Delaware § 1178 State Escheator’s contract with another to conduct compliance review and examination and limit on future employment

Delaware Statutes

§ 1178 — State Escheator’s contract with another to conduct compliance review and examination and limit on future employment

Delaware·Title 12·Part Descent and Distribution; Escheat·Ch. 11 ESCHEATS·Subch. Unclaimed Property

(a)The State Escheator may contract with a person to conduct compliance reviews and examinations in accordance with this chapter but no such person shall be assigned more than 50% of the number of all such compliance reviews and examinations undertaken subsequent to January 1, 2015.

(b)Notwithstanding any other provision of this Code, every contract between the State and a person conducting examinations and providing any unclaimed property examination or consulting services must meet all of the following:

(1)Be for a term of no more than 5 years.

(2)Provide for payment exclusively on an hourly basis for all compliance reviews and examinations of holders incorporated in Delaware, except for compliance reviews and examinations of customer accounts or policies for securities accounts a

Free access — add to your briefcase to read the full text and ask questions with AI

(a) The State Escheator may contract with a person to conduct compliance reviews and examinations in accordance with this chapter but no such person shall be assigned more than 50% of the number of all such compliance reviews and examinations undertaken subsequent to January 1, 2015.

(b) Notwithstanding any other provision of this Code, every contract between the State and a person conducting examinations and providing any unclaimed property examination or consulting services must meet all of the following:

(1) Be for a term of no more than 5 years.

(2) Provide for payment exclusively on an hourly basis for all compliance reviews and examinations of holders incorporated in Delaware, except for compliance reviews and examinations of customer accounts or policies for securities accounts and life insurance policies.

(3) Require compliance with any state-approved nondisclosure agreement and nonsolicitation provisions.

(4) Provide that the person may not hire, retain, or compensate in any way any employee of the Department of Finance who functions in a senior supervisory role related to unclaimed property, including the Secretary of Finance, a Deputy Secretary of Finance, the State Escheator, Assistant Director of Enforcement, or Audit Manager, for a period of 2 years from the time such employee leaves the employ of the Department of Finance.

Delaware § 1178 (State Escheator’s contract with another to conduct compliance review and examination and limit on future employment) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.