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Virginia Administrative Code
Title 1. Administration
Agency 75. Department of The Treasury
Chapter 40. Unclaimed Property Administrative Review Process
11/21/2024

1VAC75-40-30. Administrator to give written notice for failure to pay or deliver abandoned property.

The administrator shall issue a written notice to any person who the administrator ascertains has failed to pay or deliver abandoned property. The notice will demand the remittance of the property and payment of any penalties and interest. The notice will be accompanied by a detailed explanation of the person's right to administrative or judicial review. The notice will require the holder to remit the demanded property, plus penalties and interest, if any, to the administrator within 90 days from the date the notice is received by the holder unless the holder requests (i) an administrative review in accordance with this regulation, or (ii) a judicial review in accordance with § 55.1-2534 of the Code of Virginia.

Statutory Authority

§ 55.1-2541 of the Code of Virginia.

Historical Notes

Derived from Virginia Register Volume 20, Issue 25, eff. September 22, 2004; amended, Virginia Register Volume 38, Issue 11, eff. March 3, 2022.

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