Virginia Officials to Crackdown on Collecting Businesses' Unclaimed Property.
By Novelda Sommers, Daily Press, Newport News, Va. Knight Ridder/Tribune Business News
Dec. 13--RICHMOND, Va.--The Virginia Department of the Treasury plans to begin cracking down in 2004 on businesses that haven't turned over unclaimed property, such as old paychecks, security deposits and bank account balances.
Virginia law requires businesses to turn over unclaimed property to the state each year, but many have not been doing it. Nor have they suffered any consequences, said Connie Vaughan, policy and planning specialist for the department.
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