CHAPTER Tre 300
TREASURY- ABANDONED PROPERTY RULES
Statutory
Authority: RSA 471-C:42
PART 301 PURPOSE AND
SCOPE
Tre 301.01 Purpose. The New Hampshire Unclaimed and Abandoned
Property Law, RSA 471-C, requires all
business, financial institutions, utilities,
and other holders to review their records each year to determine whether they
are in possession of any funds, securities or
other property that might have been unclaimed
for specified periods and to make an annual report of their findings. These rules constitute a statement of general applicability for identifying
abandoned property, those responsible for reporting it and the manner in which
compliance examinations are conducted.
Source. #3119, eff 9-23-85; amd by #4211, eff
1-20-87, EXPIRED: 1-20-93
New. #7435, eff 1-25-01, EXPIRED: 1-25-09
New. #9465, INTERIM, eff 4-25-09, EXPIRED:
10-22-09
Tre 301.02 Scope.
These rules shall be applicable, in their entirety, to all persons and holders
as defined below.
Source. #4211, eff 1-20-87, EXPIRED: 1-20-93
New. #7435, eff 1-25-01, EXPIRED: 1-25-09
New. #9465, INTERIM, eff 4-25-09, EXPIRED:
10-22-09
PART Tre 302
DEFINITIONS
Tre
302.01 "Act" means the Unclaimed and Abandoned Property Law
RSA 471-C.
Source. #7435, eff 1-25-01, EXPIRED: 1-25-09
New. #9465, INTERIM, eff 4-25-09, EXPIRED:
10-22-09
Tre 302.02 “Administrator” means administrator as
defined in 471-C:1,I
Source. #7435, eff 1-25-01, EXPIRED: 1-25-09
New. #9465, INTERIM, eff 4-25-09, EXPIRED:
10-22-09
Tre 302.03 “Auditor” means
any individual, firm, or organization employed or retained by the State of New
Hampshire treasury department
for the purpose of carrying out an examination of records of any holder or person to
determine compliance with RSA 471-C. The term includes examiner.
Source. #7435, eff 1-25-01, EXPIRED: 1-25-09
New. #9465, INTERIM, eff 4-25-09, EXPIRED:
10-22-09
Source. #7435, eff 1-25-01, EXPIRED: 1-25-09
New. #9465, INTERIM, eff 4-25-09, EXPIRED:
10-22-09
Tre 302.05 “Examination” means the process of requesting, receiving, analyzing and otherwise reviewing the records of any holder or person for the purpose of determining compliance with RSA 471-C.
Source. #7435, eff 1-25-01, EXPIRED: 1-25-09
New. #9465, INTERIM, eff 4-25-09, EXPIRED:
10-22-09
Tre 302.06 "Holder" means "holder"
as defined in RSA 471-C:1, IX.
Source. #7435, eff 1-25-01, EXPIRED: 1-25-09
New. #9465, INTERIM, eff 4-25-09, EXPIRED:
10-22-09
Tre 302.07
"Person" means
"person" as defined in RSA 471-C:1, XIV.
Source. #7435, eff 1-25-01, EXPIRED: 1-25-09
New. #9465, INTERIM, eff 4-25-09, EXPIRED:
10-22-09
PART Tre 303 REPORT
OF ABANDONED PROPERTY
Tre 303.01 Report
of Abandoned Property.
a. Business associations;
b. Banking or financial organizations;
c. Insurance companies;
d. Utilities;
e. Persons,
including any individual, government, political subdivision, public
authority, public corporation, estate, trust, hospital or any other legal or
commercial entity, including non-profit organizations; and
f. Any other persons or entities holding property
subject to the custody and control of the state pursuant to the provisions of
RSA 471-C.
(c)
Report shall be due as follows:
(1) All holders, except insurance companies,
shall file the report on or before November 1 each year on form T-1 with
respect to all property it holds as of the 30th day of the preceding June.
(2) Insurance companies shall file the report on
or before May 1 of each year on form T-1 with respect to all property it holds
as of the preceding December 31.
(d)
Any person in possession of property which will become reportable in the
future, but is not yet presumed abandoned under the act, by complying with the
provisions of RSA 471-C:29, II may file the report with the administrator prior
to the date of required reporting.
