Utah Code 67-4a-1003. Rules for conducting examination

67-4a-1003. Rules for conducting examination.

(1)

Terms Used In Utah Code 67-4a-1003

Administrator: means the deputy state treasurer assigned by the state treasurer. See Utah Code 67-4a-102
Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
Person: means :

(a)	an individual;

(b)	an estate;

(c)	a business association;

(d)	a public corporation;

(e)	a government entity;

(f)	an agency;

(g)

a trust;

(h)	an instrumentality; or

(i)

any other legal or commercial entity. See Utah Code 67-4a-102

Property: includes :

(i)	all income from or increments to the property;

(ii)

property referred to as or evidenced by:

(A)	money, virtual currency, interest, or a dividend, check, draft, or deposit;

(B)	a credit balance, customer's overpayment, stored-value card, payroll card, security deposit, refund, credit memorandum, unpaid wage, unused ticket for which the issuer has an obligation to provide a refund, mineral proceeds, or unidentified remittance; and

(C)

a security except for:

(I)	a worthless security; or

(II)	a security that is subject to a lien, legal hold, or restriction evidenced on the records of the holder or imposed by operation of law, if the lien, legal hold, or restriction restricts the holder's or owner's ability to receive, transfer, sell, or otherwise negotiate the security;

(iii)

a bond, debenture, note, or other evidence of indebtedness;

(iv)	money deposited to redeem a security, make a distribution, or pay a dividend;

(v)	an amount due and payable under an annuity contract or insurance policy;

(vi)	an amount distributable from a trust or custodial fund established under a plan to provide health, welfare, pension, vacation, severance, retirement, death, stock purchase, profit-sharing, employee-savings, supplemental-unemployment insurance, or a similar benefit; and

(vii)

an amount held under a preneed funeral or burial contract, other than a contract for burial rights or opening and closing services, where the contract has not been serviced following the death or the presumed death of the beneficiary. See Utah Code 67-4a-102

Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Utah Code 67-4a-102

(a)

The administrator may adopt rules governing procedures and standards for an examination under Section 67-4a-1002.

(b)	The rules may reference any standards concerning unclaimed property examinations promulgated by the National Association of Unclaimed Property Administrators.

(2)	An examination under Section 67-4a-1002 shall be performed under rules adopted under Subsection (1).

(3)

If a person subject to examination under Section 67-4a-1002 has filed the reports required under Section 67-4a-401 and Section 67-4a-1001 and has retained the records required by Section 67-4a-404, the following rules apply:

(a)	the examination shall include a review of the person’s records;

(b)	the examination may not be based on an estimate unless the person expressly consents in a record to the use of an estimate; and

(c)	the person conducting the examination shall consider the evidence presented in good faith by the person in preparing the findings of the examination under Section 67-4a-1007.

Enacted by Chapter 371, 2017 General Session

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