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Can you summarize UTCO Title 67, Chapter 4a?
State Officers and Employees > Revised Uniform Unclaimed Property Act (Effective 5/9/2017)
Short Summary
The Revised Uniform Unclaimed Property Act in Utah governs various aspects related to unclaimed property. It covers the agreement to locate property of apparent owners held by administrators, the confidentiality and security of information related to unclaimed property, the enforcement of obligations by the administrator, the reporting requirements for unclaimed property, the judicial remedies available to putative holders, the creation and management of the Unclaimed Property Fund, the sale of property by the administrator, the payment or delivery of property to the administrator, the sending of notice to the apparent owner of property presumed abandoned, the rules for taking custody of property presumed abandoned, the definition of various terms under the Revised Uniform Unclaimed Property Act, and the indication of apparent owner interest in property under the Act. The Act applies to holders of unclaimed property, administrators responsible for handling unclaimed property, apparent owners of unclaimed property, claimants seeking to establish a claim for denied property, individuals or entities involved in the creation and management of the Unclaimed Property Fund, individuals or entities involved in the sale of unclaimed property, individuals or entities involved in the payment or delivery of unclaimed property, individuals or entities involved in sending notice to apparent owners, individuals or entities involved in taking custody of property presumed abandoned, and individuals or entities involved in indicating apparent owner interest in property. The Act imposes penalties for non-compliance, including civil penalties, interest payments, and daily penalties for failure to perform duties.
Whom does it apply to?
The Revised Uniform Unclaimed Property Act applies to holders of unclaimed property, administrators responsible for handling unclaimed property, apparent owners of unclaimed property, claimants seeking to establish a claim for denied property, individuals or entities involved in the creation and management of the Unclaimed Property Fund, individuals or entities involved in the sale of unclaimed property, individuals or entities involved in the payment or delivery of unclaimed property, individuals or entities involved in sending notice to apparent owners, individuals or entities involved in taking custody of property presumed abandoned, and individuals or entities involved in indicating apparent owner interest in property.
What does it govern?
The Revised Uniform Unclaimed Property Act governs the agreement to locate property of apparent owners held by administrators, the confidentiality and security of information related to unclaimed property, the enforcement of obligations by the administrator, the reporting requirements for unclaimed property, the judicial remedies available to putative holders, the creation and management of the Unclaimed Property Fund, the sale of property by the administrator, the payment or delivery of property to the administrator, the sending of notice to the apparent owner of property presumed abandoned, the rules for taking custody of property presumed abandoned, the definition of various terms under the Revised Uniform Unclaimed Property Act, and the indication of apparent owner interest in property under the Act.
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
Holders who enter into contracts or arrangements to evade obligations or willfully fail to perform duties may be subject to civil penalties of $1,000 per day, up to a maximum of $25,000, plus 25% of the unreported or unpaid property value. Holders who make fraudulent reports may face civil penalties of $1,000 per day until corrected, up to a maximum of $25,000, plus 25% of the unreported or underreported property value. Holders who fail to comply with reporting, payment, or delivery requirements shall pay interest to the administrator at an annual rate calculated based on the federal short-term rate plus four percentage points. The interest accrues from the date the property should have been reported, paid, or delivered until the actual date of reporting, payment, or delivery. Additionally, the administrator may impose a civil penalty of $200 per day for each day the duty is not performed, with a maximum cumulative penalty of $5,000.
Jurisdiction
Utah