(e)
Holders shall attempt to locate the apparent owner as follows:
(1) All holders shall exercise due diligence in
attempting to locate apparent owners of unclaimed or abandoned property by
delivering written notice to their last known address advising that:
a. The holder is in possession of property
subject to this chapter;
b. The property has a value of $50.00 or more; and
c. The holder should be contacted for recovery
of the property; and
(2) The written notice to an apparent owner shall
be sent no sooner than 120 days but no later
than 60 days, prior to reporting, to allow
adequate time for owner response.
(f) Report shall be
filed as follows:
(1) FORM T-1 shall be
used to report abandoned property;
(2) The form
shall be available from:
Office
of the State Treasurer
Abandoned
Property Division
(603)
271-2619
(3)
The completed
report shall be filed on or before November 1st
each year, provided,
however, that insurers shall file on or before May 1 each year.
(4) Each person submitting a report of abandoned
property under RSA 471-C shall report on form T-1 or in other written form or
electronic means capable of producing a written document
so long as the following information is supplied:
a. Name and address
of holder;
b. Identity of
holder contact;
c. Telephone number
of holder;
d. Report year;
e. Number of
individual owners listed on report;
f. Property types;
g. Identifying
account numbers;
h. Owners last name,
first name, street address, city, state, zip code;
i. Owner social
security number;
j. Date of last
transaction or date property became payable/returnable;
k. Amount due owner
before deductions and withholdings;
l. Number of shares
due owner;
m. Identifying
number (CUSIP number);
n. Amount remitted
as due owner;
o. Aggregate amounts
due;
p. Total amount of
property remitted; and
q. Duly notarized signature of authorized holder
representative.
Source. #7435, eff 1-25-01, EXPIRED: 1-25-09
New. #9465, INTERIM, eff 4-25-09, EXPIRED:
10-22-09
Tre 303.02 Determination of Abandoned Property Due and Deliverable.
Upon examination of the properly completed and filed T-1 report(s) or as
the result of an audit/examination, unclaimed or abandoned property shall be
identified and deemed due.
Source. #7435, eff 1-25-01
New. #9465, INTERIM, eff 4-25-09, EXPIRED:
10-22-09
Tre 303.03 Payment or Delivery of Abandoned Property. Any person who is required to report
abandoned property pursuant to RSA 471-C shall pay or deliver all abandoned
property to the administrator at the time of
filing the report except as otherwise provided in RSA 471-C: 8, II.
Source. #7435, eff 1-25-01, EXPIRED: 1-25-09
New. #9465, INTERIM, eff 4-25-09, EXPIRED:
10-22-09
Tre 303.04 Return of Report.
(a) Abandoned property
reports submitted to the department shall be
returned to the holder for correction when:
(b) The report is not in form
specified in Tre 303.01 (f) above;
(c) The report fails to identify
category(ies) of unclaimed or abandoned property contained in the report;
(d) The report fails to provide the date of last
transaction or first payable date for property reported; or
(e) The report fails to include any other
information required under the act.
Source. #7435, eff 1-25-01, EXPIRED: 1-25-09
New. #9465, INTERIM, eff 4-25-09, EXPIRED:
10-22-09
Tre 303.05 Request for Reports and
Evaluation of Records.
(a)
Pursuant to RSA 471-C: 34, the administrator,
is authorized to examine the records of any
person in order to determine whether the person has complied with the
provisions of RSA 471-C.
(c)
Next, the auditor(s) shall make contact via telephone to:
(1) Review
the role of the compliance auditor;
(2) Set up agreeable
date, time and place for the entrance conference; and
(3) Acknowledge that
a confirmation letter, including a list of documents which should be available
at that conference, will be sent.
