reglab/statecodes huggingface dataset:
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1554. When Administrator must honor claim for property

§ 1554. When Administrator must honor claim for property
(a) The Administrator shall pay or deliver property to a claimant under subsection 1553(a) of this title if the Administrator receives evidence sufficient to establish to the satisfaction of the Administrator that the claimant is the owner of the property.
(b) Not later than 90 days after a claim is filed under subsection 903(a), the Administrator shall allow or deny the claim and give the claimant notice in a record of the decision.
(c) If the claim is denied under subsection (b) of this section:
(1) the Administrator shall inform the claimant of the reason for the denial and specify what additional evidence, if any, is required for the claim to be allowed;
(2) the claimant may file an amended claim with the Administrator or commence an action under section 1556 of this title; and
(3) the Administrator shall consider an amended claim filed under subdivision (2) of this subsection as an initial claim.
(d) If the Administrator does not take action on a claim during the 90-day period following the filing of a claim under subsection 1553(a) of this title, the claim is deemed denied. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1555. Allowance of claim for property

§ 1555. Allowance of claim for property
(a) Not later than 30 days after a claim is allowed under subsection 1554(b) of this title, the Administrator shall pay or deliver to the owner the property or pay to the owner the net proceeds of a sale of the property, together with income or gain to which the owner is entitled under section 1517 of this title. On request of the owner, the Administrator may sell or liquidate a security and pay the net proceeds to the owner, even if the security had been held by the Administrator for less than three years or the Administrator has not complied with the notice requirements under section 1532 of this title.
(b) Property held under this chapter by the Administrator is subject to a claim for the payment of an enforceable debt the owner owes in this State for:
(1) child-support arrearages, including child-support collection costs and child-support arrearages that are combined with maintenance;
(2) a civil or criminal fine or penalty, court costs, a surcharge, or restitution imposed by a final order of an administrative agency or a final court judgment; or
(3) state taxes, penalties, and interest that have been determined to be delinquent or as to which notice has been recorded with the appropriate authority.
(c) Before delivery or payment to an owner under subsection (a) of this section of property or payment to the owner of net proceeds of a sale of the property, the Administrator first shall apply the property or net proceeds to a debt under subsection (b) of this section the Administrator determines is owed by the owner. The Administrator shall pay the amount to the appropriate State agency and the State agency notify the owner of the payment.
(d) The Administrator may make periodic inquiries of State agencies in the absence of a claim filed under section 1553 of this title to determine whether an apparent owner included in the unclaimed property records of this State have enforceable debts described in subsection (b) of this section. The Administrator first shall apply the property or net proceeds of a sale of property held by the Administrator to a debt under subsection (b) of this section of an apparent owner that appears in the records of the Administrator and deliver the amount to the appropriate State agency. The Administrator shall notify the apparent owner of the payment. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1556. Action by person whose claim is denied

§ 1556. Action by person whose claim is denied
Not later than one year after filing a claim under subsection 1553(a) of this title, the claimant may commence an action against the Administrator in the Civil Division of the Washington County Superior Court to establish a claim that has been denied or deemed denied under subsection 1553(d) of this title. On final determination of the action, the court may, on application, award to the prevailing party its reasonable attorney’s fees, costs, and expenses of litigation. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1557. Deceased owners; multiple claimants

§ 1557. Deceased owners; multiple claimants
(a) If the Administrator holds unclaimed property in the name of a deceased owner, the Administrator may deliver the property as follows:
(1) In the case of an open estate, to the Administrator or executor.
(2) In the case of a closed estate and the unclaimed property is valued at less than $5,000.00, in accordance with the Probate Division of the Superior Court decree of distribution.
(3) In the absence of an open estate or Probate Division of the Superior Court decree of distribution, and the unclaimed property is valued at less than $5,000.00 to the surviving spouse of the deceased owner, or, if there is no surviving spouse, then to the next of kin according to 14 V.S.A. § 314.
(4) In all other cases where the Administrator holds property in the name of a deceased owner, a probate estate shall be opened by the claimant, or other interested party, in order to determine the appropriate distribution of the unclaimed property. Where an estate is opened solely to distribute unclaimed property under this section, the Probate Division of the Superior Court may waive any filing fees.
(b) If the Administrator holds unclaimed property valued at $250.00 or less that more than one person owns, the Administrator may deliver the property as follows:
(1) If the property has been listed on the Administrator’s website for less than one year, a proportionate share to each of the persons who owns the property and who files a claim.
(2) If the property has been listed on the Administrator’s website for a year or more, to the first person who files a claim and who owns at least a share of the property. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1561. Verified report of property

