Current through Register Vol. XLI, No. 50, December 13, 2024
Section 112-5-7 - Payment or Delivery7.1. Except as otherwise provided, a holder shall deliver all property subject to the Act to the administrator at the time of filing the report.7.2. If the property reported to the administrator is virtual currency, pursuant to W. Va. Code § 36-8-8(e) the holder shall liquidate the virtual currency anytime within 30 days of filing the report and remit the proceeds to the administrator. The owner shall have no recourse against either the holder, provided that the holder has acted in accordance with reporting requirements or the administrator for any gain in value after liquidation.7.3. If the property reported to the administrator is a security, the holder shall transfer ownership of the security to the State of West Virginia or the street name of a financial institution or other intermediary designated by the State of West Virginia prior to delivery of the security to the administrator.7.4. A holder is not required to deliver to the administrator a security identified as a non-freely transferable security.7.5. A retirement plan administrator or other responsible fiduciary terminating a retirement plan may, following a diligent search for missing participants, report and remit any unclaimed benefits contemporaneous with the termination of the plan, and is neither required to wait for three years to elapse pursuant to W. Va. Code § 36-8-2(17), nor obtain written permission from the administrator for premature reporting under W. Va. Code § 36-8-17(b).7.6. If the property reported to the administrator is subject to the UUIO Act, the property shall be reported, and payment remitted separately as designated by the administrator to the UUIO Fund established by W.Va. Code § 37B-2-5.