Utah Code 67-4a-503. Notice by administrator
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(1) The administrator shall give notice to an apparent owner that property presumed abandoned and that appears to be owned by the apparent owner is held by the administrator under this chapter.
Terms Used In Utah Code 67-4a-503
- Administrator: means the deputy state treasurer assigned by the state treasurer. See Utah Code 67-4a-102
- Apparent owner: means a person whose name appears on the records of a holder as the owner of property held, issued, or owing by the holder. See Utah Code 67-4a-102
- Confidential information: means records, reports, and information that is confidential under Section 67-4a-1402. See Utah Code 67-4a-102
- Electronic: means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities. See Utah Code 67-4a-102
- Electronic mail: means a communication by electronic means that is automatically retained and stored and may be readily accessed or retrieved. See Utah Code 67-4a-102
- Holder: means a person obligated to hold for the account of, or to deliver or pay to, the owner property subject to this chapter. See Utah Code 67-4a-102
- Owner: includes :(26)(b)(i) a depositor, for a deposit;(26)(b)(ii) a beneficiary, for a trust other than a deposit in trust;(26)(b)(iii) a creditor, claimant, or payee, for other property; and(26)(b)(iv) the lawful bearer of a record that may be used to obtain money, a reward, or a thing of value. See Utah Code 67-4a-102
- Person: means :
(28)(a) an individual;(28)(b) an estate;(28)(c) a business association;(28)(d) a public corporation;(28)(e) a government entity;(28)(f) an agency;(28)(g) a trust;(28)(h) an instrumentality; or(28)(i) any other legal or commercial entity. See Utah Code 67-4a-102- Property: includes :
(29)(b)(i) all income from or increments to the property;(29)(b)(ii) property referred to as or evidenced by:(29)(b)(ii)(A) money, virtual currency, interest, or a dividend, check, draft, or deposit;(29)(b)(ii)(B) a credit balance, customer's overpayment, stored-value card, payroll card, security deposit, refund, credit memorandum, unpaid wage, unused ticket for which the issuer has an obligation to provide a refund, mineral proceeds, or unidentified remittance; and(29)(b)(ii)(C) a security except for:(29)(b)(ii)(C)(I) a worthless security; or(29)(b)(ii)(C)(II) a security that is subject to a lien, legal hold, or restriction evidenced on the records of the holder or imposed by operation of law, if the lien, legal hold, or restriction restricts the holder's or owner's ability to receive, transfer, sell, or otherwise negotiate the security;(29)(b)(iii) a bond, debenture, note, or other evidence of indebtedness;(29)(b)(iv) money deposited to redeem a security, make a distribution, or pay a dividend;(29)(b)(v) an amount due and payable under an annuity contract or insurance policy;(29)(b)(vi) an amount distributable from a trust or custodial fund established under a plan to provide health, welfare, pension, vacation, severance, retirement, death, stock purchase, profit-sharing, employee-savings, supplemental-unemployment insurance, or a similar benefit; and(29)(b)(vii) an amount held under a preneed funeral or burial contract, other than a contract for burial rights or opening and closing services, where the contract has not been serviced following the death or the presumed death of the beneficiary. See Utah Code 67-4a-102- Security: means :
(32)(a) a security as defined in Revised Article 8 of the Uniform Commercial Code; or(32)(b) a security entitlement as defined in Revised Article 8 of the Uniform Commercial Code, including a customer security account held by a registered broker-dealer, to the extent the financial assets held in the security account are not:(32)(b)(i) registered on the books of the issuer in the name of the person for which the broker-dealer holds the assets;(32)(b)(ii) payable to the order of the person;(32)(b)(iii) specifically endorsed to the person; or(32)(b)(iv) an equity interest in a business association not included in this Subsection (32). See Utah Code 67-4a-102- State: means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Utah Code 67-4a-102
- United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
(2) In providing notice under Subsection (1), the administrator shall:(2)(a) except as otherwise provided in Subsection (2)(b), send written notice by first-class United States mail to each apparent owner of property valued at $50 or more held by the administrator, unless the administrator determines that a mailing by first-class United States mail would not be received by the apparent owner, and, in the case of a security held in an account for which the apparent owner had consented to receiving electronic mail from the holder, send notice by electronic mail if the electronic mail address of the apparent owner is known to the administrator instead of by first-class United States mail; or(2)(b) send the notice to the apparent owner’s electronic mail address if the administrator does not have a valid United States mail address for an apparent owner, but has an electronic mail address that the administrator does not know to be invalid.(3) In addition to the notice under Subsection (2), the administrator shall publish every 12 months in at least one English language newspaper of general circulation in this state notice of property held by the administrator, which shall include:(3)(a) the total value of property received by the administrator during the preceding 12-month period, taken from the reports under Section 67-4a-401;(3)(b) the total value of claims paid by the administrator during the preceding 12-month period;(3)(c) the Internet web address of the unclaimed property website maintained by the administrator;(3)(d) a telephone number and electronic mail address to contact the administrator to inquire about or claim property; and(3)(e) a statement that a person may access the Internet by a computer to search for unclaimed property, and a computer may be available as a service to the public at a local public library.(4)(4)(a) The administrator shall maintain a website accessible by the public and electronically searchable that contains the names reported to the administrator of apparent owners for whom property is being held by the administrator.(4)(b) The administrator is not required to list property on the website if:(4)(b)(i) no owner name was reported;(4)(b)(ii) a claim has been initiated or is pending for the property;(4)(b)(iii) the Office of the State Treasurer has made direct contact with the apparent owner of the property; or(4)(b)(iv) the administrator reasonably believes exclusion of the property is in the best interests of both the state and the owner of the property.(5) The website or database maintained under Subsection (4) shall include instructions for filing with the administrator a claim to property and a printable claim form with instructions.(6)(6)(a) At least annually, the administrator shall notify the State Tax Commission of the names and social security numbers or federal identification numbers of any persons appearing to be owners of abandoned property under this chapter.(6)(b) The State Tax Commission shall:(6)(b)(i) determine if any person under Subsection (6)(a) has filed a Utah income tax return in that year; and(6)(b)(ii) provide notice to a person described in Subsection (6)(b)(i) that directs the person to access the website described in Subsection (4) for information on property that may be held by the administrator in that person’s name.(6)(c) Subject to Subsection (7), in order to facilitate the return of property under this Subsection (6), the administrator and the State Tax Commission may enter into an interagency agreement concerning protection of confidential information, data match rules, and other issues.(7) If the administrator and the State Tax Commission enter into an interagency agreement under Subsection (6)(c), for each person that is owed property that has a value of $2,000 or less:(7)(a) the administrator shall deliver the property or pay the amount owed to the person in the manner provided under Section 67-4a-905; and(7)(b) the person is not required to file a claim under Section 67-4a-903.(8) The administrator may use publicly and commercially available databases to find and update or add information for apparent owners of property held by the administrator.(9) The State Tax Commission may bill the administrator to recover the State Tax Commission’s costs for providing the service under this section.(10) In addition to giving notice under Subsection (2), publishing the information under Subsection (3), and maintaining the website or database under Subsection (4), the administrator may use other printed publication, telecommunication, the Internet, or other media to inform the public of the existence of unclaimed property held by the administrator. - Person: means :