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Can you summarize Title 12 DEAC?
Delaware Administrative Code > Unclaimed Property
Short Summary
The provided legal document content consists of regulations and guidelines related to unclaimed property in Delaware. The regulations, issued by the Department of State, govern the method of estimation in the Department of State’s Voluntary Disclosure Agreement program for abandoned or unclaimed property in Delaware. These regulations aim to create consistency in any examination or voluntary disclosure and provide guidelines for estimation calculations. They specify permissible base periods, items to be excluded from the estimation calculation, aging criteria for outstanding and voided checks, and the definition of complete and researchable records. The regulations also outline the scope of the Voluntary Disclosure Agreement program, allowing holders to determine the entities and property types included in the program. Additionally, the regulations explain the estimation process, including the use of base periods, exclusion of certain items from the estimation calculation, and projection techniques. The importance of complete and researchable records is emphasized, and holders are required to provide representations and management representation letters regarding the availability of records. The purpose of these regulations is to facilitate the voluntary disclosure of abandoned or unclaimed property and provide clarity on the estimation process for holders participating in the program. The other provided documents include the Department of Finance Abandoned or Unclaimed Property Reporting and Examination Manual for the State of Delaware. This manual provides guidelines and procedures for holders of abandoned or unclaimed property reportable to the state. It outlines the statutory authority for conducting examinations, the scope of the examination process, and the requirements for reporting and filing. The manual also covers the estimation method for determining unclaimed property liability, the criteria for determining when property is presumed abandoned, and the actions that indicate owner interest in the property. It emphasizes the importance of compliance and fair treatment of holders and provides information on the voluntary disclosure agreement program and the appeals process. The document also includes contact information for holders, owners, and claims related to unclaimed property in Delaware. The other three documents mentioned are repealed regulations that were effective until October 11, 2017. These repealed regulations cover practices and procedures for records examinations by the State Escheator, establishing the running of the full period of dormancy for certain securities and related property, and appeals of determinations of the audit manager. However, no specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Holders of abandoned or unclaimed property reportable to the state
What does it govern?
Estimation in the Department of State's Voluntary Disclosure Agreement program for abandoned or unclaimed property in Delaware
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Delaware