                                 CODE OF VIRGINIA

DETERMINATIONS; APPEAL PROCEDURES; REGULATIONS OF ADMINISTRATOR (§ 55.1-2541)

A. For the purposes of this section, &#8220;jeopardized by delay&#8221; means a
finding that the applicant intends to undertake a wrongful act with the intent
to prejudice, or to render ineffectual, future proceedings to enforce this
chapter.

B. The administrator may adopt necessary regulations to carry out the provisions
of this chapter.

C. If the administrator ascertains that any person has failed to pay or deliver
abandoned property in accordance with the provisions of this chapter, he shall
issue a written notice to such person demanding remittance of the property and
payment of any penalties and interest prescribed by law. Every such notice shall
be accompanied by a detailed explanation of the holder&#8217;s right to secure
an administrative or judicial review. The abandoned property, together with
penalties and interest, if any, shall be remitted to the administrator within 90
days from the date notice is received by the holder unless the holder requests
(i) an administrative review in accordance with regulations promulgated pursuant
to subsection D or (ii) a judicial review in accordance with &#xA7; 55.1-2534.

D. The administrator shall promulgate regulations pursuant to which any person
(i) asserting ownership of property remitted to the Commonwealth under this
chapter, (ii) required to pay or deliver abandoned property pursuant to this
chapter, or (iii) otherwise aggrieved by a decision of the administrator may
file an application for administrative appeal and correction of the
administrator&#8217;s determination.

E. On receipt of the application as provided in regulations promulgated pursuant
to subsection D, or if regulations promulgated thereunder are not in effect, on
receipt of an application requesting an administrative review by the State
Treasurer, the administrator shall suspend collection activity until a final
determination is issued by the State Treasurer, unless the administrator
determines that collection would be jeopardized by delay. Interest shall
continue to accrue in accordance with the provisions of &#xA7; 55.1-2540, but no
further penalty shall be imposed while collection activity is suspended.

F. If the State Treasurer is satisfied, by evidence submitted or otherwise, that
there has been an erroneous or improper demand for the remittance of property,
the State Treasurer shall order that the applicant be exonerated from the
remittance of such portion as is erroneously or improperly demanded, if not
already collected, and that it be returned or refunded to the applicant, if
already collected. The State Treasurer shall refrain from collecting a contested
charge until he has made a final determination under this section unless he
determines that collection may be jeopardized by delay.

G. Except as otherwise provided in regulations promulgated pursuant to
subsection D, the State Treasurer shall issue a written determination to the
applicant within 90 days of receipt of an application for correction, unless the
applicant is notified that a longer period will be required. All determinations
of the State Treasurer shall include a written finding of fact and supporting
law, and all such determinations shall be publicly reported.

H. Following a determination by the State Treasurer, the applicant may apply (i)
in the case of a claim for property by a purported owner, to the appropriate
circuit court pursuant to &#xA7; 55.1-2534 and (ii) in the case of a dispute
between a holder and the State Treasurer, to the Circuit Court of the City of
Richmond, within the time period established in &#xA7; 55.1-2534.

HISTORY: 1960, c. 330, § 55-210.27; 2000, cc. 733, 745; 2019, c. 712.