§ 1561. Verified report of property
If a person does not file a report required by section 1491 of this title or the Administrator believes that a person may have filed an inaccurate, incomplete, or false report, the Administrator may require the person to file a verified report in a form prescribed by the Administrator. The verified report must:
(1) state whether the person is holding property reportable under this chapter;
(2) describe property not previously reported or about which the Administrator has inquired;
(3) specifically identify property described under subdivision (2) of this section about which there is a dispute whether it is reportable under this chapter; and
(4) state the amount or value of the property. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1562. Examination of records to determine compliance

§ 1562. Examination of records to determine compliance
The Administrator, at reasonable times and on reasonable notice, may:
(1) examine the records of a person, including examination of appropriate records in the possession of an agent of the person under examination, if the records are reasonably necessary to determine whether the person has complied with this chapter;
(2) issue an administrative subpoena requiring the person or agent of the person to make records available for examination; and
(3) bring an action seeking judicial enforcement of the subpoena. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1563. Rules for conducting examination

§ 1563. Rules for conducting examination
(a) The Administrator shall adopt rules governing procedures and standards for an examination under section 1562 of this title, including rules for use of an estimation, extrapolation, and statistical sampling in conducting an examination.
(b) An examination under section 1562 of this title must be performed under rules adopted under subsection (a) of this section and with generally accepted examination practices and standards applicable to an unclaimed-property examination.
(c) If a person subject to examination under section 1562 of this title has filed the reports required under sections 1491 and 1561 of this title and has retained the records required by section 1494 of this title, the following rules apply:
(1) The examination must include a review of the person’s records.
(2) The examination may not be based on an estimate unless the person expressly consents in a record to the use of an estimate.
(3) The person conducting the examination shall consider the evidence presented in good faith by the person in preparing the findings of the examination under section 1567 of this title. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1564. Records obtained in examination

§ 1564. Records obtained in examination
Records obtained and records, including work papers, compiled by the Administrator in the course of conducting an examination under section 1562 of this title:
(1) are subject to the confidentiality and security provisions of subchapter 14 of this chapter and are not public records;
(2) may be used by the Administrator in an action to collect property or otherwise enforce this chapter;
(3) may be used in a joint examination conducted with another state, the United States, a foreign country or subordinate unit of a foreign country, or any other governmental entity if the governmental entity conducting the examination is legally bound to maintain the confidentiality and security of information obtained from a person subject to examination in a manner substantially equivalent to subchapter 14 of this chapter;
(4) must be disclosed, on request, to the person that administers the unclaimed property law of another state for that state’s use in circumstances equivalent to circumstances described in this subchapter, if the other state is required to maintain the confidentiality and security of information obtained in a manner substantially equivalent to subchapter 14 of this chapter;
(5) must be produced by the Administrator under an administrative or judicial subpoena or administrative or court order; and
(6) must be produced by the Administrator on request of the person subject to the examination in an administrative or judicial proceeding relating to the property. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1565. Evidence of unpaid debt or undischarged obligation

§ 1565. Evidence of unpaid debt or undischarged obligation
(a) A record of a putative holder showing an unpaid debt or undischarged obligation is prima facie evidence of the debt or obligation.
(b) A putative holder may establish by a preponderance of the evidence that there is no unpaid debt or undischarged obligation for a debt or obligation described in subsection (a) of this section or that the debt or obligation was not, or no longer is, a fixed and certain obligation of the putative holder.
(c) A putative holder may overcome prima facie evidence under subsection (a) of this section by establishing by a preponderance of the evidence that a check, draft, or similar instrument was:
(1) issued as an unaccepted offer in settlement of an unliquidated amount;
(2) issued but later was replaced with another instrument because the earlier instrument was lost or contained an error that was corrected;
(3) issued to a party affiliated with the issuer;
(4) paid, satisfied, or discharged;
(5) issued in error;
(6) issued without consideration;
(7) issued but there was a failure of consideration;
(8) voided not later than 90 days after issuance for a valid business reason set forth in a contemporaneous record; or
(9) issued but not delivered to the third-party payee for a sufficient reason recorded within a reasonable time after issuance.
(d) In asserting a defense under this section, a putative holder may present evidence of a course of dealing between the putative holder and the apparent owner or of custom and practice. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1566. Failure of person examined to retain records

