2006 Code of Virginia § 55-210.27 - Determinations; appeal procedures; rules and regulations of State Treasurer

55-210.27. Determinations; appeal procedures; rules and regulations ofState Treasurer.

A. The State Treasurer may make necessary rules and regulations to carry outthe provisions of this chapter.

B. If the State Treasurer ascertains that any person has failed to pay ordeliver abandoned property in accordance with the provisions of this chapter,he shall issue a written notice to such person demanding remittance of theproperty and payment of any penalties and interest prescribed by law. Everysuch notice shall be accompanied by a detailed explanation of the holder'sright to secure an administrative or judicial review. The abandoned property,together with penalties and interest, if any, shall be remitted to the StateTreasurer within ninety days from the date notice is received by the holderunless the holder requests (i) an administrative review in accordance withregulations promulgated pursuant to subsection C or (ii) a judicial review inaccordance with 55-210.22.

C. The State Treasurer shall promulgate regulations pursuant to which anyperson (i) asserting ownership of property remitted to the Commonwealth underthis chapter, (ii) required to pay or deliver abandoned property pursuant tothis chapter, or (iii) otherwise aggrieved by a decision of theadministrator, may file an application for administrative appeal andcorrection of the administrator's determination.

D. On receipt of the application as provided in regulations promulgatedpursuant to subsection C, or if regulations promulgated thereunder are not ineffect, on receipt of an application requesting an administrative review bythe State Treasurer, the administrator shall suspend collection activityuntil a final determination is issued by the State Treasurer, unless theadministrator determines that collection would be jeopardized by delay.Interest shall continue to accrue in accordance with the provisions of 55-210.26:1, but no further penalty shall be imposed while collectionactivity is suspended. The term "jeopardized by delay" means a finding thatthe applicant intends to undertake a wrongful act with the intent toprejudice, or to render ineffectual, future proceedings to enforce thischapter.

E. If the State Treasurer is satisfied, by evidence submitted or otherwise,that there has been an erroneous or improper demand for the remittance ofproperty, the State Treasurer shall order that the applicant be exoneratedfrom the remittance of so much as is erroneously or improperly demanded, ifnot already collected, and, if collected, that it be returned or refunded tothe applicant. The State Treasurer shall refrain from collecting a contestedcharge until he has made a final determination under this section unless hedetermines that collection may be jeopardized by delay. The term"jeopardized by delay" shall have the meaning set forth in subsection D.

F. Except as otherwise provided in regulations promulgated pursuant tosubsection C, the State Treasurer shall issue a written determination to theapplicant within ninety days of receipt of an application for correction,unless the applicant and the administrator are notified that a longer periodwill be required. All determinations of the State Treasurer shall include awritten finding of fact and supporting law, and all such determinations shallbe publicly reported.

G. Following a determination by the State Treasurer, either the applicant orthe administrator may apply (i) in the case of a claim for property by apurported owner, to the appropriate circuit court pursuant to 55-210.22 and(ii) in the case of a dispute between a holder and the State Treasurer, tothe Circuit Court for the City of Richmond, within the time periodestablished in 55-210.22.

(1960, c. 330; 2000, cc. 733, 745.)