INDIANAPOLIS (April 19, 2018) – Since April 2016, INBiz has helped over a quarter million Indiana business owners fulfill many of their filing requirements with the state. Now, the Office of the Indiana Attorney General joins INBiz to allow users to file unclaimed property reports online.
“The Secretary of State’s office has partnered with the Attorney General’s office to expand additional services to our Hoosier business owners. Every year, millions of dollars in assets are turned over to the Attorney General’s office,” said Secretary of State Connie Lawson. “INBiz now offers a simple submission process that allows businesses and organizations to easily comply with state law by filing unclaimed property reports online.”
Nonprofit, governmental agencies and business associations, including corporations, partnerships and more, are required to file annual reports of unclaimed property with the Attorney General’s office. After holding unclaimed property for an extended period of time, businesses and government agencies are required to turn over the assets to the Indiana Attorney General’s Unclaimed Property division whenever the property owner can’t be found. INBiz now supports this function.
“Each week, our office returns approximately $1 million worth of property to rightful owners,” said Attorney General Curtis Hill. “The work of our Unclaimed Property Division represents a direct form of constituent service that we take very seriously. Through this new partnership with the Secretary of State and INBiz, we have streamlined and simplified the process through which businesses turn over unclaimed assets to the state.”
Any financial asset with no activity by its owner for an extended period of time is considered unclaimed property. This includes unclaimed wages or commissions; savings and checking accounts; stock dividends; insurance proceeds; underlying shares; customer deposits or overpayments; certificates of deposit; credit balances; refunds; money orders; and safe deposit box contents.
Indiana has annual filing dates for which holders are expected to comply. Indiana has a November 1 annual reporting deadline. The one exception in Indiana is for life insurance companies, which must report on May 1.
In addition to the OAG partnership, INBiz will also expand its offerings and services to include uniform commercial code, notary and trademark services.
Since the launch, INBiz has allowed Hoosiers to register and manage their businesses, file crucial reports and request corporate documents online while ensuring they comply with state laws and regulations. A few months after the initial launch, the Department of Revenue and Department of Workforce Development joined INBiz, allowing business owners to execute tax and employee responsibilities online. The Indiana Professional Licensing Agency joined INBiz in fall of 2017 and allows real estate agents to complete many of their license functions and association changes on the site.
INBiz is continually updating its services to streamline and expedite processes for Hoosier business owners. Visit inbiz.in.gov today to learn more about how INBiz can assist your business needs.
