Section 760.740  Notice of Examination

a)         All unclaimed property examinations begin with an official notice of examination letter.

b)         A notice letter shall notify the person subject to examination that:

1)         its books and records (including those belonging to subsidiary and related entities or maintained by a third party that has contracted with the person) are subject to examination;

2)         identify the assigned auditor; and

3)         include auditor contact information.

c)         A notice letter may either be sent directly to the person subject to examination by the administrator or to the auditor assigned to the examination for delivery to the person subject to examination.

d)         Failure to strictly adhere to the requirements of this Section does not invalidate an examination and may be cured by the administrator prior to the conclusion of the examination so long as all other requirements regarding notification and the conduct of an examination were met.

(Source:  Amended at 48 Ill. Reg. 14162, effective September 10, 2024)