SEARCH SITE
VIRGINIA LAW PORTAL
- Code of Virginia
- Virginia Administrative Code
- Constitution of Virginia
- Charters
- Authorities
- Compacts
- Uncodified Acts
- RIS Users (account required)
SEARCHABLE DATABASES
- Bills & Resolutions
session legislation - Bill Summaries
session summaries - Reports to the General Assembly
House and Senate documents - Legislative Liaisons
State agency contacts
ACROSS SESSIONS
- Subject Index: Since 1995
- Bills & Resolutions: Since 1994
- Summaries: Since 1994
Developed and maintained by the Division of Legislative Automated Systems.
1996 SESSION
962080483Patrons-- Wardrup, Croshaw, Drake, Dudley, Fisher, Katzen, Landes, McClure, Parrish, Sherwood, Wagner and Way; Senators: Newman, Quayle, Schrock and Stolle
Be it enacted by the General Assembly of Virginia:
1. That §§ 55-210.24 and 55-210.24:1 of the Code of Virginia are amended and reenacted as follows:
§ 55-210.24. Requests for verified reports and examinations of records.
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.
B. The administrator may at reasonable times and upon reasonable notice examine the records of any person to determine whether the person has complied with the provisions of this chapter. The administrator shall conduct the examination within five years after the end of the person's tax year in which the report required under subsection A was made. The administrator may conduct the examination even if the person believes it is not in possession of any property reportable or deliverable under this chapter.
C. If a holder fails to maintain the records required by § 55-210.24:1 and the records of the holder available for the periods subject to this chapter are insufficient to permit the preparation of a report, the holder shall be required to report and pay such amounts as may reasonably be estimated from any available records.
§ 55-210.24:1. Retention of records.
A. Every financial institution, banking organization and every business
association with annual sales of at least ten million dollars and all other
holders required to file a report under § 55-210.12, shall retain all
books, records and documents necessary to establish the accuracy and compliance
of such report for ten five years after the end of
the tax year in which the property becomes reportable, except to the
extent that shorter time is provided in accordance with the Virginia Public
Records Act (§ 42.1-76 et seq.), or in subsection B of this section or by
rule of the administrator. As to any property for which it has obtained the
last known address of the owner, the holder shall maintain a record of the name
and last known address of the owner for the same
tenfive-year period.
B. Any business association that sells in this Commonwealth its travelers checks, money orders, or other similar written instruments, other than third-party bank checks on which the business association is directly liable, or that provides such instruments to others for sale in this Commonwealth, shall maintain a record of those instruments while they remain outstanding, indicating the state and date of issue for three years after the date the property is reportable.