Code of Virginia § 55.1-2536. Requests for verified reports and examinations of records.
323 words·~1 min read·
/va/title-55-1/chapter-25/55-1-2536·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. Except as otherwise provided in this chapter, the administrator may require any person that has not filed a report to file a verified report stating whether or not the person is holding any unclaimed property reportable or deliverable under this chapter.
B. Except as otherwise provided in this chapter, the administrator may at reasonable times and upon reasonable notice examine the records of any person to determine whether the person has complied with the provisions of this chapter. The administrator may conduct the examination even if the person believes it is not in possession of any property reportable or deliverable under this chapter. The administrator may examine all necessary records to determine the amount, if any, of property that would have been reportable or deliverable under this chapter for the 10 years prior to the fiscal year end preceding the opening of the examination; however, for any holder that has not previously filed any report under this chapter, the administrator may examine property presumed abandoned for report year 1985 and subsequent years.
C. If a holder fails to maintain the records required by § 55.1-2537 and the records of the holder available for the periods subject to this chapter are insufficient to permit the preparation of a report, the holder shall be required to report and pay such amounts as may reasonably be estimated from any available records.
D. The administrator may contract with a person who is not an employee of the Commonwealth to perform an audit or examination under this article; however, with respect to any holder that is domiciled in the Commonwealth or that maintains its principal place of business in the Commonwealth, 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, § 55-210.24; 1983, c. 190; 1985, c. 294; 1991, c. 357; 2000, cc. 733 , 745 ; 2019, c. 712 .