§ 1566. Failure of person examined to retain records
If a person subject to examination under section 1562 of this title does not retain the records required by section 1494 of this title, the Administrator may determine the value of property due using a reasonable method of estimation based on all information available to the Administrator, including extrapolation and use of statistical sampling when appropriate and necessary, consistent with examination procedures and standards adopted under subsection 1563(a) of this title and in accord with subsection 1563(b) of this title. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1567. Report to person whose records were examined

§ 1567. Report to person whose records were examined
(a) At the conclusion of an examination under section 1002 of this title, the Administrator shall provide to the person whose records were examined a complete and unredacted examination report that specifies:
(1) the work performed;
(2) the property types reviewed;
(3) the methodology of any estimation technique, extrapolation, or statistical sampling used in conducting the examination;
(4) each calculation showing the value of property determined to be due; and
(5) the findings of the person conducting the examination.
(b) If an examination of the records of a person results in the disclosure of property reportable under this chapter, the Administrator may assess the cost of the examination against the holder at the rate of $200.00 per day for each examiner, or a greater amount that is reasonable and was incurred, but the assessment may not exceed the value of the property found to be reportable. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1568. Complaint to Administrator about conduct of person conducting examination

§ 1568. Complaint to Administrator about conduct of person conducting examination
(a) If a person subject to examination under section 1562 of this title believes the person conducting the examination has made an unreasonable or unauthorized request or is not proceeding expeditiously to complete the examination, the person in a record may ask the Administrator to intervene and take appropriate remedial action, including countermanding the request of the person conducting the examination, imposing a time limit for completion of the examination, or reassigning the examination to another person.
(b) If a person in a record requests a conference with the Administrator to present matters that are the basis of a request under subsection (a) of this section, the Administrator shall hold the conference not later than 30 days after receiving the request. The Administrator may hold the conference in person, by telephone, or by electronic means.
(c) If a conference is held under subsection (b) of this section, not later than 30 days after the conference ends, the Administrator shall provide a report in a record of the conference to the person that requested the conference. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1569. Administrator’s contract with another to conduct examination

§ 1569. Administrator’s contract with another to conduct examination
(a) As used in this section, “related to the Administrator” refers to an individual who is:
(1) the Administrator’s spouse, partner in a civil union, domestic partner, or reciprocal beneficiary;
(2) the Administrator’s child, stepchild, grandchild, parent, stepparent, sibling, stepsibling, halfsibling, aunt, uncle, niece, or nephew;
(3) a spouse, partner in a civil union, domestic partner, or reciprocal beneficiary of an individual under subdivision (2) of this subsection; or
(4) any individual residing in the Administrator’s household.
(b) The Administrator may contract with a person to conduct an examination under this subchapter. The contract may be awarded only under contracting policies and standards approved by the Vermont Secretary of Administration.
(c) If the person with which the Administrator contracts under subsection (b) of this section is:
(1) an individual, the individual may not be related to the Administrator; or
(2) a business entity, the entity may not be owned in whole or in part by the Administrator or an individual related to the Administrator.
(d) At least 60 days before assigning a person under contract with the Administrator under subsection (b) of this section to conduct an examination, the Administrator shall demand in a record that the person to be examined submit a report and deliver property that is previously unreported.
(e) If the Administrator contracts with a person under subsection (b) of this section:
(1) the contract may provide for compensation of the person based on a fixed fee, hourly fee, or contingent fee;
(2) a contingent fee arrangement may not provide for a payment that exceeds 10 percent of the amount or value of property paid or delivered as a result of the examination; and
(3) on request by a person subject to examination by a contractor, the Administrator shall deliver to the person a complete and unredacted copy of the contract and any contract between the contractor and a person employed or engaged by the contractor to conduct the examination. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1570. Limit on future employment

