§1971. Requests for reports and examination of records
1. Report.
The administrator may require a person who has not filed a report or a person who
the administrator believes has filed an inaccurate, incomplete or false report to
file a verified report in a form specified by the administrator. The report must
state whether the person is holding property reportable under this Act, describe property
not previously reported or as to which the administrator has made inquiry, and specifically
identify and state the amounts of property that may be in issue.
[
1997, c. 508, Pt. A, §2 (NEW);
1997, c. 508, Pt. A, §3 (AFF)
.]
2. Examination of records.
The administrator, at reasonable times and upon reasonable notice, may examine the
records of any person to determine whether the person has complied with this Act.
The administrator may conduct the examination even if the person believes it is not
in possession of any property that must be reported, paid or delivered under this
Act. The administrator may contract with any other person to conduct the examination
on behalf of the administrator.
[
1997, c. 508, Pt. A, §2 (NEW);
1997, c. 508, Pt. A, §3 (AFF)
.]
3. Examination of business association records.
The administrator at reasonable times may examine the records of an agent, including
a dividend disbursing agent or transfer agent, of a business association or financial
association that is the holder of property presumed abandoned if the administrator
has given the notice required by subsection 2 to both the association or organization
and the agent at least 90 days before the examination.
[
1997, c. 508, Pt. A, §2 (NEW);
1997, c. 508, Pt. A, §3 (AFF)
.]
4. Confidentiality and use of documents and working papers.
Information derived from annual reports from holders or otherwise communicated to
the administrator or the administrator's agents concerning unclaimed property is confidential
and not available for public inspection to the extent the administrator finds necessary
to protect the interests of the holder, the owner, this State and the public welfare.
Documents and working papers obtained or compiled by the administrator or the administrator's
agents, employees or designated representatives in the course of conducting an examination
are confidential and are not public records, but the documents and papers may be:
A. Used by the administrator in the course of an action to collect unclaimed property
or otherwise enforce this Act; [1997, c. 508, Pt. A, §2 (NEW); 1997, c. 508, Pt. A, §3 (AFF).]
B. Used in joint examinations conducted with or pursuant to an agreement with another
state, the Federal Government or any other governmental subdivision, agency, or instrumentality; [1997, c. 508, Pt. A, §2 (NEW); 1997, c. 508, Pt. A, §3 (AFF).]
C. Produced pursuant to subpoena or court order; or [1997, c. 508, Pt. A, §2 (NEW); 1997, c. 508, Pt. A, §3 (AFF).]
D. Disclosed to the abandoned or unclaimed property office of another state for that
state's use in circumstances equivalent to those described in this subsection, if
the other state is bound to keep the documents and papers confidential. [2003, c. 20, Pt. T, §30 (AMD).]
[
2003, c. 20, Pt. T, §30 (AMD)
.]
5. Cost.
If an examination of the records of a person results in the disclosure of property
reportable under this Act, the administrator may assess the cost of the examination
against the holder at the rate of $200 a day for each examiner, or a greater amount
that is reasonable and was incurred, but the assessment may not exceed the value of
the property found to be reportable. The cost of an examination made pursuant to
subsection 3 may be assessed only against the business association or financial organization.
[
1997, c. 508, Pt. A, §2 (NEW);
1997, c. 508, Pt. A, §3 (AFF)
.]
6. Insufficient records.
If, after January 1, 1998, a holder does not maintain the records required by section
1972 and the records of the holder available for the periods subject to this Act are
insufficient to permit the preparation of a report, the administrator may require
the holder to report and pay to the administrator the amount the administrator reasonably
estimates, on the basis of any available records of the holder or by any other reasonable
method of estimation, should have been but was not reported.
[
1997, c. 508, Pt. A, §2 (NEW);
1997, c. 508, Pt. A, §3 (AFF)
.]
SECTION HISTORY
1997, c. 508, §A2 (NEW).
1997, c. 508, §A3 (AFF).
2003, c. 20, §T30 (AMD).