Utah Admin. Code R966-1-23 - Retention of Records by Holder
(1) A holder is
required to retain records for 5 years after the later of the date the report
was filed or the last date a timely report was due to be filed.
(2) The records must contain:
(a) The information required to be included
in the report;
(b) The date, place,
and nature of the circumstances that gave rise to the property right;
(c) The amount or value of the
property;
(d) The last address of
the apparent owner, if known to the holder;
(e) Sufficient records of items which were
not reported as unclaimed, to allow examination to determine whether the holder
has complied with the Act; and
(f)
A record of the instruments while they remain outstanding indicating the state
and date of issue if the holder sells, issues, or provides to others for sale
or issue in this State traveler's checks, money orders, or similar instruments,
other than third-party bank checks, on which the holder is directly
liable.
(3) If a holder
fails to maintain records required by Section 67-4a-404 of the Act, then the
administrator may determine the value of property due using a reasonable method
of estimation based on all information available to the administrator,
including extrapolation and use of statistical sampling when appropriate and
necessary, consistent with examination procedures and standards in this
Part.
(4) Both the records
retention period of Section 67-4a-404 of the Act and the statute of limitations
in Section 67-4a-610(2) of the Act are 10 years. However, the statute of
limitations only applies after the holder specifically identified the property
in a report filed with the administrator or gave express notice to the
administrator of a dispute regarding the property. If the statute of
limitations has been tolled because the holder failed to either report property
or provide express notice to the administrator and the holder fails to maintain
sufficient records of items which were not reported as unclaimed, to allow
examination to determine whether the holder has complied with the Act, then the
administrator may use estimation in an examination of such holder pursuant to
Section 67-4a-1006 of the Act and the procedures and standards of this
Part.
Notes
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