§ 1570. Limit on future employment
The Administrator or an individual employed by the Administrator who participates in, recommends, or approves the award of a contract under subsection 1569(b) of this title on or after January 1, 2021, may not be employed by, contracted with, or compensated in any capacity by the contractor or an affiliate of the contractor for one year after the latest of participation in, recommendation of, or approval of the award or conclusion of the contract. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1571. Report by Administrator to General Assembly

§ 1571. Report by Administrator to General Assembly
Not later than January 15 of each year, the Administrator shall compile and submit a report to the General Assembly. The report must contain the following information about property presumed abandoned for the preceding fiscal year for the State:
(1) the total amount and value of all property paid or delivered under this chapter to the Administrator, separated into:
(A) the part voluntarily paid or delivered; and
(B) the part paid or delivered as a result of an examination under section 1002 of this title, separated into the part recovered as a result of an examination conducted by:
(i) a State employee; and
(ii) a contractor under section 1569 of this title;
(2) the name of and amount paid to each contractor under section 1569 of this title and the percentage the total compensation paid to all contractors under section 1569 of this title bears to the total amount paid or delivered to the Administrator as a result of all examinations performed under section 1569 of this title;
(3) the total amount and value of all property paid or delivered by the Administrator to persons that made claims for property held by the Administrator under this chapter and the percentage the total payments made and value of property delivered to claimants bears to the total amounts paid and value delivered to the Administrator; and
(4) the total amount of claims made by persons claiming to be owners that:
(A) were denied;
(B) were allowed; and
(C) are pending. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1572. Determination of liability for unreported reportable property

§ 1572. Determination of liability for unreported reportable property
If the Administrator determines from an examination conducted under section 1562 of this title that a putative holder failed or refused to pay or deliver to the Administrator property that is reportable under this chapter, the Administrator shall issue a determination of the putative holder’s liability to pay or deliver and give notice in a record to the putative holder of the determination. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1582. Review of Administrator’s determination

§ 1582. Review of Administrator’s determination
A putative holder may seek relief from a determination under section 1572 of this title by:
(1) administrative review under section 1583 of this title; or
(2) judicial review under section 1583 of this title. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1583. Administrative review

§ 1583. Administrative review
(a) Not later than 90 days after receiving notice of the Administrator’s determination under section 1572 of this title, a putative holder may initiate a proceeding under 3 V.S.A. chapter 25, subchapter 2 for review of the Administrator’s determination.
(b) A final decision in an administrative proceeding initiated under subsection (a) of this section may be appealed to the Civil Division of the Washington County Superior Court, which shall hear the appeal de novo. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1584. Judicial remedy

§ 1584. Judicial remedy
(a) Not later than 90 days after receiving notice of the Administrator’s determination under section 1572 of this title, the putative holder may:
(1) file an action against the Administrator in the Civil Division of the Washington County Superior Court challenging the Administrator’s determination of liability and seeking a declaration that the determination is unenforceable, in whole or in part; or
(2) pay the amount or deliver the property determined by the Administrator to be paid or delivered to the Administrator and, not later than six months after payment or delivery, file an action against the Administrator in the Civil Division of the Washington County Superior Court for a refund of all or part of the amount paid or return of all or part of the property delivered.
(b) If a putative holder pays or delivers property the Administrator determined must be paid or delivered to the Administrator at any time after the putative holder files an action under subdivision (a)(1) of this section, the court shall continue the action as if it had been filed originally as an action for a refund or return of property under subdivision (a)(2) of this section.
(c) On the final determination of an action filed under subsection (a) of this section, the court may, on application, award to the prevailing party its reasonable attorney’s fees, costs, and expenses of litigation.
(d) A putative holder that is the prevailing party in an action under subdivision (a)(2) of this section for refund of money paid to the Administrator is entitled to interest on the amount refunded, at the same rate a holder is required to pay to the Administrator under subsection 1594(a) of this title, from the date paid to the Administrator until the date of the refund. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1591. Judicial action to enforce liability

