Utah Admin. Code R49 — Treasurer

R966 Unclaimed Property

R966-1 Unclaimed Property Act Rules

Utah Admin. Code R966-1-1 Authority

(1) This rule is enacted under the provisions of Section 67-4a-104 which authorizes the unclaimed property administrator to enact rules implementing and administering Title 67, Chapter 4a.

(2) This rule is also enacted under the provisions of Section 63G-4-203 which directs agencies to establish procedures for informal adjudicative proceedings by rule.

History

KEY: adjudicative procedures, state treasurer, unclaimed property
Date of Last Change: January 22, 2020
Notice of Continuation: January 21, 2025
Authorizing, and Implemented or Interpreted Law: 67-4a

Utah Admin. Code R966-1-2 Definitions

(1) Terms used in this Rule are defined in Section 67-4a-102.

History

KEY: adjudicative procedures, state treasurer, unclaimed property
Date of Last Change: January 22, 2020
Notice of Continuation: January 21, 2025
Authorizing, and Implemented or Interpreted Law: 67-4a

Utah Admin. Code R966-1-3 Purpose

(1) The purpose of this rule is:

(a) To protect the interests of the owners of unclaimed property; (to protect the public by ensuring that owners do not lose their rights to personal property that is justifiably theirs.)

(b) To relieve holders of the annoyance, expense, and liability of keeping such property;

(d) To give the State of Utah the use of considerable sums of money which otherwise is a windfall to holders.

History

KEY: adjudicative procedures, state treasurer, unclaimed property
Date of Last Change: January 22, 2020
Notice of Continuation: January 21, 2025
Authorizing, and Implemented or Interpreted Law: 67-4a

Utah Admin. Code R966-1-4 Tax-Deferred Accounts

(1) Sections 67-4a-202 and 67-4a-203 of the Act states when "tax deferred" accounts are presumptively abandoned. Section 67-4a-202 prescribes the rules for tax deferred retirement accounts and Section 67-4a-203 prescribes the rules for other tax deferred accounts. These rules for tax deferred accounts generally have longer periods of abandonment than accounts covered by Section 67-4a- 202 of the Act.

(2) A retirement account that is tax advantaged under the income-tax laws of the United States will generally be considered tax deferred under the Act. As an example, but not a limitation, a Roth IRA should be considered tax deferred under the Act and the rules under Section 67-4a-202 apply to a Roth IRA.

(3) In some cases federal law, specifically ERISA, 29 U.S.C. Section 1001 et seq., may preempt the Act and prevent reporting and remitting retirement accounts or other property representing a plan asset, that would otherwise be reportable under the Act. Non-qualified, government, and church plans are not subject to an ERISA preemption, nor are uncashed plan distribution checks issued by a qualified plan where the plan either lacks or has failed to exercise a forfeiture or other reversionary interest.

(4) If a holder is uncertain whether (i) an account qualifies as tax deferred under the Act, and therefore whether such account is covered by Section 67-4a-201 or by Sections 67-4a-202 or 67-4a-203, (ii) ERISA preempts the Act for a retirement account, (iii) whether an account is covered by Section 67-4a-202 or Section 67-4a-203, then the holder may specifically identify the property in a report filed with the administrator or give express notice to the administrator of a potential dispute regarding the property. Specifically identifying the property in a report or providing express notice to the administrator both ensures that such property will be covered by the limitations period of Section 67-4a-610 of the Act and demonstrates that the holder is attempting to comply with the Act in good faith and without negligence.

(5) Pursuant to Section 67-4a-405 of the Act, property reportable and payable or deliverable absent owner demand provision, and Section 67-4a-610(1) of the Act, anti-limitations provision, , a non-qualified plan or plan not otherwise subject to ERISA is prohibited from forfeiting an account or other property.

(6) Under Section 67-4a-202(1), an IRA is considered dormant three years after failed delivery of communications. If an IRA falls within this provision but the owner is under age 59.5, Utah Treasury asks that a due diligence mailing be made but that the property not be reported and remitted unless the owner's IRA remains in the same dormant status when he or she reaches age 59.5. This is to address the issue of a potential penalty associated with early IRA distributions.

(7)Under subsection 1(b) of the IRA provision, an IRA is considered dormant and subject to due diligence on the earlier of (i) attained age of 70.5 or (ii) two years after death. If either of triggers (i) or (ii) are met, the property is subject to due diligence. There is no additional returned mail requirement under these circumstances and returned mail on the customer IRA, or the lack thereof is not a factor in the dormancy analysis under section 1(b). Because of the "or" operator between subsection 1(a) and 1(b), if either of the dormancy triggers in 1(a) or 1(b) are met, due diligence is required, and if no response is received, the property must be reported and remitted.

History

KEY: adjudicative procedures, state treasurer, unclaimed property
Date of Last Change: January 22, 2020
Notice of Continuation: January 21, 2025
Authorizing, and Implemented or Interpreted Law: 67-4a

Utah Admin. Code R966-1-5 Safe Deposit Boxes

(1) Safe deposit boxes with contents that have remained unclaimed for five (5) years after expiration of lease or rental period are presumed abandoned pursuant to Section 67-4a-205. Presumptively abandoned boxes shall be opened and inventoried in the presence of at least two employees of the holder who shall verify the accuracy of said inventory. The property shall then be sealed for safekeeping until delivered to the owner or the administrator.

(2) The Annual Report containing information about the contents of safe deposit boxes must be filed before November 1st for holders in the year in which the report is due.

(3) Notice to the apparent owner must be given prior to remittance to the administrator.

(a) The holder of property presumed abandoned shall send to the apparent owner notice by first-class United States mail that complies with Section 67-4a-502 of the Act in a format acceptable to the administrator not more than one year nor less than 60 days before filing the Annual Report under Section 67-4a-401 of the Act if:

(i) The holder has in its records an address for the apparent owner which the holder's records do not disclose to be invalid and is sufficient to direct the delivery of first-class United States mail to the apparent owner; and

(ii) The holder does not know that the value of the property is less than $50.

(b) If an apparent owner has consented to receive electronic-mail delivery from the holder, the holder shall send the notice both by first-class United States mail to the apparent owner's last-known mailing address and by electronic mail; unless the holder believes that the apparent owner's electronic-mail address is invalid.

(4) Tangible property from a safe deposit box may not be delivered to the administrator until a mutually agreed upon date that is no sooner than 60 days after filing the Annual Report.

(a) All safe deposit box shipments shall include a full copy of the previously submitted annual report. The Annual Report shall list all properties included and an inventory of each property.

(b) Each property shall be provided in a tamper evident bag or envelope. An inventory sheet for each specific property shall be attached to or enclosed in the bag or envelope.

(c) When remitting multiple properties at the same time, each property shall be in a separate tamper evident bag or envelope and labeled with the name of the owner. If a single property requires the use of more than one bag/envelope, they are to be numbered accordingly (i.e. 1 of 3, 2 of 3, etc.).

(5) Reimbursement of holder.

(a) Property removed from a safe-deposit box and delivered to the administrator under the Act is subject to the holder's right to reimbursement for the cost of opening the box and a lien or contract providing reimbursement to the holder for unpaid rent charges for the box. Upon application by the holder, and after there are sufficient cash funds available either from the contents of the box or the sale of the property, the administrator shall reimburse the holder from the proceeds.

(b) Holders may only be reimbursed for any costs and charges that were listed in the Annual Report listing the contents of the safe deposit box whose owner owes such costs and charges to the holder.

(c) It is the responsibility of the holder to apply for reimbursement of costs and charges under Section 67-4a-606 of the Act.

(d) If after the sale of property removed from a safe-deposit box and delivered to the administrator there are not sufficient cash funds available to fully reimburse the holder for costs and charges allowed under Section 67-4a-606 of the Act, the holder may apply to the administrator to be partially reimbursed up to the amount of cash funds available. If, however, the administrator pays all available cash funds to the holder under this provision, then the holder may not claim any additional costs and charges from the same safe-deposit box.

History

KEY: adjudicative procedures, state treasurer, unclaimed property
Date of Last Change: January 22, 2020
Notice of Continuation: January 21, 2025
Authorizing, and Implemented or Interpreted Law: 67-4a

Utah Admin. Code R966-1-6 Stored Value Cards

(1) Reserved

History

KEY: adjudicative procedures, state treasurer, unclaimed property
Date of Last Change: January 22, 2020
Notice of Continuation: January 21, 2025
Authorizing, and Implemented or Interpreted Law: 67-4a

Utah Admin. Code R966-1-7 Gift Cards

(1) Reserved

History

KEY: adjudicative procedures, state treasurer, unclaimed property
Date of Last Change: January 22, 2020
Notice of Continuation: January 21, 2025
Authorizing, and Implemented or Interpreted Law: 67-4a

Utah Admin. Code R966-1-8 Payroll Cards

(1) Reserved

History

KEY: adjudicative procedures, state treasurer, unclaimed property
Date of Last Change: January 22, 2020
Notice of Continuation: January 21, 2025
Authorizing, and Implemented or Interpreted Law: 67-4a

Utah Admin. Code R966-1-9 Merchandise Credits

(1) Reserved

History

KEY: adjudicative procedures, state treasurer, unclaimed property
Date of Last Change: January 22, 2020
Notice of Continuation: January 21, 2025
Authorizing, and Implemented or Interpreted Law: 67-4a

Utah Admin. Code R966-1-10 Loyalty Cards

(1) Reserved

History

KEY: adjudicative procedures, state treasurer, unclaimed property
Date of Last Change: January 22, 2020
Notice of Continuation: January 21, 2025
Authorizing, and Implemented or Interpreted Law: 67-4a

Utah Admin. Code R966-1-11 Property Related to Preneed Death Care Contracts

(1) Reserved

History

KEY: adjudicative procedures, state treasurer, unclaimed property
Date of Last Change: January 22, 2020
Notice of Continuation: January 21, 2025
Authorizing, and Implemented or Interpreted Law: 67-4a

Utah Admin. Code R966-1-12 Reporting Securities

(1) Remittance of securities. Unless otherwise provided, all securities and commodities when remitted to the State Treasurer shall:

(a) Be registered as "Treasurer of the State of Utah"; or

(b) Be deposited into a new or existing securities or commodities account either in the name of "Treasurer of the State of Utah" or in a nominee account (aka "street name" account) established by a vendor acting as a custodian for the administrator; and

(c) Include all dividends, interest, warrants, or other rights, or associated cash in a check payable to "Treasurer of the State of Utah" unless otherwise directed by the State Treasurer.

