Examination Findings

Examination Findings. A. Upon completion of the examination process, the Treasurer, or her agent, will provide to the holder a draft report and letter of demand, if necessary. The holder will review such drafts and have a reasonable opportunity to resolve any issues or concerns the holder has with the examination findings. B. The Treasurer, or her agent, will then schedule an exit conference with the holder during which time the holder will be presented with the final report. The final report shall detail the results of the examination and shall be accompanied by a letter of demand, if necessary. The letter of demand will express to the holder the terms and conditions under which any previously unreported property is required to be reported and submitted to the Division. C. The letter of demand shall outline the holder’s right to protest any findings or demands resulting from the examination. If the holder does not file a written protest in accordance with the Act, and this regulation, the examination findings, without further action of the Treasurer, will be presumed valid, and the holder shall immediately transmit to the Treasurer the demandable property as set out in the demand notice. If any person refuses to deliver property to the Treasurer as required under the provisions of the Act, and this regulation, the Treasurer shall bring an action in a court of appropriate jurisdiction to enforce such delivery. D. If, in connection with an examination, property which should have been reported pursuant to the provisions of the Act is discovered: 1. The holder shall pay a per diem rate equal to the cost of conducting the examination at the standard daily rate for each examiner, or a greater amount that is reasonable and was incurred; in addition, the holder may also incur penalties and interest pursuant to the provisions of Act. 2. If the holder had previously submitted a report to the Division, the holder shall submit an amended report including documentation of the reason for the amendment(s). Documentation accompanying the amended report shall include but not limited to support for the following: a. Change of owner name; b. Change of owner last known address; c. Change of date of last transaction; d. Change of legal description of property; or e. Change in original amount reported. 3. The Treasurer may, at her discretion, waive the per diem, interest or penalties provided by the Act and by Rule 5.4 D.1. if a holder has failed to remit unclaimed property due to misinterpretation of the law or the facts, or if a holder is unable to pay interest or penalty due to insolvency. E. An examination shall be deemed closed when all: 1. Property identified as unclaimed property in the final report is remitted to the Division in the reporting format prescribed by the Act and this regulation; 2. Penalties assessed as a result of the examination findings, in accordance with the Act are remitted to the Division; and 3. Adjustments made by the holder during the review period are confirmed by the Treasurer or her agent.