Verified Report of Property; Examination of Records

V.S.A. tit. 27, ch. 18, subch. 10

in effect

27 V.S.A. § 1561 Verified report of property

1561. Verified report of property If a person does not file a report required by section 1491 of this title 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. The verified report must: (1) state whether the person is holding property reportable under this chapter; (2) describe property not previously reported or about which the Administrator has inquired; (3) specifically identify property described under subdivision (2) of this section about which there is a dispute whether it is reportable under this chapter; and (4) state the amount or value of the property. Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.

27 V.S.A. § 1562 Examination of records to determine compliance

1562. Examination of records to determine compliance The Administrator, at reasonable times and on reasonable notice, may: (1) examine the records of a person, including examination of appropriate records in the possession of an agent of the person under examination, if the records are reasonably necessary to determine whether the person has complied with this chapter; (2) issue an administrative subpoena requiring the person or agent of the person to make records available for examination; and (3) bring an action seeking judicial enforcement of the subpoena. Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.

27 V.S.A. § 1563 Rules for conducting examination

1563. Rules for conducting examination (a) The Administrator shall adopt rules governing procedures and standards for an examination under section 1562 of this title, including rules for use of an estimation, extrapolation, and statistical sampling in conducting an examination. (b) An examination under section 1562 of this title must be performed under rules adopted under subsection (a) of this section and with generally accepted examination practices and standards applicable to an unclaimed-property examination. (c) If a person subject to examination under section 1562 of this title has filed the reports required under sections 1491 and 1561 of this title and has retained the records required by section 1494 of this title, the following rules apply: (1) The examination must include a review of the person’s records. (2) The examination may not be based on an estimate unless the person expressly consents in a record to the use of an estimate. (3) The person conducting the examination shall consider the evidence presented in good faith by the person in preparing the findings of the examination under section 1567 of this title. Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.

27 V.S.A. § 1564 Records obtained in examination

1564. Records obtained in examination Records obtained and records, including work papers, compiled by the Administrator in the course of conducting an examination under section 1562 of this title: (1) are subject to the confidentiality and security provisions of subchapter 14 of this chapter and are not public records; (2) may be used by the Administrator in an action to collect property or otherwise enforce this chapter; (3) 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 subchapter 14 of this chapter; (4) must 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 this subchapter, if the other state is required to maintain the confidentiality and security of information obtained in a manner substantially equivalent to subchapter 14 of this chapter; (5) must be produced by the Administrator under an administrative or judicial subpoena or administrative or court order; and (6) 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. Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.

27 V.S.A. § 1565 Evidence of unpaid debt or undischarged obligation

1565. Evidence of unpaid debt or undischarged obligation (a) A record of a putative holder showing an unpaid debt or undischarged obligation is prima facie evidence of the debt or obligation. (b) A putative holder may establish by a preponderance of the evidence that there is no unpaid debt or undischarged obligation for a debt or obligation described in subsection (a) of this section or that the debt or obligation was not, or no longer is, a fixed and certain obligation of the putative holder. (c) A putative holder may overcome prima facie evidence under subsection (a) of this section by establishing by a preponderance of the evidence that a check, draft, or similar instrument was: (1) issued as an unaccepted offer in settlement of an unliquidated amount; (2) issued but later was replaced with another instrument because the earlier instrument was lost or contained an error that was corrected; (3) issued to a party affiliated with the issuer; (4) paid, satisfied, or discharged; (5) issued in error; (6) issued without consideration; (7) issued but there was a failure of consideration; (8) voided not later than 90 days after issuance for a valid business reason set forth in a contemporaneous record; or (9) 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, a putative holder may present evidence of a course of dealing between the putative holder and the apparent owner or of custom and practice. Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.

27 V.S.A. § 1566 Failure of person examined to retain records

1566. Failure of person examined to retain records If a person subject to examination under section 1562 of this title does not retain the records required by section 1494 of this title, 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 adopted under subsection 1563(a) of this title and in accord with subsection 1563(b) of this title. Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.

27 V.S.A. § 1567 Report to person whose records were examined

1567. Report to person whose records were examined (a) At the conclusion of an examination under section 1002 of this title, the Administrator shall provide to the person whose records were examined a complete and unredacted examination report that specifies: (1) the work performed; (2) the property types reviewed; (3) the methodology of any estimation technique, extrapolation, or statistical sampling used in conducting the examination; (4) each calculation showing the value of property determined to be due; and (5) the findings of the person conducting the examination. (b) If an examination of the records of a person results in the disclosure of property reportable under this chapter, the Administrator may assess the cost of the examination against the holder at the rate of $200.00 per day for each examiner, or a greater amount that is reasonable and was incurred, but the assessment may not exceed the value of the property found to be reportable. Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.

