Section 760.900  Purpose of Enforcement

a)         State unclaimed property laws are based on a theory of truthful self-reporting by the holders of unclaimed property. Enforcement actions by the administrator are intended to both bring holders subject to enforcement actions into compliance with the Act and to encourage voluntary compliance by other holders. The expectation is that a holder who has been the subject of an enforcement action by the administrator will voluntarily comply with the Act in the future. And, further, a program of enforcement by the administrator will encourage holders to voluntarily comply with the Act in order to avoid being subject to enforcement actions.

b)         Unclaimed property examinations are an essential aspect of unclaimed property compliance. However, if a holder is reporting correctly under the Act, there should be no determination of liability by the administrator. (For rules concerning unclaimed property examinations, see Subpart F.)