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PA Bulletin, Doc. No. 02-2146



[61 PA. CODE CH. 951]

Estimation Calculations for Determining Unclaimed Property Liability

[32 Pa.B. 5893]

   The Treasury Department (Treasury) proposes to add § 951.8 (relating to estimation calculations) to read as set forth in Annex A. This proposed rulemaking sets forth the estimation procedures to be used by the Treasury when a holder of unclaimed property has insufficient records to determine its actual amount of liability.

Effective Date

   The proposed rulemaking will be effective upon publication of final-form rulemaking in the Pennsylvania Bulletin.

Statutory Authority

   Under section 1301.26(b) of The Fiscal Code (act) (72 P. S. § 1301.26(b)), the Treasury is required to promulgate regulations regarding estimation calculations that the Treasury may use, under section 1301.23(b) of the act (72 P. S. § 1301.23(b)), if a holder of unclaimed property has insufficient records to conduct an examination as authorized under section 1301.23(a) of the act.

Background and Purpose

   Although holders of unclaimed property should maintain records to account for their liability, the Treasury routinely encounters holders who maintain partial or no records prior to an examination by the Treasury. Therefore, it is necessary for the Treasury to estimate this liability when holders cannot have their unclaimed property liability determined due to a lack of, or inadequate, recordkeeping.

Description of Proposed Amendment

   The proposed rulemaking would add § 951.8 to authorize the Treasury to apply estimation calculations when records are insufficient to conduct an examination as authorized under section 1301.23 of the act.

   The proposed rulemaking is necessary to encourage better recordkeeping regarding unclaimed property within the holder community to ensure that rightful owners are notified of their right to claim this property in the custody of holders.

   The proposed rulemaking is limited in its application and would not be authorized when records are available to conduct an examination by the Treasury.

Fiscal Impact and Paperwork Requirement

   The proposed rulemaking will have no fiscal impact on the Commonwealth or its political subdivisions. Furthermore, the proposed rulemaking is not anticipated to require any legal requirements, or create any additional accounting, reporting or other paperwork not currently being performed by the Treasury during its examinations of holders.

Sunset Date

   The Treasury continuously monitors the cost effectiveness of its regulations and, therefore, no sunset date has been assigned.

Regulatory Review

   Under section 5(a) of the Regulatory Review Act (71 P. S. §§ 745.5(a)), on November 18, 2002, the Treasury submitted a copy of this proposed rulemaking to the Independent Regulatory Review Commission (IRRC) and the Chairpersons of the House and Senate Standing Committees (Committees). Also, the Treasury has prepared and provided IRRC and the Committees with a detailed Regulatory Analysis Form (RAF). A copy of this RAF is available to the public upon request.

   Under section 5(g) of the Regulatory Review Act, if IRRC has objections to any portion of the proposed rulemaking, it will notify the Treasury within 10 days of the close of the Committees' review period. The notification shall specify the regulatory review criteria that have not been met by the portion of the proposed rulemaking to which an objection is made. The Regulatory Review Act specifies detailed procedures for review, prior to final publication of the rulemaking, by the Treasury, the General Assembly and the Governor of objections raised.

Public Comment

   Interested persons are invited to submit written comments, suggestions or objections regarding the proposed rulemaking to Carole Huberman-Talerico, CPA, Director, Pennsylvania Treasury Department, Bureau of Unclaimed Property, Riverfront Office Center, 1101 South Front Street, 4th Floor, Harrisburg, PA 17104, within 30 days of publication of this notice of proposed rulemaking in the Pennsylvania Bulletin.

State Treasurer

   Fiscal Note:  64-3. No fiscal impact; (8) recommends adoption.

Annex A




§ 951.8. Estimation calculations.

   (a)  A holder subject to an examination of records as provided for in section 1301.23(a) of The Fiscal Code (72 P. S. § 1301.23(a)) is required to comply with requests by the State Treasurer or an authorized third party to make records available for examination.

   (b)  When no holder's records exist or when a holder's records are insufficient for examination, the State Treasurer may apply sampling and estimation procedures to determine a holder's liability. Sampling and estimation procedures shall be applied in accordance with standards of the American Institute of Certified Public Accounts and the United States General Accounting Office.

[Pa.B. Doc. No. 02-2146. Filed for public inspection November 27, 2002, 9:00 a.m.]

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