History

KEY: adjudicative procedures, state treasurer, unclaimed property
Date of Last Change: January 22, 2020
Notice of Continuation: January 21, 2025
Authorizing, and Implemented or Interpreted Law: 67-4a

Utah Admin. Code R966-1-13 Deceased Owner

(1) Subject to the owner interest provisions of Section 67-4a-201 of the Act, a deceased owner cannot indicate interest in his or her property.

(a) Apparent owner interest shall include the activity of beneficiaries and estate executors or other persons who have a legal or equitable right to ownership or custody of the property when the apparent owner as listed in the records of the holder is deceased.

(b) Thus, while a deceased apparent owner can no longer indicate interest in their own property, the new owner or his/her agent(s) may indicate interest in the property and, thus, prevent abandonment.

(2) If the apparent owner as listed in the records of the holder is deceased and the abandonment period for the owner's property shall be set in accordance with Section 67-4a-201.

(3) A holder who fails to report, pay, or deliver property within the time prescribed by the Act shall not be required to pay interest or be subject to penalties if the failure to report, pay, or deliver the property was caused solely by the lack of knowledge of the death that established a shorter period of abandonment under the Act.

(4) The Act does not impose a new or separate duty on a holder to determine whether an apparent owner is deceased. However, the Act does not relieve a holder of any duty imposed by another law, whether state or federal, that may impose such a duty.

(5) Sections 67-4a-202 and 67-4a-206 of the Act both provide that when a holder, in the ordinary course of its business, receives notice or an indication of the death of an apparent owner, the holder shall attempt not later than 90 days after receipt of the notice or indication to confirm whether the apparent owner is deceased.

(a) These provisions are not intended to require a holder to independently confirm the death of the apparent owner when the holder reasonably believes that the apparent owner is deceased.

(b) Instead, these provisions establish a 90-day deadline for a holder to conduct any independent investigation or search to confirm the death of the apparent owner.

(c) Thus, by way of example and not of limitation, if a holder learns that an apparent owner is listed on the Social Security Administration's Death Master File (DMF) and the holder is satisfied that the presumption of death from such a match is correct, then the holder does not need to independently confirm the death of the apparent owner.

History

KEY: adjudicative procedures, state treasurer, unclaimed property
Date of Last Change: January 22, 2020
Notice of Continuation: January 21, 2025
Authorizing, and Implemented or Interpreted Law: 67-4a

Utah Admin. Code R966-1-14 Apparent Owner Interest

This rule regarding apparent owner interest will become enforceable beginning January 1, 2022 .

(1) Under the Act and pursuant to Subsection 67-4a-208(1), the period after which property is presumed abandoned is measured from the later of:

(a) The date the property is presumed abandoned under the Act; or

(b) The latest indication of interest by the apparent owner in the property.

(2) Under the Act and pursuant to Subsection 67-4a-208(2), an indication of an apparent owner's interest in property includes, but is not limited to:

(a) A record communicated by the apparent owner to the holder or agent of the holder concerning the property or the account in which the property is held;

(b) An oral communication by the apparent owner to the holder or agent of the holder concerning the property or the account in which the property is held, if the holder or its agent contemporaneously makes and preserves a record of the fact of the apparent owner's communication;

(c) Presentment of a check or other instrument of payment of a dividend, interest payment, or other distribution, or evidence of receipt of a distribution made by electronic or similar means, with respect to an account, underlying security, or interest in a business association;

(d) Activity directed by an apparent owner in the account in which the property is held, including accessing the account or information concerning the account, or a direction by the apparent owner to increase, decrease, or otherwise change the amount or type of property held in the account;

(e) A deposit into or withdrawal from an account at a financial organization, except for a recurring Automated Clearing House (ACH) debit or credit previously authorized by the apparent owner or an automatic reinvestment of dividends or interest; Notwithstanding anything to the contrary in the Utah Revised Uniform Unclaimed Property Act, a deceased person cannot indicate interest in his or her property. The terms automatic deposit and automatic withdrawal as used in Section 67-4a-208(e) of the Utah Revised Uniform Unclaimed Property Act shall include the following activities: (1) automatic deposits of wages previously authorized by the apparent owner or (2) automatic withdrawals of funds to pay a mortgage or other bank loan previously authorized by the apparent owner. An automatic deposit or withdrawal does not include any of the following activities if they are previously authorized by the owner, rather than authorized by the owner at the time of the transaction. (1) deposits of funds by a third party including pension funds or other retirement funds (other than wages); (2) transfers of funds between accounts; (3) withdrawals of funds to pay for goods or services provided by third parties; (4) other types of withdrawals of funds directed by third parties other than the owner. These activities do not qualify as indications of owner interest.

(f) Subject to Section 67-4a-208(5), payment of a premium on an insurance policy.

(3) Owner-initiated activity. Owner-initiated financial transactions or authenticated owner-initiated administrative activity are an indication of an apparent owner's interest in the property. A holder must maintain a record of owner-initiated activity. These include, without limitation:

(a) Trading activity in the account; Notwithstanding the standards set forth in section 67-4a-206, if the owner of the security or securities related property is deceased, the security is presumed abandoned three years after the date of death of the owner.

(b) Depositing funds into the account or withdrawing funds from the account;

(d) Contacting the holder to discuss any account related matters;

(e) Sending the holder paperwork or documents related to the account;

(f) Meeting with (or otherwise interacting with) a financial advisor regarding the account;

(g) Modifying the account profile;

(h) Sending the holder correspondence regarding the account whether via mail or electronic means, including e-mail;

(i) Submitting an account service request online;

(j) Voting a proxy;

(k) Setting up the account for e-delivery; and,

(l) Accessing the account via the holder's website or other electronic means.

(4) Holder-generated activity. Apparent owner interest is distinguishable from holder-generated activity such as, without limitation, crediting dividends, posting account fees, and mailing account statements, which does not constitute apparent owner interest.

(a) Automatic financial or administrative transactions or activity, such as automatic payments or distributions or automatic portfolio rebalancing, shall not be considered apparent owner interest.

(b) Non-return of mail sent by the holder to an account owner does not constitute apparent owner interest.

(5) Interest by a person other than the apparent owner.

(a) An action by an agent or other representative of an apparent owner, other than the holder acting as the apparent owner's agent, is presumed to be an action on behalf of the apparent owner.

(b) A communication with an apparent owner by a person other than the holder or the holder's representative is not an indication of interest in the property by the apparent owner unless a record of the communication evidences the apparent owner's knowledge of a right to the property.

(c) If an apparent owner is deceased, apparent owner interest shall include activity of beneficiaries and estate executors or other persons who have a legal or equitable right to ownership or custody of the property.

(6) Consolidated statement rule for financial organizations.

(a) If the apparent owner has another property with the holder to which Section 67-4a-201(5) applies, then activity directed by an apparent owner in any other accounts, including loan accounts, at a financial organization holding an inactive account of the apparent owner shall be an indication of interest in all such accounts if the apparent owner engages in one or more of the following activities:

(i) The apparent owner undertakes one or more of the actions described in this Section regarding any account that appears on a consolidated statement with the inactive account;

(ii) The apparent owner increases or decreases the amount of funds in any other account the apparent owner has with the financial organization; or

(iii) The apparent owner engages in any other relationship with the financial organization, including payment of any amounts due on a loan.

(b) The rule in this subsection (6) applies so long as the mailing address for the apparent owner in the financial organization's books and records is the same for both the inactive account and the active account.

History

KEY: adjudicative procedures, state treasurer, unclaimed property
Date of Last Change: January 22, 2020
Notice of Continuation: January 21, 2025
Authorizing, and Implemented or Interpreted Law: 67-4a

Utah Admin. Code R966-1-15 Anti-Limitations Provision

(1) Expiration of a period of limitation on an owner's right to receive or recover property, whether specified by contract, statute, or court order, does not prevent the property from being presumed abandoned or affect the duty of a holder under the Act to file a report or pay or deliver property to the administrator.

History

KEY: adjudicative procedures, state treasurer, unclaimed property
Date of Last Change: January 22, 2020
Notice of Continuation: January 21, 2025
Authorizing, and Implemented or Interpreted Law: 67-4a

Utah Admin. Code R966-1-16 Holder Reporting Required

(1) A holder of property presumed abandoned shall report to the administrator via the internet in a format approved by the administrator, unless granted written permission by the administrator to file a paper report.

(2) A holder may contract with a third party to make the report required, but remains responsible to the administrator for the complete, accurate, and timely reporting of property presumed abandoned and for paying or delivering to the administrator property described in the report.

(3) The administrator will accept a report filed in the current National Association of Unclaimed Property Administrators (NAUPA) standard format found on the administrator's website: mycash.utah.gov.

History

KEY: adjudicative procedures, state treasurer, unclaimed property
Date of Last Change: January 22, 2020
Notice of Continuation: January 21, 2025
Authorizing, and Implemented or Interpreted Law: 67-4a

Utah Admin. Code R966-1-17 Report Contents

( 1) The report required by Part 4 of the Act must:

(a) Be signed by or on behalf of the holder and verified as to its completeness and accuracy;

(b) If filed electronically, be in a secure format approved by the administrator which protects confidential information of the apparent owner;

(d) Except for a traveler's check, money order, or similar instrument, contain the name, if known, last-known address, if known, e-mail address, if known, and Social Security number or taxpayer identification number, if known or readily ascertainable, of the apparent owner of property with a value of $5 or more;

(e) For an amount held or owing under a life or endowment insurance policy, annuity contract, or other property where ownership vests in a beneficiary upon the death of the owner, contain the name and last-known address of the insured, annuitant, or other apparent owner of the policy or contract and of the beneficiary;

(f) For property held in or removed from a safe-deposit box, indicate the location of the property, where it may be inspected by the administrator, and any amounts owed to the holder under Section 67-4a-606 of the Act;

(g) Combine all dividend checks into one property for each reported account;

(h) Contain the commencement date for determining abandonment;

(i) State that the holder has complied with the notice requirements of the Act; and,

(j) Identify property that is a non-freely transferable security and explain why it is a non-freely transferable security

(2) Holders may report property valued at less than $5 each in the aggregate. However, the administrator may request that the holder provide information about the name, address, Social Security number or taxpayer identification number of an apparent owner of property with a value of less than $5 when the information is necessary to verify or process a claim filed with the administrator by an apparent owner.

