Administrative Code

Virginia Administrative Code
10/4/2022

Chapter 40. Unclaimed Property Administrative Review Process

1VAC75-40-10. Definitions.

The following words and terms when used in this chapter shall have the following meanings unless the context clearly indicates otherwise.

"Abandoned property" means funds or other property, tangible or intangible, presumed abandoned under the act.

"Act" refers to the Virginia Disposition of Unclaimed Property Act, Chapter 25 (§ 55.1-2500 et seq.) of Title 55.1 of the Code of Virginia.

"Administrator" means the State Treasurer or the State Treasurer's designee.

"Applicant" means any person (i) asserting ownership of property remitted to the Commonwealth under the Virginia Disposition of Unclaimed Property Act, (ii) required to pay or deliver abandoned property pursuant to the Virginia Disposition of Unclaimed Property Act, or (iii) otherwise aggrieved by a decision of the administrator.

"Division of Unclaimed Property" means the Division in the Department of the Treasury of the Commonwealth responsible for administration of the Virginia Disposition of Unclaimed Property Act.

"Holder" means a person, wherever organized or domiciled, who is (i) in possession of property belonging to another, (ii) a trustee in case of a trust, or (iii) indebted to another on an obligation.

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.

1VAC75-40-20. Administrator to give written notice to any person asserting ownership of property when payment denied.

The administrator will issue a denial of payment letter to any person asserting ownership of property remitted to the Commonwealth under the act where it is determined that the evidence submitted does not provide sufficient proof of ownership.

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.

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.

1VAC75-40-40. Request for administrative review.

Any person aggrieved by a decision of the administrator may file a request for administrative review and correction of the administrator's determination.

1. Any person asserting ownership of property remitted to the Commonwealth receiving a denial of payment letter from the administrator may file an application for administrative review within 90 days from the date the notice is received by such person.

2. Any person receiving a written notice from the administrator demanding the remittance of property and the payment of penalties and interest, if any, may file an application for administrative review within 90 days after receipt by the holder of the written notice.

3. Any person otherwise aggrieved by a decision of the administrator may file an application for administrative review within 90 days from the date the written notice is received by such person.

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.

1VAC75-40-50. Submission of request for administrative review.

All requests for an administrative review are required to be submitted in writing and accompanied by the documentation to support the review or an explanation as to why such supporting documentation is not available. No request shall be denied solely on the basis that no supporting documentation is available or that additional documentation may be desirable. Failure to submit the request within the prescribed time period will bar administrative but not judicial review of the matter.

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.

1VAC75-40-60. Administrative review process steps.

A. The request must be submitted to the administrator as agent for the State Treasurer within the prescribed time period.

B. The administrator will contact the applicant to schedule the administrative review meeting within 30 calendar days of the receipt of the request.

C. The administrative review will be held at the Department of the Treasury at an agreed upon time during the next 30 calendar days or at such later time as is mutually agreed upon by the applicant and the administrator. Prior to the review meeting, the applicant shall present any additional evidence and pertinent information supporting the basis for the request.

D. The review panel for the Department of the Treasury will consist of the State Treasurer or designee, the Director of Unclaimed Property or designee, and a representative from the Office of the Attorney General. A representative from the Division of Unclaimed Property Audit or Claims area may also participate in the administrative review meeting. The applicant may be assisted at the review meeting by his agent or by legal counsel, or both.

E. During the administrative review meeting, the applicant will have an opportunity to explain his reason for requesting a correction. Members of the State Treasurer's review panel may ask questions to clarify their understanding of the issues. There will be no examination or cross-examination of any of those present at the meeting. The Division of Unclaimed Property (Division) shall allow the applicant to make an audio recording of the administrative review meeting at the applicant's expense and using the applicant's equipment.

F. The State Treasurer's review panel has the ability to approve claims, correct errors and amend or withdraw any denial of payment letter or other written notice from the administrator or State Treasurer.

G. Based on the evidence and additional information presented during the review meeting, the State Treasurer will issue a written determination to the applicant within 90 days of the receipt of the request. The State Treasurer will notify the applicant and the administrator if a longer period is required. The State Treasurer's written determination will also advise the applicant of his right to seek judicial review pursuant to § 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.

1VAC75-40-9998. (Repealed.)

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