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Can you summarize 1 VAAC Agency 75, Chapter 40?
Department of The Treasury > Unclaimed Property Administrative Review Process
Short Summary
The provided legal document content pertains to the administrative review process for unclaimed property claims in the state of Virginia. It outlines the steps involved in requesting an administrative review and correction of the administrator’s determination. The process begins with the submission of a written request to the administrator, who acts as the agent for the State Treasurer. Within 30 calendar days of receiving the request, the administrator will schedule an administrative review meeting at the Department of the Treasury. The applicant is required to present any additional evidence and pertinent information supporting their request prior to the meeting. The review panel for the Department of the Treasury consists of the State Treasurer or designee, the Director of Unclaimed Property or designee, and a representative from the Office of the Attorney General. During the review meeting, the applicant has the opportunity to explain their reason for requesting a correction, and the State Treasurer’s review panel has the authority to approve claims, correct errors, and amend or withdraw any denial of payment letter or other written notice. The State Treasurer will issue a written determination to the applicant within 90 days of receiving the request, and the applicant will be notified of their right to seek judicial review if necessary. The document also specifies that all requests for an administrative review must be submitted in writing and accompanied by supporting documentation, or an explanation if such documentation is not available. Failure to submit the request within the prescribed time period will bar administrative, but not judicial, review of the matter. The statutory authority for this administrative review process is 55.1-2541 of the Code of Virginia. The document also provides definitions for key terms used in the Virginia Disposition of Unclaimed Property Act and clarifies the meanings of terms such as ‘abandoned property,’ ‘act,’ ‘administrator,’ ‘applicant,’ ‘Division of Unclaimed Property,’ and ‘holder.’ Overall, these documents establish the administrative review process for unclaimed property claims in Virginia and provide a common understanding of key terms and concepts related to unclaimed property.
Whom does it apply to?
Applicants asserting ownership of unclaimed property in the state of Virginia
What does it govern?
Unclaimed property claims and administrative review process
What are exemptions?
No specific exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Virginia