Ask Reggi Your Question Now
Can you summarize 55.1 VACV Chapter 25?
Virginia Disposition of Unclaimed Property Act
Short Summary
The Virginia Disposition of Unclaimed Property Act governs the treatment of bank deposits and funds in financial organizations in the state of Virginia. It establishes that certain types of deposits and funds are presumed abandoned unless certain conditions are met within five years. The Act also outlines exemptions for deposits made for the benefit of infants and prohibits banking or financial organizations from imposing service charges or ceasing interest accrual on dormant or inactive accounts. Additionally, the Act governs interstate agreements and cooperation for the exchange of information related to unclaimed property. It authorizes the administrator to enter into agreements with other states to exchange necessary information and seek enforcement of the Act against holders of property reportable under the Act. The Act also governs the reporting, remittance, payment, and delivery of unclaimed property in Virginia. It applies to persons holding funds or property that falls under the category of presumed abandoned, as well as business associations that sell traveler’s checks, money orders, or similar written instruments. The Act establishes retention requirements for holders and provides for confidentiality of information or records furnished to the Division of Unclaimed Property. It outlines the payment and delivery of unclaimed property, including interest and civil penalties for non-compliance. The administrator may waive interest and penalties for good cause. Any person claiming an interest in property delivered to the Commonwealth may file a claim, and the administrator has the authority to decline property with a value less than the cost of giving notice and holding a sale. The Act also addresses the sale of abandoned property by the administrator and outlines the expiration of periods of limitation for commencing or enforcing actions or proceedings to obtain payment of a claim or recovery of property. The administrator has the authority to require reports and examine records to ensure compliance. No specific exemptions or penalties are mentioned in the Act.
Whom does it apply to?
Banking or financial organizations, administrators of unclaimed property, holders of funds or property that falls under the category of presumed abandoned, business associations that sell traveler's checks, money orders, or similar written instruments
What does it govern?
Treatment of bank deposits and funds in financial organizations in the state of Virginia, interstate agreements and cooperation for the exchange of information related to unclaimed property, reporting, remittance, payment, and delivery of unclaimed property in Virginia
What are exemptions?
Deposits made for the benefit of infants subject to withdrawal or transfer only upon court order or guardian approval, specific exemptions for certain property subject to certain provisions and payable to an owner in another state by a holder subject to the jurisdiction of that state
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Virginia