Arizona Laws 44-322. Requests for reports; examination of records
A. The department may require any person who has not filed a report or any person who the department believes has filed an inaccurate, incomplete or false report to file a verified report in a form specified by the department. The report shall:
Terms Used In Arizona Laws 44-322
- Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
- Business association: means any corporation, joint stock company, investment company, partnership, limited partnership, registered limited liability partnership, unincorporated association, joint venture, limited liability company, business trust, trust company, land bank, safe deposit company, safekeeping depository, financial organization, insurance company, mutual fund, utility or other business entity, whether for profit or not for profit, that consists of one or more persons. See Arizona Laws 44-301
- Department: means the department of revenue. See Arizona Laws 44-301
- Financial organization: means a savings and loan association, building and loan association, savings bank, industrial bank, bank, banking organization or credit union. See Arizona Laws 44-301
- Holder: means a person who is obligated to hold for the account of or deliver or pay to the owner property that is subject to this chapter. See Arizona Laws 44-301
- including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
- Person: means an individual, business association, financial organization, estate, trust, government, governmental subdivision, agency or instrumentality or any other legal or commercial entity. See Arizona Laws 44-301
- Property: means tangible property pursuant to section 44-303 or a fixed and certain interest in intangible property that is held, issued or owed in the course of a holder's business or by a government, governmental subdivision, agency or instrumentality and all income or increments from that property. See Arizona Laws 44-301
- State: means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico or any territory or insular possession that is subject to the jurisdiction of the United States. See Arizona Laws 44-301
- Subpoena: A command to a witness to appear and give testimony.
1. State whether the person is holding property that is reportable under this chapter.
2. Describe the property not previously reported or property about which the department has inquired.
3. Identify and state the amount of property that may be in issue.
B. At reasonable times and on reasonable notice, the department may examine the records of any person to determine whether the person has complied with this chapter. The department may conduct the examination even if the person believes that it is not in possession of any property that must be reported, paid or delivered pursuant to this chapter.
C. At reasonable times the department may examine the records of an agent, including a dividend disbursing agent or transfer agent, of a business association or financial organization that is the holder of property presumed abandoned if the department has given the notice prescribed in subsection B of this section to both the association or organization and the agent at least ninety days before the examination.
D. Documents and working papers that the department or the department’s agent, employee or designated representative obtains or compiles in the course of conducting an examination are confidential and are not public records. However, notwithstanding sections 42-2003 and 44-315, the documents and papers may be:
1. Used by the department in the course of an action to collect unclaimed property or otherwise enforce this chapter.
2. Used in joint examinations conducted with or pursuant to an agreement with another state, the federal government or any other governmental subdivision, agency or instrumentality.
3. Produced pursuant to subpoena or court order.
4. Disclosed to the abandoned property office of another state for that state’s use in circumstances that are equivalent to those described in this subsection, if the other state is bound to keep the documents and papers confidential.
E. If an examination of the records of a person results in the disclosure of property that is reportable under this chapter, the department may assess the cost of the examination against the holder at the rate of one hundred dollars each day for each examiner, but the assessment shall not exceed the value of the property found to be reportable. The department may assess the cost of an examination made pursuant to subsection C of this section only against the business association or financial organization.
F. If a holder does not maintain the records required in section 44-323 and the records of the holder that are available for the periods subject to this chapter are insufficient to allow the preparation of a report, the department may require the holder to report and pay to the department the amount that the department reasonably believes, based on the holder’s available records or any other reasonable method of estimation, should have been but was not reported. The method of estimation shall be agreed to by the holder or shall be a statistically valid sampling method.