(3) If a holder has changed its name while holding property presumed abandoned or is a successor to another person that previously held the property for the apparent owner, the holder must include in the report its former name or the name of the previous holder, if any, and the known name and address of each previous holder of the property.

History

KEY: adjudicative procedures, state treasurer, unclaimed property
Date of Last Change: January 22, 2020
Notice of Continuation: January 21, 2025
Authorizing, and Implemented or Interpreted Law: 67-4a

Utah Admin. Code R966-1-18 Filing Dates

(1) Financial organizations, governments, governmental entities, and insurance companies must file a report before November 1 of each year that covers the 12 months preceding July 1 of that year.

History

KEY: adjudicative procedures, state treasurer, unclaimed property
Date of Last Change: January 22, 2020
Notice of Continuation: January 21, 2025
Authorizing, and Implemented or Interpreted Law: 67-4a

Utah Admin. Code R966-1-19 Early Reporting and Remittance of Property

( 1) A holder may pay or deliver property to the administrator before the property is presumed abandoned under the Act if the holder:

(a) Provides the apparent owner of the property any notice required by Section 67-4a-501 of the Act and provides the administrator evidence of the holder's compliance with any required notice;

(b) Includes with the payment or delivery a report regarding the property conforming to the Act and this Section; and

(2) A holder's request for the administrator's consent to pay or deliver property before the property is presumed abandoned under the Act must be in writing.

(3) If the administrator fails to respond to the request not later than 30 days after receipt of the request, the administrator is deemed to consent to the payment or delivery of the property and the payment or delivery is considered to have been made in good faith.

(4) On payment or delivery of property under this Subsection, the property is presumed abandoned.

History

KEY: adjudicative procedures, state treasurer, unclaimed property
Date of Last Change: January 22, 2020
Notice of Continuation: January 21, 2025
Authorizing, and Implemented or Interpreted Law: 67-4a

Utah Admin. Code R966-1-20 Extensions

(1) A holder may request an extension for filing. The request must be in writing and must specify the proposed period of extension.

(2) The request must include a reasonable cause for an extension.

(a) By way of example, and not limitation, reasonable cause includes natural disaster, criminal activity related to the holder's books and records, recent changes in the form of ownership of the holder, etc.

(b) Providing due diligence notices to apparent owners and other holder actions required by the Act does not constitute reasonable cause.

(3) Extension requests must be received by the administrator at least 30 business days before the date the report would otherwise be due.

(4) Not later than 10 business days after the date of the request, the administrator shall respond to the request. The administrator may grant the request, deny the request, or grant an extension for a different period of time.

(5) If an extension is granted, the holder may pay or make a partial payment of the amount the holder estimates ultimately will be due. The payment or partial payment terminates accrual of interest on the amount paid.

History

KEY: adjudicative procedures, state treasurer, unclaimed property
Date of Last Change: January 22, 2020
Notice of Continuation: January 21, 2025
Authorizing, and Implemented or Interpreted Law: 67-4a

Utah Admin. Code R966-1-21 Incomplete and Rejected Reports

( 1) If the administrator notifies a holder that a report is incomplete or incorrect, then a corrected report must be filed by the holder no later than 20 calendar days after notification by the administrator. The administrator may grant an extension in writing for good cause shown.

History

KEY: adjudicative procedures, state treasurer, unclaimed property
Date of Last Change: January 22, 2020
Notice of Continuation: January 21, 2025
Authorizing, and Implemented or Interpreted Law: 67-4a

Utah Admin. Code R966-1-22 Due Diligence Notice by Holder

( 1) Sections 67-41-501 and 67-41-502 of the Act specify when and how a holder must provide notice to the apparent owner of property presumed abandoned. This notice process is a "due diligence notice" from the holder to the apparent owner. A due diligence notice is intended to provide an opportunity for an apparent owner to indicate interest in the property presumed abandoned prior to such property being reported and remitted to the administrator.

(2) Unless otherwise provided by the Act or these rules, the holder of property presumed abandoned shall send to the apparent owner a due diligence notice by first-class United States mail between 60 days and one year before reporting the property.

(3) A holder does not need to send notice by first-class United States mail if any of the following are true:

(a) The property is valued at less than $50;

(b) The holder does not have in its records an address for the apparent owner that is sufficient for delivery of first-class United States mail;

(d) The holder sends notice by certified United States mail.

(4) If the holder has in its records an e-mail address for an apparent owner and the apparent owner has consented to receive e-mail from the holder, then unless the holder reasonably believes the e-mail address is invalid, the holder shall send a due diligence notice by e-mail to the apparent owner in addition to any other due diligence notice required by the Act.

(5) Certified mail due diligence for securities valued at $1,000 or more.

(a) If the holder sends a due diligence notice by certified mail, then the holder does not need to send a due diligence notice by first-class United States mail.

(b) A signed return receipt in response to a notice sent by certified United States mail shall constitute a record communicated by the apparent owner to the holder concerning the property or the account in which the property is held, and thus shall constitute an indication of interest by the apparent owner in the property under Section 67-4a-208 of the Act.

(6) A holder may contract with a third party to provide the required due diligence notice to an apparent owner under the Act and these rules.

(a) Whether or not the holder contracts with a third party to provide required due diligence notices, the holder remains responsible for ensuring that any required due diligence notices are provided prior to the reporting and remitting of property presumed abandoned to the administrator.

(b) If a holder contracts with a third party to provide required due diligence notices and the due diligence notice is being sent after the date the property was presumed abandoned under the Act, then pursuant to Section 67-4a-1302 of the Act neither the holder nor such third party may charge the apparent owner a fee to indicate an interest in property presumed abandoned or to otherwise prevent the reporting and remitting of property presumed abandoned to the administrator.

(7) Contents of due diligence notice.

(a) A due diligence notice by a holder must contain a heading that reads substantially as follows: "Notice. The State of Utah requires us to notify you that your property may be transferred to the custody of the State Treasurer if you do not contact us before (insert date that is 30 days after the date of this notice)."

(b) A due diligence notice by a holder must:

(i) Identify the nature and, except for property that does not have a fixed value, the value of the property that is the subject of the notice;

(ii) State that the property will be turned over to the State Treasurer;

(iii) State that after the property is turned over to the State Treasurer an apparent owner that seeks return of the property may file a claim with the State Treasurer;

(iv) State that property that is not legal tender of the United States may be sold by the State Treasurer;

(v) Provide instructions that the apparent owner must follow to prevent the holder from reporting and paying or delivering the property to the State Treasurer; and,

(vi) Provide the name, address, and e-mail address or telephone number to contact the holder.

(c) In a due diligence notice, the holder may also list a website where apparent owners may obtain more information about how to prevent the holder from reporting and paying or delivering the property to the State Treasurer.

(8) Holder deduction of costs of due diligence notices.

(a) A holder that reports and remits money may deduct from total amounts remitted, the actual costs of due diligence notices.

(b) The deduction shall consist of the cost of envelopes, postage, and stationery. No other costs may be deducted.

(c) For purposes of holder deductions for due diligence mailings, postage includes amounts paid to the United States Postal Service for first class United States mail and certified United States mail.

(d) A holder may be required to document or certify to the costs incurred and deducted.

History

KEY: adjudicative procedures, state treasurer, unclaimed property
Date of Last Change: January 22, 2020
Notice of Continuation: January 21, 2025
Authorizing, and Implemented or Interpreted Law: 67-4a

Utah Admin. Code R966-1-23 Retention of Records by Holder

(1) A holder is required to retain records for 5 years after the later of the date the report was filed or the last date a timely report was due to be filed.

(2) The records must contain:

(a) The information required to be included in the report;

(b) The date, place, and nature of the circumstances that gave rise to the property right;

(d) The last address of the apparent owner, if known to the holder;

(e) Sufficient records of items which were not reported as unclaimed, to allow examination to determine whether the holder has complied with the Act; and

(f) A record of the instruments while they remain outstanding indicating the state and date of issue if the holder sells, issues, or provides to others for sale or issue in this State traveler's checks, money orders, or similar instruments, other than third- party bank checks, on which the holder is directly liable.

(3) If a holder fails to maintain records required by Section 67-4a-404 of the Act, then the administrator may determine the value of property due using a reasonable method of estimation based on all information available to the administrator, including extrapolation and use of statistical sampling when appropriate and necessary, consistent with examination procedures and standards in this Part.

(4) Both the records retention period of Section 67-4a-404 of the Act and the statute of limitations in Section 67-4a- 610(2) of the Act are 10 years. However, the statute of limitations only applies after the holder specifically identified the property in a report filed with the administrator or gave express notice to the administrator of a dispute regarding the property. If the statute of limitations has been tolled because the holder failed to either report property or provide express notice to the administrator and the holder fails to maintain sufficient records of items which were not reported as unclaimed, to allow examination to determine whether the holder has complied with the Act, then the administrator may use estimation in an examination of such holder pursuant to Section 67-4a-1006 of the Act and the procedures and standards of this Part.

History

KEY: adjudicative procedures, state treasurer, unclaimed property
Date of Last Change: January 22, 2020
Notice of Continuation: January 21, 2025
Authorizing, and Implemented or Interpreted Law: 67-4a

Utah Admin. Code R966-1-24 Notices by United States Mail

( 1) The administrator shall send at least one written notice by first-class United States mail to each apparent owner of unclaimed property held by the administrator and valued at $100 or more.

