[§523A-20]  Requests for reports and
examination of records.  (a)  The administrator may require a person who
has not filed a report, or a person who the administrator believes has filed an
inaccurate, incomplete, or false report, to file a verified report in a form
specified by the administrator.  The report shall state whether the person is
holding property reportable under this part, describe property not previously
reported or as to which the administrator has made inquiry, and specifically
identify and state the amounts of property that may be in issue.



(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 this part.  The administrator may conduct
the examination even if the person believes it is not in possession of any
property that must be reported, paid, or delivered under this part.  The
administrator may contract with any other person to conduct the examination on
behalf of the administrator.



(c)  The administrator at reasonable times may
examine the records of an agent, including a dividend disbursing agent or
transfer agent, of a business association or financial [organization] that is
the holder of property presumed abandoned if the administrator has given the
notice required by subsection (b) to both the association or organization and
the agent at least ninety days before the examination.



(d)  Documents and working papers obtained or
compiled by the administrator, or the administrator's agents, employees, or
designated representatives, in the course of conducting an examination are
confidential and are not public records; provided that the documents and papers
may be:



(1)  Used by the administrator in the course of an
action to collect unclaimed property or otherwise enforce this part;



(2)  Used in joint examinations conducted with or
pursuant to an agreement with another state, the federal government, or any
other governmental subdivision, agency, or instrumentality;



(3)  Produced pursuant to subpoena or court order; or



(4)  Disclosed to the abandoned property office of
another state for that state's use in circumstances equivalent to those
described in this subsection, if the other state is bound to keep the documents
and papers confidential.



(e)  If an examination of the records of a
person results in the disclosure of property reportable under this part, the
administrator may assess the cost of the examination against the holder at the
rate of $200 a day for each examiner, or a greater amount that is reasonable
and was incurred, but the assessment may not exceed the value of the property
found to be reportable.  The cost of an examination made pursuant to subsection
(c) may be assessed only against the business association or financial organization.



(f)  If, after July 1, 2009, a holder does not
maintain the records required by section 523A-21 and the records of the holder
available for the periods subject to this part are insufficient to permit the
preparation of a report, the administrator may require the holder to report and
pay to the administrator the amount the administrator reasonably estimates, on
the basis of any available records of the holder or by any other reasonable
method of estimation, should have been but was not reported. [L 2008, c 55, pt
of §1]



 



Revision Note



 



  "July 1, 2009" substituted for "the effective
date of this chapter".