the date of last activity. Reports missing required fields, such as the property category or last transaction date, will be returned. The holder then has 20 calendar days to resubmit.7Indiana General Assembly. Title 10, Article 1.5 – Unclaimed Property
If you have nothing to report, the Attorney General’s office encourages filing a negative (zero) report anyway.8Indiana Unclaimed. Reporting Guidelines It creates a paper trail if your compliance is later questioned.
Safe Deposit Boxes
Abandoned safe deposit boxes follow the same dormancy rules but have their own procedure. Once a box qualifies as unclaimed, the holder opens and inventories it in the presence of at least two employees, who sign an affidavit verifying the contents. The property and a copy of the affidavit are sealed until delivered to the owner or the Attorney General.7Indiana General Assembly. Title 10, Article 1.5 – Unclaimed Property
Tangible box contents must be delivered to the Attorney General within 30 days after the report describing them is filed. The inventory accompanying the report needs each owner’s name and last known address, the lease expiration date, the date the box was opened, the box’s identifying number, and a list of the items found. Firearms and ammunition should appear on the inventory but should not be physically turned over to the state.4Indiana Unclaimed. Reporting FAQs
Securities
When securities become reportable, the holder must remit the underlying shares along with any accumulated interest, dividends, stock splits, and warrants, even if those extras would not independently meet the reporting threshold. The Attorney General’s office sells the securities as soon as practical and holds the cash proceeds for the owner. The rule also runs the other way: if only the dividends are abandoned, the holder must also turn over the underlying security. When a specific security cannot be delivered, the Attorney General may provide alternative instructions.7Indiana General Assembly. Title 10, Article 1.5 – Unclaimed Property
Records to Keep
Holders must retain records for ten years after the later of two dates: when the report was actually filed, or when a timely report would have been due. The records must cover the information included in the report, the circumstances that created the property right, the property’s value, and the owner’s last known address.9Indiana General Assembly. Indiana Code 32-34-1.5-21 – Retention of Records Issuers of traveler’s checks or money orders in Indiana face an additional requirement: they must keep a record of outstanding instruments showing the state and date of issue for as long as the instruments remain reportable.
Retention can be handled through an agent, which helps holders that outsource compliance. Using an agent does not shift the legal obligation, though. If records disappear, the holder answers for it.
Penalties and Audit Exposure
The penalty structure works on three levels. Late filers face fines of $100 per day, capped at $5,000. Holders that intentionally fail to pay or deliver property owe an additional civil penalty of 10% of the property’s value. Willful refusal to remit after written notice from the Attorney General is a Class B misdemeanor.4Indiana Unclaimed. Reporting FAQs
Audits are a separate exposure. The Attorney General’s office runs both routine and targeted audits, and the audited holder bears the full cost of the audit and its administrative expenses. Auditors typically start with tax returns, general ledger data, organizational charts, and prior filings, then focus on areas most likely to have produced reportable property. The audit period can reach 15 or more years, and where records are incomplete, auditors may sample a subset of items and extrapolate to estimate liability. That estimation approach tends to work against the holder, which is why keeping thorough records for the full ten-year retention period matters.
Federal Withholding on IRAs
Remitting an unclaimed traditional IRA can trigger federal tax obligations. Under IRS Revenue Ruling 2018-17, holders must withhold 10% federal income tax before reporting the IRA as unclaimed property. The withheld amount is reported to the IRS, and the remaining balance goes to the state. Use the NAUPA standard reporting codes to flag the withholding so the state can inform the claimant about the deduction when they eventually file. Skipping the withholding creates problems for the holder and can leave the eventual claimant with an unexpected tax bill.