44-336

44-336. Private holder rulings; request;
revocation or modification; definition

A. The department may issue private holder rulings to unclaimed property holders
and potential unclaimed property holders on request. Each request shall be in writing and
shall:

1. State the name, address and, if applicable, identifying number of the holder or
potential holder who requests the ruling.

2. Describe all facts that are relevant to the requested ruling.

3. State whether, to the best knowledge of the holder or potential holder, the
issue or related issues are being considered by the department in connection with an
active audit, protest or appeal that involves the holder or potential holder and whether
the same request has been or is being submitted to another governmental authority for a
ruling.

4. Be signed by the holder or potential holder who makes the request or by an
authorized representative of the holder or potential holder.

B. A private holder ruling may be revoked or modified by either:

1. A change or clarification in the law that was applicable at the time the ruling
was issued, including changes or clarifications caused by legislation, adopted
administrative rules and court decisions.

2. Actual written notice by the department to the last known address of the holder
or potential holder of the revocation or modification of the private holder ruling.

C. With respect to the holder or prospective holder to whom the private holder
ruling was issued, the revocation or modification of a private holder ruling shall not be
applied retroactively to unclaimed property periods or years before the effective date of
the revocation or modification, and the department shall not demand any penalty or
interest attributable to erroneous advice that it furnished to the holder or potential
holder in the private holder ruling if:

1. The holder reasonably relied on the private holder ruling.

2. The penalty or interest did not result either from a failure by the holder to
provide adequate or accurate information or from a change in the information.

D. A private holder ruling shall not be relied on, cited or introduced into
evidence in any proceeding by a holder other than the holder who has received the private
holder ruling.

E. A holder may apply for an administrative hearing to determine the propriety of a
retroactive application of a revoked or modified private holder ruling by filing a
written petition with the department pursuant to title 41, chapter 6, article 10 within
forty-five days after receiving written notice of the department's intent to
retroactively apply a revoked or modified private holder ruling.

F. A private holder ruling constitutes the department's interpretation of the law
or rules only as they apply to the holder making, and the particular facts contained in,
the request.

G. A private holder ruling may be issued only if no unclaimed property liability
has accrued with respect to the transactions, events or facts contained in the request.
The department may issue a private holder ruling addressing a holder's ongoing business
activities, except that the ruling applies only to transactions that occur or unclaimed
property liabilities that accrue from and after the date the holder receives the ruling.

H. The department shall attempt to issue private holder rulings within forty-five
days after receiving the written request and on receiving the facts that are relevant to
the ruling. If the ruling is expected to be delayed, the department shall notify the
requestor of the delay and the proposed date of issuance.

I. Within thirty days after being issued, the department shall maintain the private
holder ruling as a public record and make it available at a reasonable cost for public
inspection and copying. The text of private holder rulings is open to public inspection
subject to the confidentiality requirements prescribed by title 42, chapter 2, article 1.

J. For purposes of this section, "private holder ruling" means a written
determination by the department issued on or after January 1, 2001 that interprets and
applies one or more statutes contained in this title and any applicable administrative
rules that the department has adopted to the specific prospective facts described in the
request for a private holder ruling.