Utah Admin. Code R966-1-43 - Purpose of Enforcement
(1) State
unclaimed property laws are based on a theory of truthful self-reporting by the
holders of unclaimed property. Enforcement actions by the administrator are
intended to both bring holders subject to enforcement actions into compliance
with the Act and to encourage voluntary compliance by other holders. The
expectation is that a holder who has been the subject of an enforcement action
by the administrator will voluntarily comply with the Act in the future. And,
further, a program of enforcement by the administrator will encourage holders
to voluntarily comply with the Act in order to avoid being subject to
enforcement actions.
(2) Unclaimed
property examinations are an essential aspect of unclaimed property compliance.
If a holder is reporting correctly under the Act, there should be no
determination of liability by the administrator. Administrative rules
concerning unclaimed property examinations are found in
R966-1-42.
Notes
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