§ 1591. Judicial action to enforce liability
(a) If a determination under section 1572 of this title becomes final and is not subject to administrative or judicial review, the Administrator may bring an action in the Civil Division of the Washington County Superior Court or in an appropriate court of another state to enforce the determination and secure payment or delivery of past due, unpaid, or undelivered property.
(b) In an action under subsection (a) of this section, if no court in this State has jurisdiction over the defendant, the Administrator may commence an action in any court having jurisdiction over the defendant. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1592. Interstate and international agreement; cooperation

§ 1592. Interstate and international agreement; cooperation
(a) Subject to subsection (b) of this section, the Administrator may:
(1) exchange information with another state or foreign country relating to property presumed abandoned or relating to the possible existence of property presumed abandoned; and
(2) authorize in a record another state or foreign country or a person acting on behalf of the other state or country to examine its records of a putative holder as provided in subchapter 10 of this chapter.
(b) An exchange or examination under subsection (a) of this section may be done only if the state or foreign country has confidentiality and security requirements substantially equivalent to those in subchapter 14 of this chapter, or agrees in a record to be bound by this State’s confidentiality and security requirements. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1593. Action involving another state or foreign country

§ 1593. Action involving another state or foreign country
(a) The Administrator may join another state or foreign country to examine and seek enforcement of this chapter against a putative holder.
(b) On request of another state or foreign country, the Vermont Attorney General may commence an action on behalf of the other state or country to enforce, in this State, the law of the other state or country against a putative holder subject to a claim by the other state or country, if the other state or country agrees to pay costs incurred by the Attorney General in the action.
(c) The Administrator may request the official authorized to enforce the unclaimed property law of another state or foreign country to commence an action to recover property in the other state or country on behalf of the Administrator. This State shall pay the costs, including reasonable attorney’s fees and expenses, incurred by the other state or foreign country in an action under this subsection.
(d) The Administrator may pursue an action on behalf of this State to recover property subject to this chapter but delivered to the custody of another state if the Administrator believes the property is subject to the custody of the Administrator.
(e) The Administrator may retain an attorney in this State, another state, or a foreign country to commence an action to recover property on behalf of the Administrator and may agree to pay attorney’s fees based in whole or in part on a fixed fee, hourly fee, or a percentage of the amount or value of property recovered in the action.
(f) Expenses incurred by this State in an action under this section may be paid from property received under this chapter or the net proceeds of the property. Expenses paid to recover property may not be deducted from the amount that is subject to a claim under this chapter by the owner. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1594. Interest and penalty for failure to act in timely manner

§ 1594. Interest and penalty for failure to act in timely manner
(a) A holder that fails to report, pay, or deliver property within the time prescribed by this chapter shall pay to the Administrator interest at the higher of the annual rate established by the Vermont Tax Department for unpaid tax liabilities pursuant to 32 V.S.A. § 3108 or the prime rate as reported in the Money Rates section of the Wall Street Journal on the day the invoice for interest is issued by the Administrator on the property or value of the property from the date the property should have been reported, paid, or delivered to the Administrator until the date reported, paid, or delivered.
(b) Except as otherwise provided in section 1595 or 1596 of this title, the Administrator may require a holder that fails to report, pay, or deliver property within the time prescribed by this chapter to pay to the Administrator, in addition to interest included under subsection (a) of this section, a civil penalty of $200.00 for each day the duty is not performed, up to a cumulative maximum amount of $5,000.00. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1595. Other civil penalties

§ 1595. Other civil penalties
(a) If a holder enters into a contract or other arrangement for the purpose of evading an obligation under this chapter or otherwise willfully fails to perform a duty imposed on the holder under this chapter, the Administrator may require the holder to pay the Administrator, in addition to interest as provided in subsection 1594(a), a civil penalty of $1,000.00 for each day the obligation is evaded or the duty is not performed, up to a cumulative maximum amount of $25,000.00, plus 25 percent of the amount or value of property that should have been but was not reported, paid, or delivered as a result of the evasion or failure to perform.
(b) If a holder makes a fraudulent report under this chapter, the Administrator may require the holder to pay to the Administrator, in addition to interest under subsection 1594(a) of this title, a civil penalty of $1,000.00 for each day from the date the report was made until corrected, up to a cumulative maximum of $25,000.00, plus 25 percent of the amount or value of any property that should have been reported but was not included in the report or was underreported. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1596. Waiver of interest and penalty

