Section 760.900 Purpose of Enforcement

Section 760.900  Purpose of Enforcement

a)         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.

b)         Unclaimed property examinations are an essential

aspect of unclaimed property compliance. However, if a holder is reporting

correctly under the Act, there should be no determination of liability by the

administrator. (For rules concerning unclaimed property examinations, see

Subpart F.)