Bill Text: DE HB229 | 2011-2012 | 146th General Assembly | Draft
Bill Title: An Act To Amend Title 12 Of The Delaware Code Relating To Abandoned Or Unclaimed Property.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2011-07-01 - Introduced in House and assigned to Judiciary Committee [HB229 Detail]
Download: Delaware-2011-HB229-Draft.html
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SPONSOR: |
Rep. George & Sen. Blevins |
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HOUSE OF REPRESENTATIVES 146th GENERAL ASSEMBLY |
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HOUSE BILL NO. 229 |
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AN ACT TO AMEND TITLE 12 OF THE DELAWARE CODE RELATING TO ABANDONED OR UNCLAIMED PROPERTY. |
Section 1.Amend § 1155, Chapter 11, Title 12 of the Delaware Code by adding the following language at the end of the existing text:
"In order to enhance predictability in the administration of the State's unclaimed and abandoned property audit laws, the State Escheator shall not:
(a) Initiate an examination of records pursuant to § 1155, or seek payment of any amounts of property pursuant to § 1156 or § 1158 from any holder as to any calendar year prior to 1995; or
(b) Initiate an examination of records pursuant to § 1155, or seek payment of any amounts of property pursuant to § 1156 or § 1158 as to any calendar year prior to 2001 with respect to any holder who has entered or enters into an unclaimed property voluntary disclosure agreement with the State.".
Section 2.Amend Chapter 11, Title 12 of the Delaware Code by deleting §§1158(a) and (b) in their entirety and substituting in lieu thereof a new §§1158(a) and (b) to read as follows:
"(a) With respect to any and all reports filed on or after July 22, 2002, the State Escheator shall, as soon as is practicable after any report required by this chapter is filed, determine whether an examination of the records of the holder is to be undertaken and notify the holder in writing that the Escheator is initiating an examination of the records of the holder.After any such examination of records is completed, the Escheator shall send a written Statement of Findings and, if applicable, Request for Payment by certified or registered mail to the holder.No Request for Payment under §1156 shall be valid or enforceable and no proceeding to obtain payment of the liability identified in a Request for Payment under § 1156 may be commenced unless the Statement of Findings and Request for Payment are mailed to the holder within three years after receipt of any report required by this chapter. A report filed before the due date shall be deemed to have been filed on the due date for purposes of this section.
(b) If no report is filed or if a holder has filed a fraudulent report with the intent to evade the obligation to pay over abandoned property, a Request for Payment for the report year may be mailed to the holder at any time.".
Section 3.Amend §§ 1158(c), (d) and (e), Chapter 11, Title 12 of the Delaware Code by substituting the term "Request for Payment" for the term "notice of deficiency in payment" as used in those sections.
SYNOPSIS
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This legislation further clarifies the statute of limitations relating to abandoned or unclaimed property.The statute of limitation dates are moved to 1995 from 1981 and July 22, 2002 from July 8, 1991. |
