W. Va. Code R. § 112-5-6

Current through Register Vol. XLI, No. 45, November 8, 2024

Section 112-5-6 - Reporting and Due Diligence

6.1. A person holding property presumed abandoned and subject to the Act shall file a report with the administrator concerning the property. A holder shall file the report before the first day of November of each year for the period of July 1 through June 30, except a life insurance company which shall file its report before the first day of May of each year for the period of January 1 through December 31. The report shall be verified for accuracy and include, when known or readily ascertainable:

6.1.1. The name, social security number or taxpayer identification number, email address, best mailing address, date of birth, date of death (if applicable), driver's license number, and driver's license state of each person appearing from the records of the holder to be the apparent owner of any property presumed abandoned under the Act with an aggregate value of $50 or more;

6.1.2. In case of unclaimed funds of life insurance companies due beneficiaries from a life or endowment insurance policy or annuity held by life insurance companies:

6.1.2.a. The insured or annuitant's name, social security number or taxpayer identification number, date of birth, date of death (if attainable through commercially reasonable means); and

6.1.2.b. Each beneficiary's name, email address, best mailing address, social security number or taxpayer identification number, date of birth, date of death (if applicable), driver's license number, driver's license state, and relationship to the insured or annuitant: Provided, That the information described in this subdivision must be reported regardless of whether the owner is alive or deceased.

6.1.3. In case of other property subject to transfer upon the death of the owner, including but not limited to an Individual Retirement Account or demand, savings or time deposit that is payable on death:

6.1.3.a. The apparent owner's name, social security number or taxpayer identification number, date of birth, date of death (if applicable); and

6.1.3.b. Each beneficiary's name, email address, best mailing address, social security number or taxpayer identification number, date of birth, date of death (if applicable), driver's license number, driver's license state, and relationship to the apparent owner: Provided, That the information described in this subdivision must be reported regardless of whether the apparent owner is alive or deceased.

6.1.4. In the case of the contents of a safe deposit box or other safekeeping depository or in the case of other personal property, a description of the property and any identifying or safekeeping box number for each item of property together with:

6.1.4.a. An itemized breakdown of each safe deposit box opening charge, unpaid rent and storage charges for which the holder requests reimbursement;

6.1.4.b. The date of the owner's last indication of interest in the property according to the records of the holder; and

6.1.4.c. In the case of an interest-bearing demand, savings or time deposit, the annual interest rate at the time the property was paid to the administrator.

6.1.5. In the case of a reserved interest subject to the UUIO Act, the county and legal description of the property where the reserved interest is located, and if applicable, the well name, and any known well number.

6.2. Performance of due diligence is a first class mailing to owners as required by W. Va. Code § 36-8-7(e). A holder is required to make a due diligence mailing to owners whose property, prior to deducting allowable dormancy charges, has an aggregate value of $50 or more, or is included in a safe deposit box. However, if the holder has in its records an address for the apparent owner that its records disclose as inaccurate or if the claim is barred by the statute of limitations, the holder is not required to make the due diligence mailing. The due diligence letter shall contain:

6.2.1. The steps required by the owner to claim the property;

6.2.2. The steps required by the owner to have the holder reactivate the account and continue to maintain the property for the owner;

6.2.3. A statement that if the owner does not take the steps set forth either in subdivisions 6.2.1. or 6.2.2. of this subsection, the property will be remitted to the State;

6.2.4. A statement that, the State is only a custodian for property presumed abandoned and remitted to the State, and that the owner or his or her heirs do not lose their rights to the property and may file a claim for the property with the State;

6.2.5. A date, not less than fifteen (15) business days prior to the date the holder will remit the property to the State, by which the owner must contact the holder; and

6.2.6. The name, address, and telephone number of the person to contact at the holder.

6.3. The administrator shall consider a report received and filed when it has been received in a complete, accurate, and correct form including any required remittance to the administrator's Unclaimed Property Division.

6.3.1. The administrator may return any incomplete or inaccurate report or remittance to the holder for correction.

6.3.2. If the administrator returns a report or remittance to a holder because it is incomplete or inaccurate, the holder shall submit a corrected report or remittance to the administrator within twenty (20) calendar days after the administrator's return of the original report or remittance to the holder.

6.3.3. The administrator may assess interest and penalties against a holder failing to file a report and remittance on or before the time specified in subsection 6.3.2. of this rule.

6.4. A holder shall file the report in:

6.4.1. An electronic format prescribed or provided by the administrator; or

6.4.2. Any other form authorized by administrator.

6.5. A holder discovering unreported property shall file a report immediately upon discovery of the omission. The holder shall identify this property as being reported late and the reason for the omission.

6.6. A holder seeking an extension of time in which to report or remit shall file a request with the administrator for receipt by the administrator a minimum of thirty (30) calendar days prior to the due date. A request for an extension is required even if the report will be negative.

6.6.1. A request by a holder for an extension of time to report or remit shall include a reasonable cause for delaying the report or remittance. Reasonable cause includes, but is not limited to, a natural disaster, criminal activity related to the holder's books and records, or a recent change in the form of ownership of the holder through merger, acquisition or reorganization. Reasonable cause does not include the failure of a holder to perform the due diligence required under subsection 6.2. of this rule.

6.6.2. The administrator shall respond to each request for extension within twenty (20) days after receipt of the request.

6.6.3. The administrator may grant the holder an extension of not less than thirty (30) days and no more than ninety (90) days from the date the report and/or remittance are due.

W. Va. Code R. § 112-5-6