§ 1596. Waiver of interest and penalty
The Administrator:
(1) may waive, in whole or in part, interest under subsection 1594(a) of this title and penalties under subsection 1594(b) or section 1595 of this title; and
(2) shall waive a penalty under subsection 1594(b) of this title if the Administrator determines that the holder acted in good faith and without negligence. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1601. When agreement to locate property enforceable

§ 1601. When agreement to locate property enforceable
An agreement by an apparent owner and another person, the primary purpose of which is to locate, deliver, recover, or assist in the location, delivery, or recovery of property held by the Administrator, is enforceable only if the agreement:
(1) is in a record that clearly states the nature of the property and the services to be provided;
(2) is signed by or on behalf of the apparent owner; and
(3) states the amount or value of the property reasonably expected to be recovered, computed before and after a fee or other compensation to be paid to the person has been deducted. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1602. When agreement to locate property void

§ 1602. When agreement to locate property void
(a) Subject to subsection (b) of this section, an agreement under section 1601 of this title is void if it is entered into during the period beginning on the date the property was paid or delivered by a holder to the Administrator and ending 24 months after the payment or delivery.
(b) If a provision in an agreement described in subsection (a) of this section applies to mineral proceeds for which compensation is to be paid to the other person based in whole or in part on a part of the underlying minerals or mineral proceeds not then presumed abandoned, the provision is void regardless of when the agreement was entered into.
(c) An agreement under subsection (a) of this section that provides for compensation in an amount that is unconscionable is unenforceable except by the apparent owner. An apparent owner that believes the compensation the apparent owner has agreed to pay is unconscionable or the Administrator, acting on behalf of an apparent owner, or both, may bring an action in the appropriate court to reduce the compensation to the maximum amount that is not unconscionable. On the final determination of an action filed under this subsection, the court may, on application, award the prevailing party its reasonable attorney’s fees, costs, and expenses of litigation.
(d) An apparent owner or the Administrator may assert that an agreement described in this section is void on a ground other than it provides for payment of unconscionable compensation.
(e) This section does not apply to an apparent owner’s agreement with an attorney to pursue a claim for recovery of specifically identified property held by the Administrator or to contest the Administrator’s denial of a claim for recovery of the property.
(f) An agreement between an owner and an asset locator, the primary purpose of which is to locate, deliver, recover, or assist in the recovery of property that is presumed abandoned and that provides for compensation that exceeds 10 percent of the value of the unclaimed property, shall be unenforceable. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1603. Right of agent of apparent owner to recover property held by Administrator

§ 1603. Right of agent of apparent owner to recover property held by Administrator
(a) An apparent owner that contracts with another person to locate, deliver, recover, or assist in the location, delivery, or recovery of property of the apparent owner that is held by the Administrator may designate the person as the agent of the apparent owner. The designation must be in a record signed by the apparent owner.
(b) The Administrator shall give the agent of the apparent owner all information concerning the property that the apparent owner is entitled to receive, including information that otherwise is confidential information under section 1612 of this title. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1604. Asset locators

§ 1604. Asset locators
(a) All asset locators seeking to interact with the Administrator on behalf of apparent owners shall first register with Administrator on forms prescribed by the Administrator. Registration information shall include an asset locator’s previous business experience and whether the asset locator has a criminal record. In order to obtain and maintain registered status, all asset locators shall post a performance bond of not less than $10,000.00 to insure the Administrator against any fraudulent or mistaken claims that may arise as a result of an asset locator’s representation of an apparent owner. A copy of any agreement, or contract, between an asset locator and an apparent owner shall be filed with the Administrator, together with a signed by the apparent owner and notarized “notice to claimant” form, as prescribed by the Administrator, describing the rights of the apparent owner under this subchapter.
(b) An owner may not assign his or her rights, or property interests, under this chapter to an asset locator. No power of attorney containing provisions contrary to this section shall be enforceable. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1611. Definitions; applicability