(2) However, the administrator shall not send a notice under this Section by first-class United States mail if the administrator reasonably believes that a mailing by first-class United States mail would not be received by the apparent owner.

(3) In the case of a security held in an account for which the apparent owner had consented to receiving e-mail from the holder, the administrator shall send notice by e-mail if the e-mail address of the apparent owner is known to the administrator instead of by first-class United States mail.

History

KEY: adjudicative procedures, state treasurer, unclaimed property
Date of Last Change: January 22, 2020
Notice of Continuation: January 21, 2025
Authorizing, and Implemented or Interpreted Law: 67-4a

Utah Admin. Code R966-1-25 E-Mail Notices

( 1) Whenever the administrator has an e-mail address for an apparent owner of unclaimed property held by the administrator and valued at $100 or more and the administrator does not know such e-mail address to be invalid, the administrator shall send at least one notice to the apparent owner by e-mail if the administrator did not send a written notice by first-class United States mail.

(2) In addition to any notice mandated by the Act, the administrator may send an additional notice to an apparent owner to any e-mail address for the apparent owner that the administrator does not know to be invalid.

(3) When practicable e-mail notices from the administrator shall provide a hyperlink to the website maintained by the administrator.

History

KEY: adjudicative procedures, state treasurer, unclaimed property
Date of Last Change: January 22, 2020
Notice of Continuation: January 21, 2025
Authorizing, and Implemented or Interpreted Law: 67-4a

Utah Admin. Code R966-1-26 Newspaper Notices

(1) At least once annually, the administrator shall cause to be published in at least one English language newspaper of general circulation in each county in this State a notice concerning the unclaimed property program.

(2) Newspaper notices may include other information at the discretion of the administrator.

(3) The administrator may cause additional notices or advertisements to be published in newspapers and print publications other than the required notices.

History

KEY: adjudicative procedures, state treasurer, unclaimed property
Date of Last Change: January 22, 2020
Notice of Continuation: January 21, 2025
Authorizing, and Implemented or Interpreted Law: 67-4a

Utah Admin. Code R966-1-27 Website

( 1) The administrator shall maintain a website accessible by the public and electronically searchable which contains the names reported to the administrator of apparent owners for whom property is being held by the administrator.

(2) The administrator does not need to list property on the unclaimed property website when:

(a) No owner name was reported;

(b) A claim has been initiated or is pending for the property;

(d) In other instances where the administrator reasonably believes exclusion of the property is in the best interests of both the State and the owner of the property.

(3) The administrator's unclaimed property website shall include an online claim form and instructions for filing a claim with the administrator. The administrator shall also make available a printable claim form with instructions for its use.

(4) The administrator may include on the website the names and addresses of apparent owners of property held by the administrator.

(5) In addition to the required website, the administrator may utilize other websites, including any websites endorsed by the National Association of Unclaimed Property Administrators (NAUPA), to promote the unclaimed property program and seek to reunite owners with their unclaimed property.

History

KEY: adjudicative procedures, state treasurer, unclaimed property
Date of Last Change: January 22, 2020
Notice of Continuation: January 21, 2025
Authorizing, and Implemented or Interpreted Law: 67-4a

Utah Admin. Code R966-1-28 Tax Return Identification of Apparent Owners

(1) Reserved

History

KEY: adjudicative procedures, state treasurer, unclaimed property
Date of Last Change: January 22, 2020
Notice of Continuation: January 21, 2025
Authorizing, and Implemented or Interpreted Law: 67-4a

Utah Admin. Code R966-1-29 Updating Apparent Owner Data

(1) The administrator may utilize publicly and commercially available databases as well as information obtained through data sharing agreements authorized by the Act to find and update or add information for apparent owners of property held by the administrator.

(2) The administrator may, but is not required to, update or add a mailing address or e-mail address for an apparent owner prior to sending notices required by the Act.

(3) If a required notice has already been sent by the administrator, then the administrator does not need to send a new written notice merely because a mailing address or e-mail address for an apparent owner has been subsequently updated or added.

History

KEY: adjudicative procedures, state treasurer, unclaimed property
Date of Last Change: January 22, 2020
Notice of Continuation: January 21, 2025
Authorizing, and Implemented or Interpreted Law: 67-4a

Utah Admin. Code R966-1-30 Other Discretionary Means of Providing Notice

(1) Paid Advertising.

(a) The administrator may use paid advertising to increase awareness of the unclaimed property program, provide notice to persons who may be the owners of unclaimed property in the custody of the administrator, or to otherwise facilitate the return of unclaimed property to legal owners.

(2) Direct Contact

(a) The administrator may use contact information reasonably believed to be accurate to attempt to directly contact apparent owners of property held by the administrator.

(b) When directly contacting an apparent owner, the administrator may reveal additional information concerning the apparent owner's property if the administrator believes the information will assist in identifying and returning property to the owner and does not disclose personal information as defined in the Personal Information Protection Act.

(c) Direct contacts include, but are not limited to, telephone calls, in-person meetings, direct electronic communications, targeted social media contacts, and similar methods of contact.

(3) Broadcast Media

(a) The administrator may make agreements with broadcast media outlets to use live telethons, call-in programs, and similar events of limited duration to both promote the unclaimed property program authorized by the Act and to notify owners of the existence of unclaimed property.

(b) Such broadcasts should be considered the dissemination of news and should not be considered a public service announcement or advertisement.

(4) Contractual Vendors

(a) The administrator may contract with one or more vendors that provide websites, including any websites endorsed by the National Association of Unclaimed Property Administrators (NAUPA), to promote the unclaimed property program and seek to reunite owners with their unclaimed property.

(b) The administrator may contract with one or more vendors that provide applications to assist apparent owners in identifying and claiming property in the custody of the administrator. Such vendors must be selected by a competitive request for proposals pursuant to the Office of the Treasurer Procurement Rules (44 Ill. Adm. Code 1400). Compensation must conform with the restrictions in Article 13 of the Act concerning agreements to locate property of apparent owners held by the administrator.

History

KEY: adjudicative procedures, state treasurer, unclaimed property
Date of Last Change: January 22, 2020
Notice of Continuation: January 21, 2025
Authorizing, and Implemented or Interpreted Law: 67-4a

Utah Admin. Code R966-1-31 Confidentiality

(1) The administrator may include in published notices, printed publications, telecommunications, the Internet, or other media and on the website or in the database additional information concerning the apparent owner's property if the administrator believes the information will assist in identifying and returning property to the owner and does not disclose personal information as defined in the Personal Information Protection Act.

History

KEY: adjudicative procedures, state treasurer, unclaimed property
Date of Last Change: January 22, 2020
Notice of Continuation: January 21, 2025
Authorizing, and Implemented or Interpreted Law: 67-4a

Utah Admin. Code R966-1-32 Claims

(1) A person claiming to be the owner of property held under this Act by the administrator or to the proceeds from the sale of property may file a claim for the property or proceeds from the sale of property on a form prescribed by the administrator and that is available on the Administrator's website at mycash.utah.gov.

History

KEY: adjudicative procedures, state treasurer, unclaimed property
Date of Last Change: January 22, 2020
Notice of Continuation: January 21, 2025
Authorizing, and Implemented or Interpreted Law: 67-4a

Utah Admin. Code R966-1-33 Burden of Proof

(1) The administrator is the custodian for property delivered to the State under the Act and is responsible for the safekeeping of that property. Therefore, any person who files a claim for any property held by the administrator pursuant to the Act shall bear the burden of proof in establishing that person is the lawful owner of the property or has an interest in the property.

(2) The administrator will release the property to a claimant after the person establishes his or her ownership of the property or an interest in the property by a preponderance of the evidence.

(3) Notwithstanding the above requirements in this Section, the administrator may waive those requirements if a claimant satisfies the requirements for payment or delivery of property under Sections R966-1-33 or R966-1-34.

History

KEY: adjudicative procedures, state treasurer, unclaimed property
Date of Last Change: January 22, 2020
Notice of Continuation: January 21, 2025
Authorizing, and Implemented or Interpreted Law: 67-4a

Utah Admin. Code R966-1-34 Filing of Claims

(1) Claimants may file claims with the administrator either in writing on forms prescribed by the administrator or through completion of a form on the administrator's website.

(2) Claims shall be verified or signed by the claimant under penalty of perjury.

(3) A claim will be considered complete when a claimant has provided all the information and documentation requested by the administrator as necessary to establish legal ownership and such information or documentation is entered into the unclaimed property system. Unless extended for reasonable cause, the administrator shall issue a decision no later than 90 days after a claim is complete.

(4) If a claimant is unable to provide documentation sufficient to establish ownership by a preponderance of the evidence, the claimant may request that the administrator formally deny the claim in order to allow the claimant to commence a contested case pursuant to Title 63G, Chapter 3, Utah Administrative Rulemaking Act for review of the administrator's decision.

(5) Closing claims

(a) If a claimant fails to provide information and documentation necessary to establish legal ownership of the property by a preponderance of the evidence and the claim is inactive for at least 90 days, then the administrator may close the claim without issuing a final decision.

(b) If the claimant makes a request in writing for a final decision prior to the administrator's closing of the claim, the administrator shall issue a final decision.

(c) If, after a claim is closed, a claimant subsequently provides additional information or documentation concerning the same property, the administrator shall re-open the existing claim.

(6) If a claimant is denied by the Administrator in a final decision, the claimant may file a written request for review of the denial of claim pursuant to Utah Code Section 63G-4-201, and in accordance with this rule to the Utah State Treasurer within 30 days from the date on the denial letter.

(a) Failure to submit a timely request for review constitutes a waiver of review. The aggrieved person must then mail or fax the form to the address or fax number contained on the denial of claim letter.

(b) The Treasurer considers a request via mail to be filed on the date of the postmark. If the postmark date is illegible, erroneous, or omitted, the Treasurer considers the request to be filed on the date it is received, unless the sender can demonstrate through convincing evidence that it was mailed before the date of receipt.

(7) Unless otherwise provided in this section, an informal adjudicative proceeding shall be conducted in accordance with Utah Code Sections 63G-4-202 and 203.