(d) The confirmation letter shall then be sent
detailing and or including:
(1) The time, date
and place of the entrance conference;
(2) A copy of RSA
471-C;
(3) List of records
requested including, but not limited to:
a. Charter,
articles of organization, and similar documents;
b. Organizational
chart (corporate and personnel
structure);
c. Computer
conversion dates;
d. List of mergers
and acquisitions with date and addresses;
e. Chart of general
ledger accounts with check writing accounts highlighted;
f. Copies of
previous years T-1 reports including work papers;
g. Copy of records
retention manual;
h. Copy of policies and
procedures relevant to unclaimed property;
i. Current year end
statement of condition – annual report;
j. Accounting system
user manuals;
k. Fee schedules
including service charge policies;
l. Detailed dormant
accounts report;
m. Listing of matured Certificates of Deposit (CD's),
Individual Retirement Accounts (IRA's), 401(k)’s and account of similar nature.
n. Listing of
dormant or inactive savings, time, Direct Deposit Accounts (DDA) and NOW
accounts; and
o. Additional documents/records
deemed appropriate or pertinent to the compliance examination of the particular
holder by the examiner.
(e)
At the agreed
upon date, time and place the entrance conference shall
be held to review:
(1) RSA 471-C the Unclaimed and Abandoned
Property Law;
(2) The purpose, scope and objectives of the
examination;
(3) How the examination will be conducted;
(4) The timeframes for production of documents
and records;
(5) Identification of holder contact person(s);
(6) Explanation of when sampling techniques may
be utilized;
(7) General questionnaire and complete same; and
(8) General questions and answers prior to
commencing examination.
(f)
As the result of this meeting agreement shall be reached so that the examiner(s) have:
(1) Temporary workspace;
(2) Unrestricted access to pertinent
documents/records;
(3) Unrestricted and direct access to responsible
staff;
(4) Prompt response to request by auditors,
whether written, verbal or via telephone, facsimile.
(g)
An examination by the administrator under authority of RSA 471-C shall
include, but not be limited to, the following:
(1) Analysis of the books and records of the
holder shall take
place to identify unclaimed/abandoned property and to determine level of
compliance in reporting. Discussion with
appropriate holder personnel shall take place
throughout the examination process;
(2) In accordance with generally accepted
accounting principles the examiners shall select testing samples and complete
testing procedures. The holder shall produce documentation in support of its
accounting for the selected samples. Upon completion of testing and review if the examiner determines
the holder is in compliance, the examiner shall
proceed to close the audit;
(3) When the examiner finds unreported abandoned
property or other evidence of non-compliance with the act
further detailed analysis of the books and records of the holder shall be performed;
(4) A request for
transaction codes list shall be made, if applicable;
(5) A holder shall be requested to furnish additional
records or to carry out additional research when necessary for audit
completion;
(6) When a holder’s records are voluminous, unavailable,
or physically or constructively inaccessible or where the holder questions the
accuracy of its own records, estimation techniques shall be utilized to
complete the examination; and
(7) Upon conclusion of examination the auditor
shall prepare an examination report summarizing the procedures performed and
the conclusions reached. This report
shall also detail the amount(s) due, owing and deliverable.
Source. #7435, eff 1-25-01, EXPIRED: 1-25-09
New. #9465, INTERIM, eff 4-25-09, EXPIRED:
10-22-09
Tre 303.06 Non-Compliance.
(a)
Non-compliance shall be deemed to have
occurred when a person/holder:
(1) Fails to pay or deliver property within the time
prescribed by the act;
(2) Fails to render any report or perform any
other duties as required under the act;
(3) Fails to pay or deliver property to the administrator as required under the act;
(4) Refuses, after written demand by the administrator, to pay or deliver property as
required by the act; or
(5) Fails to cooperate fully and in a timely
manner as to all aspects of the audit/examination process.
Source. #7435, eff 1-25-01, EXPIRED: 1-25-09
New. #9465, INTERIM, eff 4-25-09, EXPIRED:
10-22-09
Source. #7435, eff 1-25-01, EXPIRED: 1-25-09
New. #9465, INTERIM, eff 4-25-09, EXPIRED:
10-22-09
Tre 303.08 Interest and Penalties.
(a)
For non-compliance as set forth in RSA 471-C:38 I and these rules, the
administrator is authorized to assess interest at the annual rate of 18 percent
on the property or the value thereof from the date on which the property should
have been delivered, or $25.00 which ever is greater.
