The Vermont Statutes Online
The Vermont Statutes Online have been updated to include the actions of the 2023 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Title 27 : Property
Chapter 018 : Unclaimed Property
Subchapter 010 : Verified Report of Property; Examination of Records
(Cite as: 27 V.S.A. § 1569)-
§ 1569. Administrator’s contract with another to conduct examination
(a) As used in this section, “related to the Administrator” refers to an individual who is:
(1) the Administrator’s spouse, partner in a civil union, domestic partner, or reciprocal beneficiary;
(2) the Administrator’s child, stepchild, grandchild, parent, stepparent, sibling, stepsibling, halfsibling, aunt, uncle, niece, or nephew;
(3) a spouse, partner in a civil union, domestic partner, or reciprocal beneficiary of an individual under subdivision (2) of this subsection; or
(4) any individual residing in the Administrator’s household.
(b) The Administrator may contract with a person to conduct an examination under this subchapter. The contract may be awarded only under contracting policies and standards approved by the Vermont Secretary of Administration.
(c) If the person with which the Administrator contracts under subsection (b) of this section is:
(1) an individual, the individual may not be related to the Administrator; or
(2) a business entity, the entity may not be owned in whole or in part by the Administrator or an individual related to the Administrator.
(d) At least 60 days before assigning a person under contract with the Administrator under subsection (b) of this section to conduct an examination, the Administrator shall demand in a record that the person to be examined submit a report and deliver property that is previously unreported.
(e) If the Administrator contracts with a person under subsection (b) of this section:
(1) the contract may provide for compensation of the person based on a fixed fee, hourly fee, or contingent fee;
(2) a contingent fee arrangement may not provide for a payment that exceeds 10 percent of the amount or value of property paid or delivered as a result of the examination; and
(3) on request by a person subject to examination by a contractor, the Administrator shall deliver to the person a complete and unredacted copy of the contract and any contract between the contractor and a person employed or engaged by the contractor to conduct the examination. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