§ 1611. Definitions; applicability
(a) As used in this subchapter, “personal information” means:
(1) information that identifies or reasonably can be used to identify an individual, such as first and last name in combination with the individual’s:
(A) Social Security number or other government-issued number or identifier;
(B) date of birth;
(C) home or physical address;
(D) electronic-mail address or other online contact information or Internet provider address;
(E) financial account number or credit or debit card number;
(F) biometric data, health or medical data, or insurance information; or
(G) passwords or other credentials that permit access to an online or other account;
(2) personally identifiable financial or insurance information, including nonpublic personal information defined by applicable federal law; and
(3) any combination of data that, if accessed, disclosed, modified, or destroyed without authorization of the owner of the data or if lost or misused, would require notice or reporting under 9 V.S.A. chapter 62 and federal privacy and data security law, whether or not the Administrator or the Administrator’s agent is subject to the law.
(b) A provision of this subchapter that applies to the Administrator or the Administrator’s records applies to an Administrator’s agent. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1612. Confidential information

§ 1612. Confidential information
(a) Except as otherwise provided in this chapter, the following are confidential and exempt from public inspection or disclosure:
(1) records of the Administrator and the Administrator’s agent related to the administration of this chapter;
(2) reports and records of a holder in the possession of the Administrator or the Administrator’s agent; and
(3) personal information and other information derived or otherwise obtained by or communicated to the Administrator or the Administrator’s agent from an examination under this chapter of the records of a person.
(b) A record or other information that is confidential under law of this State other than this chapter, another state, or the United States continues to be confidential when disclosed or delivered under this chapter to the Administrator or Administrator’s agent.
(c) Notwithstanding any other provision of this chapter, or of 1 V.S.A. chapter 5, subchapter 3, the Administrator may withhold information concerning an individual, or specific abandoned property, when in the Administrator’s judgment it is necessary to ensure that abandoned property is returned to the rightful owner or to otherwise protect the owner. In addition, the Administrator may withhold information concerning individuals and abandoned property until notice has been provided in accordance with section 1503 of this title, deny requests for lists of apparent owners in any format for 24 months after the date the property is paid or delivered to the Administrator, and withhold information concerning uncashed checks and other similar payment information prior to the property being presumed abandoned as set forth in subchapter 2 of this chapter. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1613. When confidential information may be disclosed

§ 1613. When confidential information may be disclosed
(a) When reasonably necessary to enforce or implement this chapter, the Administrator may disclose confidential information concerning property held by the Administrator or the Administrator’s agent only to:
(1) an apparent owner or the apparent owner’s personal representative, attorney, other legal representative, relative, or agent designated under section 1603 of this title to have the information;
(2) the personal representative, executor, other legal representative, relative of a deceased apparent owner, agent designated under section 1603 of this title by the deceased apparent owner, or a person entitled to inherit from the deceased apparent owner;
(3) another department or agency of this State or the United States;
(4) the person that administers the unclaimed property law of another state, if the other state accords substantially reciprocal privileges to the Administrator of this State, or if the other state is required to maintain the confidentiality and security of information obtained in a manner substantially equivalent to subchapter 14 of this chapter;
(5) a person subject to an examination as required by subdivision 1564(6) of this title.
(b) Except as otherwise provided in subsection 1612(a) of this title, the Administrator shall include on the website or in the database required by subdivision 1503(c)(2) of this title the name of each apparent owner of property held by the Administrator. The Administrator may include in published notices, printed publications, telecommunications, the Internet, or other media and on the website or in the database additional information concerning the apparent owner’s property if the Administrator believes the information will assist in identifying and returning property to the owner and does not disclose personal information except the home or physical address of an apparent owner.
(c) The Administrator and the Administrator’s agent may not use confidential information provided to them or in their possession except as expressly authorized by this chapter or required by law other than this chapter. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1614. Confidentiality agreement

