2006 Code of Virginia § 55-210.21 - Consideration of and hearing on claim by State Treasurer; payment; interest

55-210.21. Consideration of and hearing on claim by State Treasurer;payment; interest.

A. The State Treasurer shall consider any claim for property held by theState Treasurer pursuant to the provisions of this chapter that is filedunder this chapter and may hold a hearing and receive evidence concerningsuch claim. If a hearing is held, he shall prepare a finding and a decisionin writing on each claim filed, stating the substance of any evidence heardby him and the reasons for his decision. The decision shall be a publicrecord.

B. If the claim is allowed, the State Treasurer shall make payment forthwith.The State Treasurer is authorized to deduct from the claim the costs fornotices, sales, and other related incurred expenses.

C. The State Treasurer shall add interest at the rate of five percent or suchlesser rate as the property earned while in the possession of the holder,compounded annually, to the amount of any claim paid to the owner, if theproperty claimed was interest-bearing to the owner while in the possession ofthe holder. If holder fails to report an applicable rate of interest, theinterest rate will be set at five percent or such lesser rate as determinedby the one-year Treasury Constant Maturity Rate as published by the Board ofGovernors of the Federal Reserve System as of November 1 of the report year.Such interest shall begin to accumulate on the date the property is deliveredto the State Treasurer and shall cease on the date on which payment is madeto the owner. No interest shall be payable for any period prior to July 1,1981.

(1960, c. 330; 1981, c. 47; 2000, cc. 733, 745; 2004, c. 523; 2005, c. 118.)