(a) The claimant has the burden of proof and must establish by preponderance of the evidence that the Administrator applied the law incorrectly, and or that the decision was not supported by the evidence presented.

(b) The claimant may submit evidence and a written statement which includes the following:

(i) a statement of the relief that the claimant seeks;

(ii) a statement of the facts; and

(iii) a statement summarizing the reasons that the relief requested should be granted.

(b) Formal rules of evidence shall not apply.

(8) Within a reasonable time, not to exceed 60 days after the submission of the evidence and written statement, the Utah State Treasurer shall issue a final agency order that includes a finding of fact and conclusions of law, and time limits for appeals rights, and administrative or judicial review in accordance with Utah Code Subsection 63G-4-203(i).

History

KEY: adjudicative procedures, state treasurer, unclaimed property
Date of Last Change: January 22, 2020
Notice of Continuation: January 21, 2025
Authorizing, and Implemented or Interpreted Law: 67-4a

Utah Admin. Code R966-1-35 Tax Return Identification of Apparent Owners

(1) Reserved

History

KEY: adjudicative procedures, state treasurer, unclaimed property
Date of Last Change: January 22, 2020
Notice of Continuation: January 21, 2025
Authorizing, and Implemented or Interpreted Law: 67-4a

Utah Admin. Code R966-1-36 Crediting Income or Gain to Owner's Account

(1) Reserved

History

KEY: adjudicative procedures, state treasurer, unclaimed property
Date of Last Change: January 22, 2020
Notice of Continuation: January 21, 2025
Authorizing, and Implemented or Interpreted Law: 67-4a

Utah Admin. Code R966-1-37 Finders

(1) No person or company shall be entitled to a fee for discovering presumptively abandoned property until it has been in the custody of the administrator for at least 24 months. Fees for discovering property that has been in the custody of the administrator for more than 24 months shall be limited to not more than 20% of the amount collected.

(2) Notwithstanding anything in this Section to the contrary, a licensed attorney, licensed CPA or a licensed CPA firm may pursue a claim for recovery of specifically identified property held by the administrator or to contest the administrator's denial of a claim for recovery of the property provided he or she has an attorney-client relationship with the apparent owner.

(3) For claims in which a finder is assisting an apparent owner, the following shall be submitted to the administrator:

(a) A signed, dated, and notarized copy of the contract between the finder and the apparent owner which satisfies the requirements of the Act and specifies the obligations of the parties as well as the fee arrangement between the finder and claimant; and,

(b) If the finder charges a contingent fee, a copy of the active private detective license issued by the Utah Department of Public Safety, Bureau of Criminal Identification (BCI) to the finder.

History

KEY: adjudicative procedures, state treasurer, unclaimed property
Date of Last Change: January 22, 2020
Notice of Continuation: January 21, 2025
Authorizing, and Implemented or Interpreted Law: 67-4a

Utah Admin. Code R966-1-38 Property Subject to Recovery by Another State

(1) If the administrator is aware that property held under the Act is subject to a superior claim of another state, the administrator shall either report and deliver the property to the other state or return the property to the holder for delivery to the other state.

(2) A claim by another state to recover property under this Section must be presented in a form prescribed by the administrator, unless the administrator waives presentation of the form.

(3) The administrator shall decide a claim under this Section not later than 90 days after it is presented.

(4) To the extent permitted under the law of the other state, the administrator may require another state to agree to indemnify the administrator and the State of Utah and its agents, officers and employees against any liability on a claim to the property.

History

KEY: adjudicative procedures, state treasurer, unclaimed property
Date of Last Change: January 22, 2020
Notice of Continuation: January 21, 2025
Authorizing, and Implemented or Interpreted Law: 67-4a

Utah Admin. Code R966-1-39 Debt Collection Agencies

(1) A debt collection agency shall initiate their own claims for unclaimed property in the custody of the administrator. The administrator will not initiate claims for debt collection agencies.

(2) Debt collection agencies will submit citations to discover assets to the administrator at least 30 days in advance of the return date.

(3) Unclaimed property held by the administrator for a debtor will be held pursuant to a citation to discover assets for up to 90 days.

(4) Claims submitted by debt collection agencies will be closed after 90 days without the submission of a valid turnover order from a court of competent jurisdiction.

(5) Claims submitted by debt collection agencies will be paid after receipt of a valid turnover order from a court of competent jurisdiction.

History

KEY: adjudicative procedures, state treasurer, unclaimed property
Date of Last Change: January 22, 2020
Notice of Continuation: January 21, 2025
Authorizing, and Implemented or Interpreted Law: 67-4a

Utah Admin. Code R966-1-40 Holder Reimbursement

(1) A holder that pays money to the administrator may file a claim for reimbursement from the administrator of the amount paid if the holder:

(a) Paid the money to the administrator in error; or

(b) After paying the money to the administrator, paid money to a person the holder reasonably believed to be the legal owner.

(2) If a claim for reimbursement is made for a payment made on a negotiable instrument, the holder must submit proof that payment was made to a person the holder reasonably believed to be the legal owner of the property. The holder may claim reimbursement even if the payment was made to a person whose claim was made after expiration of a period of limitation on the owner's right to receive or recover property, whether specified by contract, statute, or court order.

(3) If a holder is reimbursed by the administrator, the holder may also recover any income or gain that would have been paid by the administrator to the owner on an owner claim provided the holder paid the earned income or gain to the owner.

(4) A holder that delivers property other than money to the administrator may file a claim for return of the property from the administrator if:

(a) The holder delivered the property to the administrator in error; or,

(b) The apparent owner has claimed the property from the holder.

(5) If a claim for return of property is made, the holder shall include with the claim evidence sufficient to establish that the apparent owner has claimed the property from the holder or that the property was delivered by the holder to the administrator in error.

(6) The administrator may make a determination that an affidavit submitted by a holder is evidence sufficient to establish that the holder is entitled to reimbursement or to recover property under this Section.

(7) A holder is not required to pay a fee or other charge for reimbursement or return of property.

(8) The administrator shall allow or deny a holder's claim not later than 90 days after the claim is complete and give the holder notice in a record of the decision. The administrator may grant an extension for reasonable cause.

(9) A claim will be considered complete when a holder has provided all the information and documentation requested by the administrator as necessary to establish legal ownership and such information or documentation is entered into the administrator's unclaimed property system.

(10) If a holder fails to provide all the information and documentation requested by the administrator as necessary to establish legal ownership of the property and the claim is inactive for at least 90 days, then the administrator may close the claim without issuing a final decision. However, if the claimant makes a request in writing for a final decision prior to the administrator's closing of the claim, the administrator shall issue a final decision.

(11) The holder may initiate a proceeding under Title 63G, Chapter 3, Utah Administrative Rulemaking Act for review of the administrator's decision on the earlier of 30 days following receipt of the notice of the administrator's decision or 120 days following the filing of a claim.

History

KEY: adjudicative procedures, state treasurer, unclaimed property
Date of Last Change: January 22, 2020
Notice of Continuation: January 21, 2025
Authorizing, and Implemented or Interpreted Law: 67-4a

Utah Admin. Code R966-1-41 Securities Sale and Claims

(1) Sale of securities.

(a) The administrator may not sell a security prior to attempting to provide notice as provided for in Section 67-4a-503 of the Act.

(b) Unless the administrator reasonably determines it would be in the best interests of the owner for the sale to occur sooner, the administrator may not sell or otherwise liquidate a security until 3 years after the administrator receives the security.

(i) Examples of when it would be in the best interest of the owner for a sale of securities to occur prior to the expiration of the 3-year period include, but are not limited to: responding to a tender offer, a bankruptcy filing, business liquidation, and instances where fees will significantly deplete the value.

(ii) If the administrator sells a security prior to the expiration of the 3-year period, then the administrator shall document in a record the reasons for the sale.

(c) Unless otherwise provided in the Act or these rules, the administrator may sell a security at any time 3 years after the administrator receives the security.

(i) The administrator may not sell a security listed on an established stock exchange for less than the price prevailing on the exchange at the time of sale.

(ii) The administrator may sell a security not listed on an established exchange by any commercially reasonable method.

(d) Securities will not be sold when a claim has been filed with the administrator by an apparent owner for such securities.

(i) Upon denial of a claim, the administrator may dispose of the securities as provided in the Act and these rules.

(ii) The administrator may also dispose of the securities as provided in the Act and this Part if, after being requested by the administrator, the apparent owner fails to provide necessary and sufficient information to allow the administrator to transfer the securities within 30 days of the administrator's request.

(2) Recovery of securities or value by owner.

(a) If the administrator sells a security before the expiration of 3 years after delivery of the security to the administrator, an apparent owner that files a valid claim under the Act for the security before the 3-year period expires is entitled, at the option of the owner, to receive:

(i) Replacement of the security;

(ii) The market value of the security at the time the claim is filed, plus dividends, interest, and other increments on the security up to the time the claim is paid; or

(iii) The net proceeds of the sale of the security, plus dividends, interest, and other increments on the security up to the time the security was sold.

(b) Replacement of the security or calculation of market value under (1) must take into account a stock split, reverse stock split, stock dividend, or similar corporate action.

(c) A person that makes a valid claim under the Act for a security after expiration of 3 years after delivery of the security to the administrator is entitled to receive:

(i) The security the holder delivered to the administrator, if it is in the custody of the administrator, plus dividends, interest, and other increments on the security up to the time the administrator delivers the security to the person; or

(ii) The net proceeds of the sale of the security, plus dividends, interest, and other increments on the security up to the time the security was sold.

History

KEY: adjudicative procedures, state treasurer, unclaimed property
Date of Last Change: January 22, 2020
Notice of Continuation: January 21, 2025
Authorizing, and Implemented or Interpreted Law: 67-4a

Utah Admin. Code R966-1-42 Examinations

(1) Authority to conduct examinations.

(a) Pursuant to Section 67-4a-1002 of the Act the Administrator may, at reasonable times and on reasonable notice, examine the records of any person to determine whether the person has complied with the Act even if the person believes it is not in possession of any property that must be reported, paid, or delivered under the Act.

