Notice of Change in Reporting Procedures Business to Business Exemption

On September 14, 2000 changes to Chapter 169, of the Ohio Revised Code, the Ohio Unclaimed Funds Law will become  effective. These changes affect the reporting of unclaimed accounts for the 2000 Annual Report of Unclaimed Funds due by  November 1, 2000. The changes eliminate unclaimed funds resulting from any payment or credit due to a business  association from a business association representing sums payable to suppliers or for services rendered and sums received by  a business association from a business association for the sale of tangible goods or services performed. This Business to  Business Exemption effectively eliminates wholesale trade from the jurisdiction of the Ohio Unclaimed Funds Law. In  addition, the changes not only eliminate unclaimed funds resulting from business to business transactions that are due by  November 1, 2000, but also retroactively exempts any unclaimed funds from such transactions that were reportable in prior  years but are still in the possession of the business association.

The Business to Business Exemption includes, but is not limited to, any...

• check,
• credit,
• memorandum,
• overpayment,
• unidentifed remittance, 
• nonrefunded overcharge,
• discount,
• refund, and
• rebate

...that is due to a business association from a business association. The exemption will  eliminate Vendor and Supplier Checks, Nature of Funds Code CK13, from being reportable as unclaimed funds. However, equity, dividend and  interest payments from a business association to a business association could still become unclaimed as they do not result from wholesale trade.  In addition, payments due from or received by a business association from a customer that is a private individual are still reportable unclaimed  funds. 

Please review and revise you unclaimed funds reporting procedures to allow for the above described statutory changes. If you have any  additional questions please contact the Division at 614-466-4433 and ask to speak to the Compliance Section.