1VAC75-40-30: Administrator to give written notice for failure to pay or deliver abandoned property

The administrator shall issue a written notice to any person who the administrator ascertains has failed to pay or deliver abandoned property. The notice will demand the remittance of the property and payment of any penalties and interest. The notice will be accompanied by a detailed explanation of the person's right to administrative or judicial review. The notice will require the holder to remit the demanded property, plus penalties and interest, if any, to the administrator within 90 days from the date the notice is received by the holder unless the holder requests (i) an administrative review in accordance with this regulation, or (ii) a judicial review in accordance with § 55.1-2534 of the Code of Virginia.