Delaware Code Title 12 Sec. 1178 – State Escheator’s contract with another to conduct compliance review …
(a) The State Escheator may contract with a person to conduct compliance reviews and examinations in accordance with this chapter but no such person shall be assigned more than 50% of the number of all such compliance reviews and examinations undertaken subsequent to January 1, 2015.
Terms Used In Delaware Code Title 12 Sec. 1178
- Audit Manager: means the Abandoned Property Audit Manager of the Delaware Department of Finance. See Delaware Code Title 12 Sec. 1130
- Contract: A legal written agreement that becomes binding when signed.
- Person: means an individual; estate; business association; public corporation; government or governmental subdivision, agency, or instrumentality; or other legal entity. See Delaware Code Title 12 Sec. 1130
- Property: means tangible property described in § 1134 of this title or a fixed and certain interest in intangible property held, issued, or owed in the course of a holder's business or by a government, governmental subdivision, agency, or instrumentality. See Delaware Code Title 12 Sec. 1130
- State: means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Delaware Code Title 12 Sec. 1130
- State Escheator: means the person responsible for the administration and enforcement of this chapter, as established by § 1102 of this title and § 363 of Title 30. See Delaware Code Title 12 Sec. 1130
(b) Notwithstanding any other provision of this Code, every contract between the State and a person conducting examinations and providing any unclaimed property examination or consulting services must meet all of the following:
(1) Be for a term of no more than 5 years.
(2) Provide for payment exclusively on an hourly basis for all compliance reviews and examinations of holders incorporated in Delaware, except for compliance reviews and examinations of customer accounts or policies for securities accounts and life insurance policies.
(3) Require compliance with any state-approved nondisclosure agreement and nonsolicitation provisions.
(4) Provide that the person may not hire, retain, or compensate in any way any employee of the Department of Finance who functions in a senior supervisory role related to unclaimed property, including the Secretary of Finance, a Deputy Secretary of Finance, the State Escheator, Assistant Director of Enforcement, or Audit Manager, for a period of 2 years from the time such employee leaves the employ of the Department of Finance.