(2) Purpose of Examinations

(a) The goal of an unclaimed property examination is to determine whether a Person is in compliance with the holder reporting requirements of the Act. Unclaimed property is reported to the State of Utah pursuant to the Act and the federal common law.

(b) The Administrator's goal in every examination is to determine the full and proper historical reporting compliance of the Person under examination, and to encourage and facilitate such Person's ongoing and future compliance with the Act.

(3) Multistate examinations

(a) The Administrator may agree to participate in an examination of a Person for compliance with unclaimed property laws of multiple states, including the Act, where a single Third-Party Auditor (Auditor) performs an examination for more than one state.

(b) Multistate examinations are intended to be more efficient and effective for both the Person being examined and the states which have authorized the examination.

(c) Because different states participating in a multistate examination will have different rules for examinations, there may be variations among the statutory or administrative rules for how the Auditor should conduct the examination. Where practicable the Auditor should comply with the requirements of this Section when conducting a multistate examination. However, if there is a conflict between the requirements of this Section and the requirements of one or more other states, then the Auditor may vary from the requirements of this Section so long as the Auditor:

(i) follows any requirements imposed by the language of the Act with regard to property reportable to this State, including but not limited to confidentiality requirements;

(ii) uses the Act with regards to any property for which the state has the superior claim pursuant to the federal common law; and,

(iii) complies with the goal of determining the historical compliance of the Person being examined, and of encouraging and facilitating such Person's ongoing and future compliance with the Act.

(4) Third-Party Auditors

(a) The Administrator may contract with a Person to conduct unclaimed property examinations to determine compliance with the Act. Such a contract shall be awarded pursuant to a request for proposals or quotations issued in compliance with Title 63G, Chapter 6a, Utah Procurement Code.

(b) A contract to conduct an examination may provide for compensation of the Person based on a fixed fee, hourly fee, contingent fee not to exceed the requirements under Section 67-4a-1009.

(c) A contract with a Person to conduct an examination is a public record under Title 63G, Chapter 2, Government Records Access and Management Act.

(d) An Auditor and the Auditor's staff shall collectively possess sufficient training and experience to adequately perform unclaimed property examinations.

(e) An Auditor shall not engage in any unclaimed property examination to determine compliance with the Act without written authorization from the Administrator.

(f) An Auditor shall maintain independence in performing the examination and avoid conflicts of interest.

(g) An Auditor shall report in writing to the Administrator at least monthly on the status of all unclaimed property examinations which the Auditor has been authorized to perform by the Administrator.

(5) Advocates

(a) A Person subject to examination may retain third-party Advocates (an "Advocate") to assist them in the examination process.

(b) The retention of an Advocate is no basis to delay the commencement of the examination and the Administrator will not delay the examination so that the Advocate may conduct a review or its own audit of the books and records of the Person subject to examination in advance of the Administrator's examination.

(c) The Administrator should cooperate with the Person subject to examination and its Advocate and keep both of them apprised of records requests, interviews, and the progress of the audit in general.

(6) Notice of Examination

(a) All unclaimed property examinations should begin with an official notice of examination letter.

(b) A notice letter will:

(i) notify the Person subject to examination that its books and records (including those belonging to subsidiary and related entities or maintained by a third party that has contracted with such Person) are subject to examination;

(ii) identify the assigned Auditor; and,

(iii) include Auditor contact information.

(c) A notice letter may either be sent (a) directly to the Person subject to examination by the Administrator or (b) to the Auditor assigned to the examination for delivery to the Person subject to examination.

(7) Entrance Conference

(a) Once an examination is assigned and written notice of an examination is provided to the Person subject to examination, the Auditor and/or Examiner should schedule an entrance conference to include representatives of the Person subject to examination. A representative of the Administrator may, but is not required to, participate in an entrance conference.

(b) During the opening conference, by way of example and not limitation, the Auditor shall:

(i) Identify to the extent possible the types of property that will be subject to the examination and the time period covered by the examination;

(ii) Discuss an examination work plan, a tentative schedule, and any potential scoping issues;

(iii) Provide contact information for both the Auditor and the Administrator;

(iv) Provide the Person subject to examination a draft confidentiality agreement, if a draft has not been presented prior to the opening conference;

(v) Notify the Person subject to examination of their ability to request an informal conference with the Administrator pursuant to the Act;

(vi) Advise the Person subject to examination that the Administrator and not the Auditor makes determinations concerning such Person's liability under the Act and that interpretations of the Act are made by the Administrator;

(vii) Request records and materials necessary to proceed with the next steps of the examination;

(viii) Explain the requirement to provide a due diligence notice to the apparent owner of property presumed abandoned; and,

(ix) Explain that, unless otherwise agreed to in writing by the Administrator, the Person subject to examination shall remit to the Auditor any unclaimed property identified during the examination that is owed to the State of Utah.

(8) Examination Guidelines

(a) The Auditor and the Person subject to examination shall act in good faith to conduct the examination under the terms and within the time frame established in the entrance conference.

(b) During the examination, the Auditor may make subsequent requests to the Person subject to examination for additional books and records as needed to complete the examination.

(i) The Auditor shall submit record requests to the Person subject to examination in writing, or if the request is made verbally, shall follow up with written documentation of the request.

(ii) Record requests shall have reasonable deadlines in order to move the examination forward and avoid unnecessary delays. The Person subject to examination is responsible for advising the Auditor in advance of any anticipated difficulties in achieving deadlines and agreed upon deliverables.

(iii) The Auditor shall provide a reasonable timeframe for the Person subject to examination to respond to the request based on the type and extent of the information requested and other relevant facts and circumstances.

(iv) The Auditor shall provide confirmation of receipt to submissions received from the Person subject to examination, with reasonable projected response times.

(c) The examination shall not be limited to a review of work papers, compilations, or record summaries prepared by the Person subject to examination or an Advocate but shall include, but not be limited to, access to the original books and records deemed by the Administrator to be necessary to ascertain compliance with the Act. The Third-Party Auditor may utilize data sources in their examination, for example the Social Security Administration's Death Master File (DMF), the United States Post Office National Change of Address database (NCOA), etc.

(d) The Auditor shall properly document the examination and make the working papers gathered during the unclaimed property examination available for review by the Administrator. Such working papers will include planning information and all related calculations, statistical analyses, and summarizations.

(9) Confidentiality of records obtained or compiled during examination

(a) Records obtained and records, including work papers, compiled by the Administrator or the Administrator's agent in the course of conducting an examination:

(i) Shall be protected in accordance with Sections 67-4a-1401 through 1408 and the Sections 63G-2-101 et seq.

(ii) May be used by the Administrator in an action to collect property or otherwise enforce the Act;

(iii) may be used in a joint examination conducted with another state, the United States, a foreign country or subordinate unit of a foreign country, or any other governmental entity if the governmental entity conducting the examination is legally bound to maintain the confidentiality and security of information obtained from a person subject to examination in a manner substantially equivalent to Title 67, Chapter 4a, Part 14, Confidentiality and Security of Information.

(iv) may be disclosed, on request, to the person that administers the unclaimed property law of another state for that state's use in circumstances equivalent to circumstances described in Section 67-4a-1002 of the Act, if the other state is required to maintain the confidentiality and security of information obtained in a manner substantially equivalent to Section 67-4a-1402 of the Act;

(v) must be produced by the Administrator under an administrative or judicial subpoena or administrative or court order; and

(vi) must be produced by the Administrator on request of the Person subject to the examination in an administrative or judicial proceeding relating to the property.

(b) Confidentiality Agreement

(i) A Person subject to examination may require, as a condition of disclosure of the records of the Person to be examined, that (the Administrator, if the Administrator is performing the examination, or) the Third-Party Auditor execute and deliver to the Person to be examined a confidentiality agreement that:

(a) is in a form that is satisfactory to the Administrator; and

(b) requires the Person having access to the records to comply with the provisions of Section 67-4a-1002 of the Act applicable to the Person.

(ii) If the Person subject to examination and the Auditor are unable to enter into a confidentiality agreement within 60 calendar days from the date an agreement reasonably satisfactory to the Administrator was first presented to the Person subject to the examination by the Auditor or the Administrator, then the examination may commence without a confidentiality agreement in place and the parties shall rely on Sections 67-4a-1401 through 1408 of the Act.

(iii) Auditors shall not disclose confidential information obtained during an unclaimed property examination to any Person other than to the Administrator or the Administrator's designee and, in the case of a multistate examination, to authorized representatives of a state participating in the examination.

(iv) Auditors shall not use confidential information obtained from the Person subject to an examination for any purpose other than for purposes of the examination. Auditors shall take reasonable steps to ensure that the confidential information provided by the Person subject to an examination is securely maintained.

(v) Auditors must comply with any applicable federal and state laws and regulations pertaining to unauthorized disclosures of confidential information.

(10) Evidence of unpaid debt or undischarged obligation

(a) A record of a Person subject to examination showing an unpaid debt or undischarged obligation is prima facie evidence of the debt or obligation.

(b) A Person subject to examination may establish by a preponderance of the evidence that there is no unpaid debt or undischarged obligation for a debt or obligation or that the debt or obligation was not, or no longer is, a fixed and certain obligation of the Person subject to examination. Thus, the prima facie evidence may be rebutted by the Person subject to examination.

(c) (A Person subject to examination may rebut prima facie evidence… by establishing by a preponderance of the evidence that a check, draft, or similar instrument was:

(i) issued as an unaccepted offer in settlement of an unliquidated amount;

(ii) issued but later was replaced with another instrument because the earlier instrument was lost or contained an error that was corrected;

(iii) issued to a party affiliated with the issuer;

(iv) paid, satisfied, or discharged;

(v) issued in error;

(vi) issued without consideration;

(vii) issued but there was a failure of consideration;

(viii) voided not later than 90 days after issuance for a valid business reason set forth in a contemporaneous record;

(ix) issued but not delivered to the third-party payee for a sufficient reason recorded within a reasonable time after issuance.

