58-3963. Requests for reports and examination of records.
58-3963
58-3963. Requests for reports and examination of records.(a) The administrator may require any person who has not filed areport to file a verified report stating whether or not the person isholding any unclaimed property reportable or deliverable under thisact.
(b) The administrator, at reasonable times and upon reasonablenotice, may examine the records of any person to determine whether theperson has complied with the provisions of this act.The provisions of this section shall not apply to anysupervised commercial bank, trust company, savings and loan association,savings bank, credit union, or insurance company which provides a letter froman independent certified public accountant or a resolution of its board ofdirectors certifying compliance with this act, unless there is notification ofnoncompliance by a supervising agency of such commercial bank, trust company,savings and loan association, savings bank, credit union, or insurancecompany.
(c) If a person is treated under K.S.A. 58-3945 and amendments thereto astheholder of theproperty only insofar as the interest of the business association inthe property is concerned, the administrator, pursuant to subsection(b), may examine the records of the person if the administrator hasgiven the notice required by subsection (b) to both the person and thebusiness association at least 90 days before the examination.
(d) If an examination of the records of a person results in thedisclosure of property reportable and deliverable under this act, theadministrator may assess the cost of the examination against theholder based upon the actual hourly salary rate for each examinerinvolved in the examination inclusive of travel to and from the placeof the examination along with necessary and actual expenses for traveland subsistence as allowed under K.S.A. 75-3201 et seq. and amendmentsthereto, along with any consulting, data processing or other relatedexpenses necessary to perform the examination. In no case may theexamination charges exceed the value of the property found to bereportable and deliverable. The cost of examination made pursuant tosubsection (c) may be imposed only against the business association.
(e) If a holder fails after the effective date of this act tomaintain the records required by K.S.A. 58-3964 and amendments thereto and therecords of theholder available for the periods subject to this act are insufficientto permit the preparation of a report, the administrator may requirethe holder to report and pay such amounts as may reasonably beestimated from any available records.
History: L. 1994, ch. 8, § 30; March 3.