A. The State Treasurer may make necessary rules and regulations to carry out the provisions of this chapter.

B. If the State Treasurer ascertains that any person has failed to pay or deliver abandoned property in accordance with the provisions of this chapter, he shall issue a written notice to such person demanding remittance of the property and payment of any penalties and interest prescribed by law. Every such notice shall be accompanied by a detailed explanation of the holder’s right to secure an administrative or judicial review. The abandoned property, together with penalties and interest, if any, shall be remitted to the State Treasurer within ninety days from the date notice is received by the holder unless the holder requests (i) an administrative review in accordance with regulations promulgated pursuant to subsection C or (ii) a judicial review in accordance with § 55-210.22.

C. The State Treasurer shall promulgate regulations pursuant to which any person (i) asserting ownership of property remitted to the Commonwealth under this chapter, (ii) required to pay or deliver abandoned property pursuant to this chapter, or (iii) otherwise aggrieved by a decision of the administrator, may file an application for administrative appeal and correction of the administrator’s determination.

D. On receipt of the application as provided in regulations promulgated pursuant to subsection C, or if regulations promulgated thereunder are not in effect, on receipt of an application requesting an administrative review by the State Treasurer, the administrator shall suspend collection activity until a final determination is issued by the State Treasurer, unless the administrator determines that collection would be jeopardized by delay. Interest shall continue to accrue in accordance with the provisions of § 55-210.26:1, but no further penalty shall be imposed while collection activity is suspended. The term “jeopardized by delay” means a finding that the applicant intends to undertake a wrongful act with the intent to prejudice, or to render ineffectual, future proceedings to enforce this chapter.

E. If the State Treasurer is satisfied, by evidence submitted or otherwise, that there has been an erroneous or improper demand for the remittance of property, the State Treasurer shall order that the applicant be exonerated from the remittance of so much as is erroneously or improperly demanded, if not already collected, and, if collected, that it be returned or refunded to the applicant. The State Treasurer shall refrain from collecting a contested charge until he has made a final determination under this section unless he determines that collection may be jeopardized by delay. The term “jeopardized by delay” shall have the meaning set forth in subsection D.

F. Except as otherwise provided in regulations promulgated pursuant to subsection C, the State Treasurer shall issue a written determination to the applicant within ninety days of receipt of an application for correction, unless the applicant and the administrator are notified that a longer period will be required. All determinations of the State Treasurer shall include a written finding of fact and supporting law, and all such determinations shall be publicly reported.

G. Following a determination by the State Treasurer, either the applicant or the administrator may apply (i) in the case of a claim for property by a purported owner, to the appropriate circuit court pursuant to § 55-210.22 and (ii) in the case of a dispute between a holder and the State Treasurer, to the Circuit Court for the City of Richmond, within the time period established in § 55-210.22.

History

1960, c. 330; 2000, cc. 733, 745.