(d) In asserting a defense under this Section, and subject to the records retention requirements of the Act, a putative holder may present evidence of a course of dealing between the putative holder and the apparent owner.

(11) Estimation

(a) If a Person subject to examination does not retain the records required by the Act, the Administrator may determine the value of property due using a reasonable method of estimation based on all information available to the Administrator, including extrapolation and use of statistical sampling when appropriate and necessary.

(b) A payment made based on estimation under this Section is a penalty for failure to maintain the records required by the Act and does not relieve a Person from an obligation to report and deliver property to a State in which the holder is domiciled.

(c) Unless agreed to by a Person subject to examination, estimation should be used only when there are insufficient records to perform an examination and/or there has been a violation of records retention requirement of the Act. The ability of the Administrator to use estimation is intended as a deterrent to the intentional or negligent destruction of records that would be used in an unclaimed property examination to identify unclaimed property.

(d) An Auditor may not use estimation in an examination unless either the:

(i) Person subject to examination agrees in writing to the use of estimation as part of an audit resolution agreement; or,

(ii) Administrator approves in writing the use of estimation in the examination.

(e) Prior to approving the use of estimation in an examination under the Act the Administrator shall:

(i) Notify the Person subject to examination in writing that the Administrator is considering the use of estimation because of a failure to maintain the records required by Section 67-4a-404 of the Act;

(ii) After considering any evidence submitted by the Auditor and the Person subject to examination, make a written determination that the Person subject to examination has failed to maintain the records required by (records retention requirement) of the Act;

(iii) Provide an opportunity for the Person subject to examination to submit written objections including, but not limited to:

(a) submitting evidence that the Person subject to examination has maintained sufficient records to perform the examination for some or all of the years during the time period covered by the examination; or

(b) proposing an estimation methodology;

(iv) Notify in writing the Person subject to examination of the estimation methodology to be used and for which years during the time period covered by the examination estimation will be used.

(12) Bankruptcy

(a) If at any time before or during the course of an examination the Person subject to examination files for bankruptcy, such Person shall give notice of the filing to the Auditor. The Auditor shall, within seven (7) calendar days of receiving notice or the discovery of the event, notify the Administrator of the bankruptcy filing. If the Administrator so elects, the Auditor shall assist the Administrator to ensure that a proper proof of claim is filed timely in the bankruptcy action.

(13) Audit Resolution Agreements

(a) Pursuant to the Administrator's authority to conduct an examination, the Administrator possesses the authority to resolve an examination via negotiation and settlement with the Person subject to examination. This provides flexibility to both the Person subject to examination and the Administrator to resolve issues that could require formal appeal or litigation. Such settlements are often referred to as "audit resolution agreements."

(b) The Administrator may not agree in a settlement to provide indemnification beyond that provided in Section 67-4a- 1408.

(c) The Administrator may agree to reduce or waive interest and penalties as part of a settlement, to the extent permitted by law.

(d) A mutually-agreed upon settlement resolves a specific examination and does not create any precedent on specific legal issues.

(14) Report to holder.

(a) At the conclusion of an examination, unless waived in writing by the Person being examined, the Administrator shall provide to the Person whose records were examined a report that specifies:

(i) the work performed;

(ii) the property types reviewed;

(iii) the methodology of any estimation technique, extrapolation, or statistical sampling used in conducting the examination;

(iv) each calculation showing the value of property determined to be due; and,

(v) the findings of the Person conducting the examination.

History

KEY: adjudicative procedures, state treasurer, unclaimed property
Date of Last Change: January 22, 2020
Notice of Continuation: January 21, 2025
Authorizing, and Implemented or Interpreted Law: 67-4a

Utah Admin. Code R966-1-43 Purpose of Enforcement

(1) State unclaimed property laws are based on a theory of truthful self-reporting by the holders of unclaimed property. Enforcement actions by the administrator are intended to both bring holders subject to enforcement actions into compliance with the Act and to encourage voluntary compliance by other holders. The expectation is that a holder who has been the subject of an enforcement action by the administrator will voluntarily comply with the Act in the future. And, further, a program of enforcement by the administrator will encourage holders to voluntarily comply with the Act in order to avoid being subject to enforcement actions.

(2) Unclaimed property examinations are an essential aspect of unclaimed property compliance. If a holder is reporting correctly under the Act, there should be no determination of liability by the administrator. Administrative rules concerning unclaimed property examinations are found in R966-1-42.

History

KEY: adjudicative procedures, state treasurer, unclaimed property
Date of Last Change: January 22, 2020
Notice of Continuation: January 21, 2025
Authorizing, and Implemented or Interpreted Law: 67-4a

Utah Admin. Code R966-1-44 Verified Report of Property

(1) If a person does not file a report required by Section 67-4a-401 of the Act or the administrator believes that a person may have filed an inaccurate, incomplete, or false report, the administrator may require the person to file a verified report in a form prescribed by the administrator.

(2) The verified report must:

(a) State whether the person is holding property reportable under this Act;

(b) Describe property not previously reported or about which the administrator has inquired;

(d) State the amount or value of the property.

(3) A verified report must otherwise comply with the requirements of Section 67-4a-402 of the Act.

History

KEY: adjudicative procedures, state treasurer, unclaimed property
Date of Last Change: January 22, 2020
Notice of Continuation: January 21, 2025
Authorizing, and Implemented or Interpreted Law: 67-4a

Utah Admin. Code R966-1-45 Administrative Subpoenas

(1) The administrator may issue an administrative subpoena requiring the person or agent of such person to make records available for examination pursuant to Section 67-4a-1002 of the Act.

(2) Prior to issuance, administrative subpoenas shall be reviewed and approved by the administrator's General Counsel or by another employee of the administrator who is an attorney licensed to practice law in Utah designated by the General Counsel.

(3) The administrator may request that the Attorney General bring an action seeking judicial enforcement of a subpoena issued pursuant to the Act on behalf of the administrator.

(4) If a person to whom the administrator issues an administrative subpoena brings an action seeking a judicial order to quash, limit, or otherwise prevent enforcement of such administrative subpoena, then the administrator shall request that the Attorney General represent the administrator in such action.

(5) The administrator may request that the Attorney General appoint a Special Assistant Attorney General to represent the administrator in any action to enforce or defend an administrative subpoena issued pursuant to the Act.

History

KEY: adjudicative procedures, state treasurer, unclaimed property
Date of Last Change: January 22, 2020
Notice of Continuation: January 21, 2025
Authorizing, and Implemented or Interpreted Law: 67-4a

Utah Admin. Code R966-1-46 Determination of Liability

(1) If the administrator determines from an examination conducted under Section 67-4a-1002 the Act that a putative holder failed or refused to pay or deliver to the administrator property which is reportable under this Act, the administrator shall issue a determination of the putative holder's liability to pay or deliver and give notice in a record to the putative holder of the determination.

(2) The administrator may give notice of any interest and civil penalties at the same time that notice of a determination of liability is given.

History

KEY: adjudicative procedures, state treasurer, unclaimed property
Date of Last Change: January 22, 2020
Notice of Continuation: January 21, 2025
Authorizing, and Implemented or Interpreted Law: 67-4a

Utah Admin. Code R966-1-47 Interest and Penalties

(1) Interest on unreported property. A holder that fails to report, pay, or deliver property within the time prescribed by the Act shall subject to the penalties and remedies in Sections 67-4a-12- through 1206 of the Act.

History

KEY: adjudicative procedures, state treasurer, unclaimed property
Date of Last Change: January 22, 2020
Notice of Continuation: January 21, 2025
Authorizing, and Implemented or Interpreted Law: 67-4a

Utah Admin. Code R966-1-48 Waiver of Interest and Penalties

(1) The administrator may waive, in whole or in part, interest under Subsections 67-4a-1206(1) of the Act and penalties under Subsection 67-4a-1206(2).

(a) This authority does not provide for waiver of penalties imposed for willful failure or filing a fraudulent report. However, the imposition of penalties under Section 15-1205 is not mandatory.

(b) The administrator may agree to reduce or waive interest and penalties as part of an audit resolution agreement pursuant to Subsection R966-1-42(13).

(c) Unless the holder willfully failed to report, pay, or deliver property within the time prescribed by the Act, the administrator will waive the payment of interest of less than 3 months.

(2) The administrator shall waive a penalty under Subsection 67-4a-1206(2) if the administrator determines that the holder acted in good faith and without negligence.

(a) Good faith is intended to apply to situations in which the holder has attempted to comply with the Act.

(b) If the holder has failed to file a report, there is a presumption that the holder did not act in good faith and without negligence.

(c) A holder who fails to report, pay, or deliver property within the time prescribed by the Act shall not be required to pay interest or be subject to penalties if the failure to report, pay, or deliver the property was due to the lack of knowledge of the death that established the period of abandonment under the Act.

History

KEY: adjudicative procedures, state treasurer, unclaimed property
Date of Last Change: January 22, 2020
Notice of Continuation: January 21, 2025
Authorizing, and Implemented or Interpreted Law: 67-4a

Utah Admin. Code R966-1-49 Judicial Enforcement

(1) The administrator may commence an action in the district court or in a district court of another state to enforce a final determination of liability and secure payment or delivery of past due, unpaid, or undelivered property.

(2) An action to enforce a final determination of liability must be brought not later than 5 years after the determination becomes final.

(3) If no court in Utah has jurisdiction over the defendant, the administrator may commence an action in any court having jurisdiction over the defendant.

(4) The administrator may request that the Attorney General appoint a Special Assistant Attorney General to represent the administrator in any action to enforce a final determination of liability.

History

KEY: adjudicative procedures, state treasurer, unclaimed property
Date of Last Change: January 22, 2020
Notice of Continuation: January 21, 2025
Authorizing, and Implemented or Interpreted Law: 67-4a

Utah Admin. Code R966-1-50 Action Involving Another State or Foreign Country

(1) The administrator may join another state or foreign country to examine and seek enforcement of this Act against a putative holder.

(2) On request of another state or foreign country, the Attorney General may commence an action on behalf of the other state or country to enforce, in Utah, the law of the other state or country against a putative holder subject to a claim by the other state or country.

