67-4a-701 - Examination of records. - Utah Statutes

67-4a-701. Examination of records.
(1) (a) The administrator may examine at reasonable times and upon reasonable notice,the records pertaining to abandoned or unclaimed property of any person, including the recordsof an agent of a business association or financial association, to determine whether the person hascomplied with the provisions of this chapter.
(b) If an examination of the records of a person results in the disclosure of propertyreportable and deliverable under this chapter, and the unreported amount is more than $12,500,the administrator:
(i) may assess the cost of the examination against the holder at the rate of up to $200 aday for each examiner; and
(ii) may not charge more than $5,000 or 10% of the value of the property found to bereportable and deliverable.
(2) If a holder fails to maintain the records required by Part 6, Duties of All Holders, andthe records of the holder available for the periods subject to this act are insufficient to permit thepreparation of a report, the administrator may require the holder to report and pay whateveramounts can be reasonably estimated from any available records.
(3) The administrator may require any person who has not filed a report to file a verifiedreport stating whether or not the person is holding any unclaimed property reportable ordeliverable under this chapter.

Amended by Chapter 18, 2007 General Session