27 V.S.A. § 1568 Complaint to Administrator about conduct of person conducting examination

1568. Complaint to Administrator about conduct of person conducting examination (a) If a person subject to examination under section 1562 of this title believes the person conducting the examination has made an unreasonable or unauthorized request or is not proceeding expeditiously to complete the examination, the person in a record may ask the Administrator to intervene and take appropriate remedial action, including countermanding the request of the person conducting the examination, imposing a time limit for completion of the examination, or reassigning the examination to another person. (b) If a person in a record requests a conference with the Administrator to present matters that are the basis of a request under subsection (a) of this section, the Administrator shall hold the conference not later than 30 days after receiving the request. The Administrator may hold the conference in person, by telephone, or by electronic means. (c) If a conference is held under subsection (b) of this section, not later than 30 days after the conference ends, the Administrator shall provide a report in a record of the conference to the person that requested the conference. Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.

27 V.S.A. § 1569 Administrator’s contract with another to conduct examination

1569. Administrator’s contract with another to conduct examination (a) As used in this section, “related to the Administrator” refers to an individual who is: (1) the Administrator’s spouse, partner in a civil union, domestic partner, or reciprocal beneficiary; (2) the Administrator’s child, stepchild, grandchild, parent, stepparent, sibling, stepsibling, halfsibling, aunt, uncle, niece, or nephew; (3) a spouse, partner in a civil union, domestic partner, or reciprocal beneficiary of an individual under subdivision (2) of this subsection; or (4) any individual residing in the Administrator’s household. (b) The Administrator may contract with a person to conduct an examination under this subchapter. The contract may be awarded only under contracting policies and standards approved by the Vermont Secretary of Administration. (c) If the person with which the Administrator contracts under subsection (b) of this section is: (1) an individual, the individual may not be related to the Administrator; or (2) a business entity, the entity may not be owned in whole or in part by the Administrator or an individual related to the Administrator. (d) At least 60 days before assigning a person under contract with the Administrator under subsection (b) of this section to conduct an examination, the Administrator shall demand in a record that the person to be examined submit a report and deliver property that is previously unreported. (e) If the Administrator contracts with a person under subsection (b) of this section: (1) the contract may provide for compensation of the person based on a fixed fee, hourly fee, or contingent fee; (2) a contingent fee arrangement may not provide for a payment that exceeds 10 percent of the amount or value of property paid or delivered as a result of the examination; and (3) on request by a person subject to examination by a contractor, the Administrator shall deliver to the person a complete and unredacted copy of the contract and any contract between the contractor and a person employed or engaged by the contractor to conduct the examination. Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.

27 V.S.A. § 1570 Limit on future employment

1570. Limit on future employment The Administrator or an individual employed by the Administrator who participates in, recommends, or approves the award of a contract under subsection 1569(b) of this title on or after January 1, 2021, may not be employed by, contracted with, or compensated in any capacity by the contractor or an affiliate of the contractor for one year after the latest of participation in, recommendation of, or approval of the award or conclusion of the contract. Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.

27 V.S.A. § 1571 Report by Administrator to General Assembly

1571. Report by Administrator to General Assembly Not later than January 15 of each year, the Administrator shall compile and submit a report to the General Assembly. The report must contain the following information about property presumed abandoned for the preceding fiscal year for the State: (1) the total amount and value of all property paid or delivered under this chapter to the Administrator, separated into: (A) the part voluntarily paid or delivered; and (B) the part paid or delivered as a result of an examination under section 1002 of this title, separated into the part recovered as a result of an examination conducted by: (i) a State employee; and (ii) a contractor under section 1569 of this title; (2) the name of and amount paid to each contractor under section 1569 of this title and the percentage the total compensation paid to all contractors under section 1569 of this title bears to the total amount paid or delivered to the Administrator as a result of all examinations performed under section 1569 of this title; (3) the total amount and value of all property paid or delivered by the Administrator to persons that made claims for property held by the Administrator under this chapter and the percentage the total payments made and value of property delivered to claimants bears to the total amounts paid and value delivered to the Administrator; and (4) the total amount of claims made by persons claiming to be owners that: (A) were denied; (B) were allowed; and (C) are pending. Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.

27 V.S.A. § 1572 Determination of liability for unreported reportable property

1572. Determination of liability for unreported reportable property If the Administrator determines from an examination conducted under section 1562 of this title that a putative holder failed or refused to pay or deliver to the Administrator property that is reportable under this chapter, 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. Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.

Source: Vermont General Assembly (legislature.vermont.gov)URL: https://legislature.vermont.gov/statutes/chapter/27/018Fetched: 10/21/2026