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  1. Individuals
  2. Learn About Unclaimed Property Overview
  3. Who must report unclaimed property

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Who must report unclaimed property

Any person or entity in possession of property as specified by the Uniform Unclaimed Property Act, (Sections 7-8A-1 through 7-8A-31 NMSA 1978) that belongs to another, or who is trustee in the case of a trust, or who is indebted to another person on an obligation subject to the Uniform Unclaimed Property Act, is a holder of unclaimed property and must report that property to the State of New Mexico.

All holders, whether located in New Mexico or in other states, must report to the State of New Mexico any unclaimed property they hold that is owed to New Mexico residents. New Mexico domiciled holders must also report all property where the owner’s name and address is unknown. All business entities are responsible for filing reports on behalf of their branches, divisions or other affiliates.

Information about other states and their unclaimed property reporting requirements can be accessed through the https://unclaimed.org/.

If you have no unclaimed property to report, file an RPD-41205, Holder’s Negative Report on or before November 1 for property holders except life insurance companies. Life insurance companies should file the RPD-41205 on or before May 1.

Failure to Report – Interest and Penalties

As prescribed by the Uniform Unclaimed Property Act (1995) (Section 7-8A-1 to 7-8A-31 NMSA 1978, except 7-8A-10.1 NMSA 1978), penalties and interest may be charged to holders who fail to report or pay as follows:

  • A holder who fails to report, pay or deliver property within the prescribed time will be charged interest on the property or its value from the date the property should have been reported, paid or delivered.
  • With some exceptions, a holder who fails to report, pay or deliver property within the prescribed time, or fails to perform other duties imposed by the Uniform Unclaimed Property Act, will be charged interest and a civil penalty of one hundred dollars ($100) for each day the report, payment or delivery is withheld, or the duty is not performed, up to a maximum of five thousand dollars ($5,000).
  • A holder who willfully fails to report, pay or deliver property within the prescribed time, or willfully fails to perform other duties imposed by the Uniform Unclaimed Property Act, will be charged, in addition to interest, a civil penalty of two hundred fifty dollars ($250) for each day the report, payment or delivery is withheld, or the duty is not performed, up to a maximum of seven thousand five hundred dollars ($7,500), plus 25% of the value of any property that should have been, but was not reported.
  • A holder who makes a fraudulent report will be charged, in addition to interest, a civil penalty of five hundred dollars ($500) for each day from the prescribed reporting date, up to a maximum of twelve thousand five hundred dollars ($12,500), plus 25% of the value of any property that should have been, but was not reported.

The administrator for good cause may waive, in whole or in part, some penalties and will waive penalties if the holder acted in good faith and without negligence.