                                 CODE OF VIRGINIA

REQUESTS FOR VERIFIED REPORTS AND EXAMINATIONS OF RECORDS (§ 55.1-2536)

A. Except as otherwise provided in this chapter, the administrator may require
any person that has not filed a report to file a verified report stating whether
or not the person is holding any unclaimed property reportable or deliverable
under this chapter.

B. Except as otherwise provided in this chapter, the administrator may at
reasonable times and upon reasonable notice examine the records of any person to
determine whether the person has complied with the provisions of this chapter.
The administrator may conduct the examination even if the person believes it is
not in possession of any property reportable or deliverable under this chapter.
The administrator may examine all necessary records to determine the amount, if
any, of property that would have been reportable or deliverable under this
chapter for the 10 years prior to the fiscal year end preceding the opening of
the examination; however, for any holder that has not previously filed any
report under this chapter, the administrator may examine property presumed
abandoned for report year 1985 and subsequent years.

C. If a holder fails to maintain the records required by &#xA7; 55.1-2537 and
the records of the holder available for the periods subject to this chapter are
insufficient to permit the preparation of a report, the holder shall be required
to report and pay such amounts as may reasonably be estimated from any available
records.

D. The administrator may contract with a person who is not an employee of the
Commonwealth to perform an audit or examination under this article; however,
with respect to any holder that is domiciled in the Commonwealth or that
maintains its principal place of business in the Commonwealth, no such contract
shall (i) be on a contingency fee basis or (ii) permit statistical estimation
without the consent of the holder.

HISTORY: 1960, c. 330, § 55-210.24; 1983, c. 190; 1985, c. 294; 1991, c. 357;
2000, cc. 733, 745; 2019, c. 712.