(3) The administrator may request the official authorized to enforce the unclaimed property law of another state or foreign country to commence an action to recover property in the other state or country on behalf of the administrator. This state may pay the costs, including reasonable attorney's fees and expenses, incurred by the other state or foreign country in an action under this subsection.

(4) The administrator may pursue an action on behalf of this State to recover property subject to this Act but delivered to the custody of another state if the administrator believes the property is subject to the custody of the administrator.

(5) At the request of the administrator, the Attorney General may commence an action to recover property on behalf of the administrator in Utah, another state, or a foreign country. With the written consent of the Attorney General, the administrator may retain an attorney in Utah, another state, or a foreign country as a special assistant attorney general to recover property on behalf of the administrator in Utah, another state, or a foreign country and may agree to pay attorney's fees based in whole or in part on a fixed fee, hourly fee, or a percentage of the amounts or value of property recovered in the action.

(6) In all actions commenced pursuant to Section 67-4a-1203 of the Act, unless otherwise given permission in writing by the Attorney General, the administrator shall be represented by the Attorney General or a special assistant attorney general appointed by the Attorney General.

(7) Expenses incurred by this State in an action under Section 67-4a-1203 of the Act may be paid from property received under the Act or the net proceeds of the property. Expenses paid to recover property may not be deducted from the amount that is subject to a claim under the Act by the owner.

History

KEY: adjudicative procedures, state treasurer, unclaimed property
Date of Last Change: January 22, 2020
Notice of Continuation: January 21, 2025
Authorizing, and Implemented or Interpreted Law: 67-4a

Utah Admin. Code R966-1-51 Periods of Limitation and Repose

(1) The language of Section 67-4a-610 of the Act comes from Section 19(b) of the 1995 Uniform Unclaimed Property Act promulgated by the Uniform Law Commission. The official comments to the 1995 Uniform Unclaimed Property Act note that this provision parallels the Internal Revenue Code, 26 U.S.C. Subsection 6501(c). The official comments further note that as "the Unclaimed Property Act is based on a theory of truthful self-reporting, a holder which conceals property, willfully or otherwise, cannot expect the protection of the stated limitations period."

(2) Pursuant to Section 67-4a-610(4) of the Act an action or proceeding may not be maintained by the administrator to enforce this Act in regard to the reporting, delivery, or payment of property more than 10 years after the holder specifically identified the property in a report filed with the administrator or gave express notice to the administrator of a dispute regarding the property.

(3) The 10-year period of limitation is tolled:

(a) If the holder did not specifically identify the property in a report filed with the administrator or provide other express notice to the administrator; or

(b) By the filing of a report that is fraudulent.

(4) Notwithstanding the tolling of the 10-year period of limitation because of a failure of a holder to specifically identify property in a report filed with the administrator or provide other express notice to the administrator, the administrator will not maintain an action in regard to the reporting, delivery, or payment of property more than 10 years after such property should have been reported and remitted to the administrator if all of the following apply:

(a) The holder has filed reports with the administrator for the past 10 years;

(b) The holder agrees in writing to file all reports required by the Act, including providing express notice to the administrator of any future disputes concerning the reporting of property;

(c) The total amount of property, excluding any interest or penalties which the administrator could impose under the Act, is less than $2,500 or is otherwise de minimis as reasonably determined by the administrator; and the administrator determines that the holder acted in good faith and without negligence.

History

KEY: adjudicative procedures, state treasurer, unclaimed property
Date of Last Change: January 22, 2020
Notice of Continuation: January 21, 2025
Authorizing, and Implemented or Interpreted Law: 67-4a

Utah Admin. Code R966-1-52 Confidentiality

(1) Information provided in reports filed pursuant to the Act and the database required by Section 67-4a-503 of the Act are specifically exempt from disclosure under Title 63G, Chapter 2, Governmental Records Access and Management Act. The records Officer for the administrator may deny requests for records containing such information as information specifically prohibited from disclosure by federal or State law or rules and regulations implementing federal or State law.

(2) Under the Act "private record" as defined in Title 63G, Chapter 2, Governmental Records Access and Management Act continues to be confidential when disclosed or delivered under the Act to the administrator or administrator's agent.

(a) Private Record.

(i) The records officer for the administrator may deny requests for records containing private information as information specifically prohibited from disclosure by federal or State law or rules and regulations implementing federal or State law; or unless disclosure is specifically required by a different State or federal law or a court order.

History

KEY: adjudicative procedures, state treasurer, unclaimed property
Date of Last Change: January 22, 2020
Notice of Continuation: January 21, 2025
Authorizing, and Implemented or Interpreted Law: 67-4a

Utah Admin. Code R966-1-53 Confidentiality of Records Obtained During Examination

(1) Records obtained and records, including work papers, compiled by the administrator or the administrator's agent in the course of conducting an examination:

(a) Are not public records;

(b) May be used by the administrator in an action to collect property or otherwise enforce the Act;

(c) May be used in a joint examination conducted with another state, the United States, a foreign country or subordinate unit of a foreign country, or any other governmental entity if the governmental entity conducting the examination is legally bound to maintain the confidentiality and security of information obtained from a person subject to examination in a manner substantially equivalent to Section 67-4a-10004(3) of the Act;

(d) May be disclosed, on request, to the person that administers the unclaimed property law of another state for that state's use in circumstances equivalent to circumstances described in Title 67, Chapter 4a, Part 10 of the Act, if the other state is required to maintain the confidentiality and security of information obtained in a manner substantially equivalent to Title 67, Chapter 4a, Part 14 of the Act;

(e) Must be produced by the administrator under an administrative or judicial subpoena or administrative or court order; and

(f) Must be produced by the administrator on request of the person subject to the examination in an administrative or judicial proceeding relating to the property.

(2) Auditors shall not disclose confidential information obtained during an unclaimed property examination to any person other than to the administrator or the administrator's designee and, in the case of a multistate examination, to authorized representatives of a state participating in the examination.

(3) Auditors shall not use confidential information obtained from the person subject to an examination for any purpose other than for purposes of the examination. Auditors shall take reasonable steps to ensure that the confidential information provided by the person subject to an examination is securely maintained.

(4) Auditors must comply with any applicable federal and state laws and regulations pertaining to unauthorized disclosures of confidential information, including Title 63G, Chapter 2, Governmental Records Access and Management Act

History

KEY: adjudicative procedures, state treasurer, unclaimed property
Date of Last Change: January 22, 2020
Notice of Continuation: January 21, 2025
Authorizing, and Implemented or Interpreted Law: 67-4a

Utah Admin. Code R49 — Treasurer

R966 Unclaimed Property

R966-1 Unclaimed Property Act Rules

Utah Admin. Code R966-1-1 Authority

Utah Admin. Code R966-1-2 Definitions

Utah Admin. Code R966-1-3 Purpose

Utah Admin. Code R966-1-4 Tax-Deferred Accounts

Utah Admin. Code R966-1-5 Safe Deposit Boxes

Utah Admin. Code R966-1-6 Stored Value Cards

Utah Admin. Code R966-1-7 Gift Cards

Utah Admin. Code R966-1-8 Payroll Cards

Utah Admin. Code R966-1-9 Merchandise Credits

Utah Admin. Code R966-1-10 Loyalty Cards

Utah Admin. Code R966-1-11 Property Related to Preneed Death Care Contracts

Utah Admin. Code R966-1-12 Reporting Securities

Utah Admin. Code R966-1-13 Deceased Owner

Utah Admin. Code R966-1-14 Apparent Owner Interest

Utah Admin. Code R966-1-15 Anti-Limitations Provision

Utah Admin. Code R966-1-16 Holder Reporting Required

Utah Admin. Code R966-1-17 Report Contents

Utah Admin. Code R966-1-18 Filing Dates

Utah Admin. Code R966-1-19 Early Reporting and Remittance of Property

Utah Admin. Code R966-1-20 Extensions

Utah Admin. Code R966-1-21 Incomplete and Rejected Reports

Utah Admin. Code R966-1-22 Due Diligence Notice by Holder

Utah Admin. Code R966-1-23 Retention of Records by Holder

Utah Admin. Code R966-1-24 Notices by United States Mail

Utah Admin. Code R966-1-25 E-Mail Notices

Utah Admin. Code R966-1-26 Newspaper Notices

Utah Admin. Code R966-1-27 Website

Utah Admin. Code R966-1-28 Tax Return Identification of Apparent Owners

Utah Admin. Code R966-1-29 Updating Apparent Owner Data

Utah Admin. Code R966-1-30 Other Discretionary Means of Providing Notice

Utah Admin. Code R966-1-31 Confidentiality

Utah Admin. Code R966-1-32 Claims

Utah Admin. Code R966-1-33 Burden of Proof

Utah Admin. Code R966-1-34 Filing of Claims

Utah Admin. Code R966-1-35 Tax Return Identification of Apparent Owners

Utah Admin. Code R966-1-36 Crediting Income or Gain to Owner's Account

Utah Admin. Code R966-1-37 Finders

Utah Admin. Code R966-1-38 Property Subject to Recovery by Another State

Utah Admin. Code R966-1-39 Debt Collection Agencies

Utah Admin. Code R966-1-40 Holder Reimbursement

Utah Admin. Code R966-1-41 Securities Sale and Claims

Utah Admin. Code R966-1-42 Examinations

Utah Admin. Code R966-1-43 Purpose of Enforcement

Utah Admin. Code R966-1-44 Verified Report of Property

Utah Admin. Code R966-1-45 Administrative Subpoenas

Utah Admin. Code R966-1-46 Determination of Liability

Utah Admin. Code R966-1-47 Interest and Penalties

Utah Admin. Code R966-1-48 Waiver of Interest and Penalties

Utah Admin. Code R966-1-49 Judicial Enforcement

Utah Admin. Code R966-1-50 Action Involving Another State or Foreign Country

Utah Admin. Code R966-1-51 Periods of Limitation and Repose

Utah Admin. Code R966-1-52 Confidentiality

Utah Admin. Code R966-1-53 Confidentiality of Records Obtained During Examination

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