A. Except as otherwise provided in this chapter, the administrator may require any person that has not filed a report to file a verified report stating whether or not the person is holding any unclaimed property reportable or deliverable under this chapter.
B. Except as otherwise provided in this chapter, the administrator may at reasonable times and upon reasonable notice examine the records of any person to determine whether the person has complied with the provisions of this chapter. The administrator may conduct the examination even if the person believes it is not in possession of any property reportable or deliverable under this chapter. The administrator may examine all necessary records to determine the amount, if any, of property that would have been reportable or deliverable under this chapter for the 10 years prior to the fiscal year end preceding the opening of the examination; however, for any holder that has not previously filed any report under this chapter, the administrator may examine property presumed abandoned for report year 1985 and subsequent years.
C. If a holder fails to maintain the records required by § 55.1-2537 and the records of the holder available for the periods subject to this chapter are insufficient to permit the preparation of a report, the holder shall be required to report and pay such amounts as may reasonably be estimated from any available records.
D. The administrator may contract with a person who is not an employee of the Commonwealth to perform an audit or examination under this article; however, with respect to any holder that is domiciled in the Commonwealth or that maintains its principal place of business in the Commonwealth, no such contract shall (i) be on a contingency fee basis or (ii) permit statistical estimation without the consent of the holder.
1960, c. 330, § 55-210.24; 1983, c. 190; 1985, c. 294; 1991, c. 357; 2000, cc. 733, 745; 2019, c. 712.
Structure Code of Virginia
Title 55.1 - Property and Conveyances
Chapter 25 - Virginia Disposition of Unclaimed Property Act
§ 55.1-2501. Property presumed abandoned; general rule
§ 55.1-2502. Taking custody of intangible unclaimed property; general rules
§ 55.1-2503. Bank deposits and funds in financial organizations
§ 55.1-2504. Traveler's checks and money orders
§ 55.1-2506. Contents of safe deposit box or other safekeeping repository
§ 55.1-2507. Funds owing under life insurance policies
§ 55.1-2508. Intangible personal property held by insurance corporation subject to § 55.1-2501
§ 55.1-2509. Unclaimed demutualization proceeds
§ 55.1-2510. Deposits held by utilities
§ 55.1-2511. Intangible interest in business association
§ 55.1-2512. Refunds held by business associations
§ 55.1-2513. Property of business associations held in course of dissolution
§ 55.1-2514. Intangible personal property held in fiduciary capacity
§ 55.1-2515. Gift certificates and credit balances
§ 55.1-2517. Intangible property held for owner by public agency
§ 55.1-2518. Property held by courts
§ 55.1-2519. Responsibilities of general receiver and clerk
§ 55.1-2520. Employee benefit trust distribution
§ 55.1-2521. Holder of tangible or intangible personal property may voluntarily report such property
§ 55.1-2522. Certain property not presumed abandoned in the Commonwealth
§ 55.1-2523. Interstate agreements and cooperation
§ 55.1-2525. Notices to be published by administrator
§ 55.1-2527. Crediting of dividends, interest, or increments to owner's account
§ 55.1-2528. Periods of limitation
§ 55.1-2529. Sale of abandoned property by administrator
§ 55.1-2530. Securities received in name of owner
§ 55.1-2531. Disposition of funds received under chapter; records to be kept by administrator
§ 55.1-2532. Filing claim to property or proceeds of sale of such property
§ 55.1-2533. Consideration of and hearing on claim by administrator; payment; interest
§ 55.1-2534. Judicial review of decision of administrator
§ 55.1-2536. Requests for verified reports and examinations of records
§ 55.1-2537. Retention of records
§ 55.1-2538. Confidentiality of information and records
§ 55.1-2539. Enforcement of chapter
§ 55.1-2540. Interest and penalties
§ 55.1-2541. Determinations; appeal procedures; regulations of administrator
§ 55.1-2542. Agreements to locate reported property; penalty
§ 55.1-2543. Property presumed abandoned or escheated under laws of another state
§ 55.1-2544. Property held or payable pursuant to Title 51.1