Administrator: means the deputy state treasurer assigned by the state treasurer. See Utah Code 67-4a-102
Contract: A legal written agreement that becomes binding when signed.
Holder: means a person obligated to hold for the account of, or to deliver or pay to, the owner property subject to this chapter. 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)
A holder of property presumed abandoned and subject to the custody of the administrator shall report in a record to the administrator concerning the property.
(b)
A holder shall report via the Internet in a format approved by the administrator, unless the administrator gives a holder specific permission to file a paper report.
(2)
A holder may contract with a third party to make the report required under Subsection (1).
(3)
Whether or not a holder contracts with a third party under Subsection (2), the holder is responsible:
(a)
to the administrator for the complete, accurate, and timely reporting of property presumed abandoned; and
(b)
for paying or delivering to the administrator property described in the report.
Repealed and Re-enacted by Chapter 371, 2017 General Session
