§ 1260. Requests for reports and examination of records

(a) The treasurer may require a person who has not filed a report, or a person who the treasurer believes has filed an inaccurate, an incomplete, or a false report, to file a report, sworn under oath, in a form specified by the treasurer. The report shall state whether the person is holding property reportable under this chapter, describe property not previously reported or as to which the treasurer has made inquiry, and specifically identify and state the amounts of property that may be at issue.

(b) The treasurer, at reasonable times and upon reasonable notice, may examine the records of any person to determine whether the person has complied with this chapter. The treasurer may conduct the examination even if the person believes it is not in possession of any property that shall be reported, paid, or delivered under this chapter. The treasurer may contract with any other person to conduct the examination on behalf of the treasurer.

(c) The treasurer at reasonable times may examine the records of an agent, including a dividend disbursing agent or transfer agent, of a business association or financial association that is the holder of property presumed abandoned if the treasurer has given the notice required by subsection (b) of this section to both the association or organization and the agent at least 90 days before the examination.

(d) Documents and working papers obtained or compiled by the treasurer, or the treasurer's agent, employee, or designated representative, in the course of conducting an examination are confidential and are not public records, but the documents and papers may be:

(1) used by the treasurer in the course of an action to collect unclaimed property or otherwise enforce this chapter;

(2) used in joint examinations conducted with or pursuant to an agreement with another state, the federal government, or any other governmental subdivision, agency, or instrumentality;

(3) produced pursuant to subpoena or court order; or

(4) disclosed to the unclaimed property office of another state for that state's use in circumstances equivalent to those described in this subdivision, if the other state is bound to keep the documents and papers confidential.

(e) If an examination of the records of a person results in the disclosure of property reportable under this chapter, the treasurer may assess the cost of the examination against the holder at the rate of $200.00 per day for each examiner, or a greater amount that is reasonable and was incurred, but the assessment may not exceed the value of the property found to be reportable. The cost of an examination made pursuant to subsection (c) of this section may be assessed only against the business association or financial organization.

(f) If a holder does not maintain the records required by section 1261 of this title and the records of the holder available for the periods subject to this chapter are insufficient to permit the preparation of a report, the treasurer may require the holder to report to and pay the treasurer the amount the treasurer reasonably estimates, on the basis of any available records of the holder or by any other reasonable method of estimation, should have been but was not reported. (Added 2005, No. 161 (Adj. Sess.), § 1.)