 |
D.C. Municipal Regulations (Last Updated: September 13, 2017) |
 |
Title 9. TAXATION AND ASSESSMENTS |
|
Chapter 9-30. DISPOSITION OF UNCLAIMED PROPERTY |
Section 9-3004. REPORTING
-
3004.1A holder shall annually file a verified report ("Report of Unclaimed Property Verification and Checklist") even if only to indicate that the holder has no reportable items; unless otherwise notified by the Deputy Chief Financial Officer.
3004.2The last known address of that apparent owner, as reflected in the records of the holder, shall be determinative of where the report and delivery is to be made. If the owner of record (the apparent owner) transfers his or her interest to another person without notice to the holder, the address of the owner of record controls.
3004.3With respect to reports of unclaimed property under § 106 of the Act, if determinable, the value of the property shall be reported as of the date of the delivery of the property. The report shall reflect the following:
(a) The amount of interest that has actually accrued as of the date of the report; and
(b) The amount of interest that is estimated will be accrued as of the date of delivery.
3004.4In general, each report shall contain the information required by § 117 of the Act (D.C. Code § 42-217), and §§ 3004.14 and 3004.15 of this chapter. Reports that do not contain all required information shall be subject to rejection.
3004.5Insurance companies shall provide the full name of the insured or annuitant and the beneficiary, and the last known address of each.
3004.6Requests for additional information by the Deputy Chief Financial Officer to the holder shall be in writing and shall state the justification for the request for additional information.
3004.7If service charges have been deducted, a holder shall include or attach as part of the report the following:
(a) The citation to the authority or copy of the form of contract authorizing the service charge(s);
(b) The value or amount of each item of property before any service charge(s) were deducted; and
(c) The amount of service charge(s) deducted from each item and the date(s) on which the service charge(s) were deducted.
3004.8If the amount of service charge equals or exceeds the value of an item, this fact shall be reported in accordance with § 3002.9.
3004.9For the purposes of the Act and this chapter, the term "service charge" includes any deduction by a holder from property presumed abandoned under the Act, including any deductions made by the holder prior to the presumption of abandonment which are made by reason of the inactivity, dormancy, or unclaimed status of the property.
3004.10Any interest or dividend accrued on property subject to the Act shall be included as part of the value of the property.
3004.11Banking and financial organizations, insurance companies, and other holders shall be liable for interest or dividends payable on interest-bearing deposits, dividend bearing share accounts, and other interest-bearing policies or accounts until the period of the year the policies or accounts are required to be reported under the Act.
3004.12If payment of interest or dividends on property presumed abandoned under the Act was discontinued before or after the property was presumed abandoned by reason of the inactivity, dormancy, or unclaimed status of the property, the holder shall include or attach as part of the report filed under the Act, the following:
(a) A copy of the form of contract which authorized the discontinuance of payment of interest or dividends;
(b) The citation to the authority for the discontinuances of payment of interest or dividends.
3004.13Any holder of unclaimed property may voluntarily report funds before the statutory due dates and be relieved of all responsibility and accountability upon delivery of the unclaimed property.
3004.14Notwithstanding the provisions of § 3004.2, where the District has a reciprocal agreement with another state pursuant to § 134(c) of the Act, any holder organized or domiciled in the District and in possession of unclaimed property belonging to an apparent owner whose last known address is within the other state shall submit on the form prescribed under §3004.1 such information as the Mayor may require to comply with the terms of the agreement. The provisions of this subsection shall not apply to District holders who report or otherwise provide directly to the other state information relating to unclaimed property described in this subsection.
3004.15The information required to be submitted by holders in accordance with § 134(c) of the Act and § 3004.14 of this chapter shall be the same information required by § 117 of the Act (D.C. Code § 47-217) and §§ 3004.3 through 3004.13 of this chapter.
3004.16A list of the names of the states which have reciprocal agreements with the District pursuant to § 134(c) of the Act may be obtained from the Unclaimed Property Section, Office of Tax and Revenue.