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Can you summarize 1 VAAC Agency 75, Chapter 30?
Department of The Treasury > Regulations Governing Escheats
Short Summary
The provided legal document content pertains to the Regulations Governing Escheats under the Virginia Administrative Code. These regulations govern various aspects of the escheat process, including the sale of escheated property, recovery of proceeds, fees for information requests, responsibilities of the escheator, auction expenses reimbursement, collection and remittance of sale proceeds, bonding requirements for escheators, annual reporting requirements, and definitions of key terms. The regulations outline the procedures and requirements for conducting escheat sales, including providing written information to bidders, consequences for defaulting purchasers, commissions paid to the escheator and auctioneer, and the submission of expense reports. They also specify the responsibilities of the escheator in collecting and remitting sale proceeds to the State Treasurer, as well as the procedures for handling returned checks. The regulations require escheators to give bond, file annual reports summarizing escheat activity, and establish procedures for the collection of uncollected checks. The document also includes definitions of key terms used in the regulations. No specific exemptions or penalties are mentioned in these regulations.
Whom does it apply to?
Escheators, bidders for escheat sales, defaulting purchasers of escheated property, auctioneers, local government treasurers, directors of finance, and other designated local government officials
What does it govern?
Regulations Governing Escheats
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Virginia