Utah Statutes
§ 67-4a-1006 — Failure of person examined to retain records.
Utah·Title 67 State Officers and Employees·Ch. 67-4a Revised Uniform Unclaimed Property Act·Part 67-4a-10 Verified Report of Property and Examination of Records
(1)If a person subject to examination under Section 67-4a-1002 does not retain the records required by Section 67-4a-404, the administrator may determine the value of property due using a reasonable method of estimation based on all information available to the administrator, including extrapolation and use of statistical sampling when appropriate and necessary, consistent with examination procedures and standards adopted under Subsection 67-4a-1003(1) and in accordance with Subsection 67-4a-1003(2).
(2)A payment made based on estimation under this section is a penalty for failure to maintain the records required by Section 67-4a-404 and does not relieve a person from an obligation to report and deliver property to a state in which the holder is domiciled.
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Legislative History
Enacted by Chapter 371, 2017 General Session
Nearby Sections
15
§ 67-1-1
General powers and duties.§ 67-1-1.5
Gubernatorial appointment powers.§ 67-1-12
Displaced defense workers.§ 67-1-14
Information technology.§ 67-1-4
Records to be kept.§ 67-1-5
Commissioning officers.