Ill. Admin. Code tit. 74 § 760.800

Current through Register Vol. 48, No. 45, November 8, 2024

Section 760.800 - Multistate Examinations

a) The administrator may agree to participate in an examination of a person for compliance with unclaimed property laws of multiple states, including the Act, when a single auditor performs an examination for more than one state.

b) Multistate examinations are intended to be more efficient and effective for both the person being examined and the states that have authorized the examination. Having a single auditor conducting an unclaimed property examination reduces the occurrence of a person being simultaneously subject to multiple unclaimed property examinations by multiple auditors representing multiple states.

c) Because different states participating in a multistate examination will have different rules for examinations, there may be conflicts between the statutory or regulatory requirements for how the auditor should conduct the examination. When practicable, the auditor should comply with the requirements of this Section when conducting a multistate examination. However, if there is a conflict between the requirements of this Section and the requirements of one or more other states, the auditor may vary from the requirements of this Section so long as the auditor:

1) follows any requirements imposed by the Act, including but not limited to confidentiality requirements;

2) uses the Act with regards to any property for which the State of Illinois has the superior claim pursuant to the federal common law established in the U.S. Supreme Court cases listed in Appendix A(g); and

3) complies with the goal to be predictable, fair and consistent while determining the historical compliance of the person being examined, and to encourage and facilitate that person's ongoing and future compliance with the Act.

d) A person subject to examination retains the ability to request an informal conference with the administrator pursuant to Section 15-1008 of the Act.

Ill. Admin. Code tit. 74, § 760.800

Adopted at 43 Ill. Reg. 4253, effective 3/25/2019.