55-210.24 - Requests for verified reports and examinations of records.
§ 55-210.24. Requests for verified reports and examinations of records.
A. Except as otherwise provided in this chapter, the administrator mayrequire any person who has not filed a report to file a verified reportstating whether or not the person is holding any unclaimed propertyreportable or deliverable under this chapter.
B. Except as otherwise provided in this chapter, the administrator may atreasonable times and upon reasonable notice examine the records of any personto determine whether the person has complied with the provisions of thischapter. The administrator may conduct the examination even if the personbelieves it is not in possession of any property reportable or deliverableunder this chapter. The administrator may examine all necessary records todetermine the amount, if any, of property that would have been reportable ordeliverable under this chapter for the ten years prior to the fiscal year endpreceding the opening of the examination; provided, however, for any holderthat has not previously filed any report under this chapter, theadministrator may examine property presumed abandoned for report year 1985and subsequent years.
C. If a holder fails to maintain the records required by § 55-210.24:1 andthe records of the holder available for the periods subject to this chapterare insufficient to permit the preparation of a report, the holder shall berequired to report and pay such amounts as may reasonably be estimated fromany available records.
D. The State Treasurer may contract with a person who is not an employee ofthe Commonwealth to perform an audit or examination under this article;provided, however, with respect to any holder that is domiciled in theCommonwealth or that maintains its principal place of business in theCommonwealth, no such contract shall (i) be on a contingency fee basis or(ii) permit statistical estimation without the consent of the holder.
(1960, c. 330; 1983, c. 190; 1985, c. 294; 1991, c. 357; 2000, cc. 733, 745.)