Ill. Admin. Code tit. 74, § 760.840 - Voluntary Disclosure Agreement Program

a) Pursuant to the authority of the administrator under Section 15-1206 of the Act to waive, in whole or in part, interest and penalties, the administrator may establish a voluntary disclosure agreement (VDA) program for persons who are not in compliance with the Act.

b) Under a VDA program, the administrator will agree to waive, in whole or in part, interest and penalties for a person who voluntarily reports and remits to the administrator property that should have been previously reported, paid or delivered to the administrator pursuant to the Act. The VDA program includes, but is not limited to, property that is reportable pursuant to the transition provisions of Section 15-1503 of the Act. Thus, property reportable under the Act or the previous Uniform Disposition of Unclaimed Property Act may be eligible to be voluntarily reported and remitted under the VDA program.

c) A person who has been sent an official notice of examination letter may not participate in the VDA program.

d) Participation in the administrator's VDA program does not waive or otherwise limit the administrator's authority to order and conduct an unclaimed property examination pursuant to Section 15-1002 of the Act.

Notes

Ill. Admin. Code tit. 74, § 760.840

Adopted at 43 Ill. Reg. 4253, effective 3/25/2019.