Overview

Overview. The Treasurer may at reasonable times examine the records of any person to determine if such person has complied with the provisions of the Act. The Treasurer may designate the Commissioner of Banking and Consumer Finance, Commissioner of Insurance, or other appropriate regulatory authority to examine the records of institutions of regulated industries to determine if such institutions have complied with the provisions of the Act. The Treasurer also may contract with any other qualified person to carry out the examination. A. The process for unclaimed property examinations carried out by another state agency on behalf of the Treasurer shall be consistent with such agency’s standard audit policies and procedures. B. Holders shall maintain records containing the information required to be included in the holder report for a minimum of SEVEN (7) years after the date of the holder’s report. C. In the case of a holder that has met the annual reporting requirement of the Act, but where the holder does not meet the records retention requirements prescribed herein, the Treasurer, or her agent, may employ such estimation techniques in the conduct of the audit as are customary and reasonable in the area of regulatory compliance and enforcement to fairly and accurately estimate the liability for property category types that may not have been reported or fully reported by the holder.