(a)  The administrator may require any person who has not filed a report to file a verified report stating whether or not the person is holding any unclaimed property reportable or deliverable under this chapter.

Terms Used In Rhode Island General Laws 33-21.1-30

  • Administrator: means the general treasurer or his or her designee, including agents hired for the express purpose of auditing, assessing and collecting unclaimed property. See Rhode Island General Laws 33-21.1-1
  • Business association: means a public corporation, a non-public corporation, joint stock company, investment company, business trust, partnership, or association for business purposes of two (2) or more individuals, whether or not for profit, including a banking organization, financial organization, insurance company, or utility, but not including hospitals, private, nonprofit institutions of higher education, and other domestic charitable corporations as those terms are defined in this section. See Rhode Island General Laws 33-21.1-1
  • Holder: means a person, wherever organized or domiciled, who is:

    (i)  In possession of property belonging to another,

    (ii)  A trustee, or

    (iii)  Indebted to another on an obligation. See Rhode Island General Laws 33-21.1-1

  • Person: means an individual, business association, state or other government, governmental subdivision or agency, public corporation, public authority, estate, trust, two (2) or more persons having a joint or common interest, or any other legal or commercial entity. See Rhode Island General Laws 33-21.1-1

(b)  The administrator, at reasonable times and upon reasonable notice, may examine the records of any person to determine whether the person has complied with the provisions of this chapter. The administrator may conduct the examination even if the person believes he or she is not in possession of any property reportable or deliverable under this chapter.

(c)  If a person is treated under § 33-21.1-12 as the holder of the property only insofar as the interest of the business association in the property is concerned, the administrator, pursuant to subsection (b), may examine the records of the person if the administrator has given the notice required by subsection (b) to both the person and the business association at least ninety (90) days before the examination.

(d)  If an examination of the records of a person results in the disclosure of property reportable and deliverable under this chapter, the administrator may assess the cost of the examination against the holder at the rate of one hundred dollars ($100) a day for each examiner, but in no case may the charges exceed the value of the property found to be reportable and deliverable. The cost of examination made pursuant to subsection (c) may be imposed only against the business association.

(e)  If a holder fails after July 1, 1987 to maintain the records required by § 33-21.1-31 and the records of the holder available for the periods subject to this chapter are insufficient to permit the preparation of a report, the administrator may require the holder to report and pay any amounts as may reasonably be estimated from any available records.

History of Section.
P.L. 1986, ch. 500, § 3.