12 Del. Admin. Code § 301-1.0

Current through Register Vol. 28, No. 3, September 1, 2024

Section 301-1.0 - Purpose, Scope and Authority

1.1 Purpose

1.1.1 On February 2, 2017, the Governor of Delaware signed into law Senate Bill 13 of the 149^th General Assembly, which revised and updated the Delaware Abandoned or Unclaimed Property Law. Section 1176(b) states as follows:

The Secretary of Finance, in consultation with the Secretary of State, shall, on or before July 1, 2017, promulgate regulations regarding the method of estimation to create consistency in any examination or voluntary disclosure. These regulations must include permissible base periods, items to be excluded from the estimation calculation, aging criteria for outstanding and voided checks, and the definition of what constitutes complete and researchable records.

1.1.2 These are the Department of State's companion regulations regarding the method of estimation in the Department of State's Voluntary Disclosure Agreement program.

1.2 Scope

1.2.1 The Secretary of State may make such rules and regulations as deemed necessary to enforce Section 1173, the Department of State Abandoned or Unclaimed Property Voluntary Disclosure Agreement ("VDA") program.

1.3 Statutory Authority

1.3.1 12 Del.C. § 1173(a)(6) Rule-making.

12 Del. Admin. Code § 301-1.0

21 DE Reg. 50 (7/1/2017) (Final)