§ 55.1-2533 — Consideration of and hearing on claim by administrator; payment; interest

Virginia § 55.1-2533

• Jurisdiction: Virginia
• Title 55.1: Property and Conveyances
• Subtitle V: Miscellaneous
• Ch. 25: Virginia Disposition Of Unclaimed Property Act
• Art. 3: Procedural and Administrative Matters

Text

A. The administrator shall consider any claim for property held by the administrator pursuant to the provisions of this chapter that is filed under this chapter and may hold a hearing and receive evidence concerning such claim. If a hearing is held, he shall prepare a finding and a decision in writing on each claim filed, stating the substance of any evidence heard by him and the reasons for his decision. The decision shall be a public record.

B. If the claim is allowed, the administrator shall make payment as soon as practical. The administrator is authorized to deduct from the claim the costs for notices, sales, and other related incurred expenses.

C. The administrator shall add interest at the rate of five percent or such lesser rate as the property earned while in the possession of the holder, compounded annually, to the amount of any claim paid to the owner, if the property claimed was interest-bearing to the owner while in the possession of the holder. If the holder fails to report an applicable rate of interest, the interest rate will be set at five percent or such lesser rate as determined by the one-year Treasury Constant Maturity Rate as published by the Board of Governors of the Federal Reserve System as of November 1 of the report year. Such interest shall begin to accumulate on the date the property is delivered to the administrator and shall cease on the date on which payment is made to the owner. No interest shall be payable for any period prior to July 1, 1981.

Legislative History

1960, c. 330, § 55-210.21; 1981, c. 47; 2000, cc. 733, 745; 2004, c. 523; 2005, c. 118; 2019, c. 712.