§ 1614. Confidentiality agreement
A person to be examined under section 1562 of this title may require, as a condition of disclosure of the records of the person to be examined, that each person having access to the records disclosed in the examination execute and deliver to the person to be examined a confidentiality agreement that:
(1) is in a form that is reasonably satisfactory to the Administrator; and
(2) requires the person having access to the records to comply with the provisions of this subchapter applicable to the person. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1615. No confidential information in notice

§ 1615. No confidential information in notice
Except as otherwise provided in sections 1501 and 1502 of this title, a holder is not required under this chapter to include confidential information in a notice the holder is required to provide to an apparent owner under this chapter. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1616. Security of information

§ 1616. Security of information
(a) If a holder is required to include confidential information in a report to the Administrator, the information must be provided by a secure means.
(b) If confidential information in a record is provided to and maintained by the Administrator or Administrator’s agent as required by this chapter, the Administrator or agent shall:
(1) implement administrative, technical, and physical safeguards to protect the security, confidentiality, and integrity of the information required by 9 V.S.A. chapter 62 and federal privacy and data security law whether or not the Administrator or the Administrator’s agent is subject to the law;
(2) protect against reasonably anticipated threats or hazards to the security, confidentiality, or integrity of the information; and
(3) protect against unauthorized access to or use of the information that could result in substantial harm or inconvenience to a holder or the holder’s customers, including insureds, annuitants, and policy or contract owners and their beneficiaries.
(c) The Administrator:
(1) after notice and comment, shall adopt and implement a security plan that identifies and assesses reasonably foreseeable internal and external risks to confidential information in the Administrator’s possession and seeks to mitigate the risks; and
(2) shall ensure that the Administrator’s agent adopts and implements a similar plan with respect to confidential information in the agent’s possession.
(d) The Administrator and the Administrator’s agent shall educate and train their employees regarding the plan adopted under subsection (c) of this section.
(e) The Administrator and the Administrator’s agent shall in a secure manner return or destroy all confidential information no longer reasonably needed under this chapter. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1617. Security breach

§ 1617. Security breach
(a) Except to the extent prohibited by law other than this chapter, the Administrator or Administrator’s agent shall notify a holder as soon as practicable of:
(1) a suspected loss, misuse or unauthorized access, disclosure, modification, or destruction of confidential information obtained from the holder in the possession of the Administrator or the Administrator’s agent; and
(2) any interference with operations in any system hosting or housing confidential information that:
(A) compromises the security, confidentiality, or integrity of the information; or
(B) creates a substantial risk of identity fraud or theft.
(b) Except as necessary to inform an insurer, attorney, investigator, or others as required by law, the Administrator and the Administrator’s agent may not disclose, without the express consent in a record of the holder, an event described in subsection (a) of this section to a person whose confidential information was supplied by the holder.
(c) If an event described in subsection (a) of this section occurs, the Administrator and the Administrator’s agent shall:
(1) take action necessary for the holder to understand and minimize the effect of the event and determine its scope; and
(2) cooperate with the holder with respect to:
(A) any notification required by law concerning a data or other security breach; and
(B) a regulatory inquiry, litigation, or similar action. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
2023 Vermont Statutes › Title 27 - Property › Chapter 18 - Unclaimed Property › § 1618. Indemnification for breach

§ 1618. Indemnification for breach
(a) If a claim is made or action commenced arising out of an event described in subsection 1617(a) of this title relating to confidential information possessed by the Administrator’s agent, the Administrator’s agent shall indemnify, defend, and hold harmless a holder and the holder’s affiliates, officers, directors, employees, and agents as to:
(1) any claim or action; and
(2) a liability, obligation, loss, damage, cost, fee, penalty, fine, settlement, charge, or other expense, including reasonable attorney’s fees and costs, established by the claim or action.
(b) The Administrator shall require an Administrator’s agent that will receive confidential information required under this chapter to maintain adequate insurance for indemnification obligations of the Administrator’s agent under subsection (a) of this section. The agent required to maintain the insurance shall provide evidence of the insurance to:
(1) the Administrator not less frequently than annually; and
(2) the holder on commencement of an examination and annually thereafter until all confidential information is returned or destroyed under subsection 1406(e) of this title. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)