N.J. Admin. Code § 17:18-1.11
Current through Register Vol. 56, No. 23, December 2, 2024
Section 17:18-1.11 - Inspection of holder inventory or safe deposit box(a) The holder shall submit a timely and accurate report for boxes and safekeeping repositories presumed abandoned.(b) The Unclaimed Property Administration shall notify the holder by written or oral communication referencing the report summary detailing the inventory that will be inspected. 1. This communication shall request the following two items from the holder: i. The name of the individual who should be contacted by the Unclaimed Property Administration in order to arrange the inspection; andii. A statement from an officer of the holder sent to the Unclaimed Property Administration, affirming that all provisions of the Uniform Unclaimed Property Act, 46:30B-1 et seq., and the Safe Deposit Box Companies-Proceedings for Unpaid Rental Statute, 17:14A-51, have been met by the holder with respect to those boxes or repositories being reported.(c) The inventory verification will be performed with a representative(s) of the State's Unclaimed Property Program and a representative(s) of the holder in attendance. 1. Inventory items will be visually inspected and verified against the report. Each envelope of contents shall be sealed with tape and signed by the holder and representative of the Unclaimed Property Administration across the tape. These envelopes are placed in a storage box which shall be taped with specially printed tape. i. A resolution will be arrived at and documented in the event of any discrepancies in the inventory verification process.(d) The holder will be provided with an inspection completion letter and if the Treasury representative does not take immediate possession, the holder representative shall secure a safe deposit box or vault in the name of the Treasurer, State of New Jersey until such time as arrangements can be made to remove the contents.N.J. Admin. Code § 17:18-1.11
Amended 46 N.J.R. 1713(a), effective 7/21/2014.