Appealing an unclaimed property assessment: Part III

In Illinois, there are 2 available appeal procedures for unclaimed property assessment - an administrative hearing and the judicial review process. In Indiana, a holder requires legal assistance in considering any challenge to a state's assessment of its unclaimed property liability. In Iowa, the state treasurer is empowered to utilize the services of independently contracted auditors to conduct the examinations permitted. However, the state treasurer is required to propose rules surrounding the conduct of the examination. In Kansas, unclaimed property enforcement is carried out through the district court and, therefore, it is important to seek the advice of an attorney if there is a dispute between the state and a holder. In Kentucky, if holders become involved in a dispute concerning the quantification of unclaimed property liability and wish to challenge the state, they do not require representation by an attorney in order to facilitate such a challenge at the administrative level. The only recourse in Louisiana appears to lie in judicial review. The process is the same in Maine. A holder in Massachusetts may appeal an audit finding in writing within 30 days of such finding.