(b)
For non-compliance as set forth in RSA 471-C:38 II or these rules the
administrator is authorized to assess, a civil penalty in the amount of $100.00
for each day the report is withheld or the duty is not performed, but not more
than a total of $5,000.00.
(c)
For non-compliance as set forth in RSA 471-C:38, III the person shall pay a civil
penalty equal to 25 percent of the value of the property that should have been
paid or delivered.
(d)
For non-compliance as set forth in RSA 471-C:38, IV the person shall be
guilty of a misdemeanor.
(e)
For non-compliance with RSA 471-C:34 the administrator is authorized to
assess costs of examination pursuant to RSA 471-C:34, IV.
(f) Any person deemed to be non-compliant and assessed penalties shall be given written notice of same and allowed a 30 day period within which to cure any and all defect(s) in compliance.
Source. #7435, eff 1-25-01, EXPIRED: 1-25-09
New. #9465, INTERIM, eff 4-25-09, EXPIRED:
10-22-09
Tre 303.09 Claims.
(a)
At any time after property has been paid or delivered to the
administrator another state may claim said property pursuant to RSA 471-C: 27.
(b)
At any time after property has been paid or delivered to the
administrator a person, excluding another state, may claim said property
pursuant to RSA 471-C:26.
(c)
Claim information may be obtained by contacting:
Treasury
Department
Abandoned
Property Division
(603)
271-2619
Source. #7435, eff 1-25-01, EXPIRED: 1-25-09
New. #9465, INTERIM, eff 4-25-09, EXPIRED:
10-22-09
Tre 303.10 Agreements to Locate, Deliver, or Recover
Reported Property.
(a)
Pursuant to RSA 471-C:39 agreements to pay compensation to locate,
deliver, recover, or assist in the recovery of property are unenforceable if
made within 24 months of receipt of the property by the abandoned property division.
(b)
Such an agreement shall only be valid
if it:
(1) Is in
writing;
(2) Is signed by the apparent owner;
(3) Sets forth the nature and value of the
property;
(4) Sets forth the value of the owner’s share
after the fee or compensation is deducted; and
(5) Contains the following disclosure:
“Each state maintains
an office of abandoned property. Generally,
if for a number of years an owner of property has not communicated in writing
directly with the holder of the property and has not otherwise indicated an
interest in the property, the property may be transferred to the office of
abandoned property which will act as custodian of the property for the owner.”
(c) Nothing in this paragraph shall be construed
to prevent an owner from asserting at anytime that an agreement to locate
property is based upon an excessive or unjust consideration.
(d) Requests for information shall be subject to limitations under RSA 91-A, et
seq. Access to Public Records and Meetings, also known as the Right to Know Law.
(e) To be considered all requests for information
by a finder, heirfinder, tracer, or agent shall be:
(1) In writing;
(2) Limited to five (5) names of apparent owners
per request;
(3) Addressed and delivered to:
Director,
Abandoned Property Division
Treasury
Department
(f) All requests shall be responded to, in
writing, in as timely a manner as possible, but no later than 90 days from
receipt of the written inquiry by the abandoned
property division.
Source. #7435, eff 1-25-01, EXPIRED: 1-25-09
New. #9465, INTERIM, eff 4-25-09, EXPIRED:
10-22-09
APPENDIX
RULE |
STATUTE |
|
|
Tre 300 |
RSA 471-C:42 |
(Specific
provisions implementing specific statutes are listed below) |
|
Tre 301.01 |
RSA 471-C:19 |
Tre 301.02 |
RSA 471-C:1 |
Tre 302 |
RSA 471-C:1 |
Tre 303.01 |
RSA 471-C:1, 19, 21 |
Tre 303.02 |
RSA 471-C:21, 34 |
Tre 303.03 |
RSA 471-C:21, 34 |
Tre 303.04 |
RSA 471-C:19, 34, 38 |
Tre 303.05 |
RSA 471-C:19, 34 |
Tre 303.06 |
RSA 471-C:38 |
Tre 303.07 |
RSA 471-C:35 |
Tre 303.08 |
RSA 471-C:34, 38 |
Tre 303.09 |
RSA 471-C:26, 27 |
Tre 303.10 |
RSA 471-C:39 |
|
|