463_99 — Unclaimed Property Regulation

1

Interpretation

s. 1 — Interpretation

s. 1(1)

In this regulation:

s. 1(1) — Act

Act means the Unclaimed Property Act;

s. 1(1) — administrator records

administrator records means all files and records the administrator is required to retain under section 5.1 (1);

s. 1(1) — communication

communication includes a statement and a verification;

s. 1(1) — database

database means

s. 1(1)(a)

in Part 2, the database of unclaimed money maintained under section 4 (1) (a) of the Act, and

s. 1(1)(b)

in Part 3, the database of unclaimed property maintained under section 11 (1) (a) of the Act;

s. 1(1) — general inquiry summary

general inquiry summary means an electronic summary, prepared and maintained by the administrator, of the inquiries received by the administrator relating to unclaimed money deposits or unclaimed property held by the administrator;

s. 1(1) — general inquiry summary information

general inquiry summary information means any piece of information included in the general inquiry summary;

s. 1(1) — holder files

holder files means, in respect of unclaimed property transferred to the administrator under the Act or any other enactment, the group of records provided to the administrator by,

s. 1(1)(a)

if the unclaimed property is transferred by a ministry of the government under section 2.5 of the Act or under any other enactment, that ministry of the government, or

s. 1(1)(b)

if the unclaimed property is transferred by a holder under section 12 of the Act or under any other enactment, that holder;

s. 1(1) — holder survey file

holder survey file means, in relation to a person the administrator considers may be a holder of unclaimed property,

s. 1(1)(a)

the survey sent out by the administrator to that person,

s. 1(1)(b)

all related correspondence sent out by the administrator to that person,

s. 1(1)(c)

the responses received by the administrator to the survey and correspondence, and

s. 1(1)(d)

the summary made by the administrator of those responses;

s. 1(1) — property claimant files

property claimant files means the records provided to, or created by, the administrator in relation to a claim made to the administrator under section 4.2 of the Act;

s. 1(1) — reasonable efforts summary

reasonable efforts summary means an electronic chronology, prepared and maintained by the administrator, of the efforts made by the administrator in attempting to locate an owner of unclaimed property;

s. 1(1) — reasonable efforts summary information

reasonable efforts summary information means any piece of information included in the reasonable efforts summary.

s. 1(2)

For the purposes of sections 8 and 9, an indication by the owner of interest in property includes, but is not limited to, the following:

s. 1(2)(a)

a transaction by the owner in respect of the property;

s. 1(2)(b)

a request by the owner for payment in respect of the property;

s. 1(2)(c)

a communication, in writing or by other means, from the owner in respect of the property.

s. 1(3)

For the purposes of sections 8 and 9, an indication by the owner of interest in property held by a holder is considered to be an indication of interest in all of the owner's other properties that are held by the same holder.

2

Unclaimed Money Held by Government

s. 2 — When money held by government becomes an unclaimed money deposit

For the purposes of section 2 (1) of the Act, the prescribed period is 5 years after whichever of the following dates is applicable:

s. 2(a)

in the case of money received in connection with a court file, the date on which the court file was declared inactive;

s. 2(b)

in any other case, the date on which the money was deposited to the government.

s. 3 — Threshold amount for duty to make reasonable efforts to locate and notify owners

For the purposes of section 3 of the Act, the prescribed amount is $200.

s. 4 — Unclaimed money database

s. 4(1)

For the purposes of section 4 (1) (b) of the Act,

s. 4(1)(a)

the prescribed amount is $50, and

s. 4(1)(b)

the particulars that must be included in the database for each unclaimed money deposit that meets or exceeds that amount are

s. 4(1)(b)(i)

the name of the owner, estate, proceeding or other source,

s. 4(1)(b)(ii)

the date on which the money became an unclaimed money deposit, and

s. 4(1)(b)(iii)

the property identification number.

s. 4(2)

In order to protect the privacy of owners named in the database, the administrator must ensure that

s. 4(2)(a)

the public's ability to search the database is limited to searches by name only, and

s. 4(2)(b)

apart from the particulars referred to in subsection (1), no other information included in the database is disclosed to the public on a search of the database.

s. 4.1 — Fees payable to the administrator

For the purposes of section 5 (2) of the Act, the prescribed fee is 5% of the approved claim or $500, whichever is the lesser.

s. 4.2 — Appeal period

For the purposes of section 5.1 (3) of the Act, the prescribed period within which an appeal must be made to the Supreme Court is 6 months.

s. 5 — Record retention periods

For the purposes of section 6 (3) of the Act, records sufficient for the purposes of locating and notifying owners and of determining the validity of claims relating to an unclaimed money deposit must be retained for the following period after the money becomes an unclaimed money deposit:

s. 5(a)

6 years, if the amount of the deposit is under $1 000;

s. 5(b)

10 years, if the amount of the deposit is at least $1 000 but is under $25 000;

s. 5(c)

30 years, if the amount of the deposit is $25 000 or more.

s. 5.1 — Record retention periods by the administrator

s. 5.1(1)

For the purposes of section 7.2 of the Act,

s. 5.1(1)(a)

a property claimant file must be retained for

s. 5.1(1)(a)(i)

6 years from the date the administrator approves or disapproves of the claim, if the amount claimed is under $1 000,

s. 5.1(1)(a)(ii)

10 years from the date the administrator approves or disapproves of the claim, if the amount claimed is at least $1 000 but is under $25 000, and

s. 5.1(1)(a)(iii)

30 years from the date the administrator approves or disapproves of the claim, if the amount claimed is $25 000 or more,

s. 5.1(1)(b)

reasonable efforts summary information must be retained for 6 months from the time that that information is included in the reasonable efforts summary,

s. 5.1(1)(c)

general inquiry summary information must be retained for one year from the time that that information is included in the general inquiry summary,

s. 5.1(1)(d)

a holder survey file in relation to a person the administrator considers may be a holder of unclaimed property must be retained for 6 years from the time the first survey is sent out by the administrator to that person,

s. 5.1(1)(e)

an administrative record of the administrator must be retained for 7 years from the time the record is created, and

s. 5.1(1)(f)

a holder file must be retained for 30 years from the date of its receipt by the administrator.

s. 5.1(2)

Subject to subsection (3) of this section, administrator records that have been retained past the retention period prescribed in subsection (1) may be destroyed.

s. 5.1(3)

Administrator records described in subsection (1) (a) (ii) or (iii) that have been retained past the applicable retention period prescribed in subsection (1) must be transferred to the government.

s. 5.1(4)

The administrator must retain administrator records in their original form at the administrator's office until they are destroyed or transferred in accordance with subsection (2) or (3) respectively.

s. 6 — Repealed

Repealed. [B.C. Reg. 148/2003, s. 5.]

3

Unclaimed Property Held by Holders

s. 7 — Exempt classes of holders

s. 7(1)

A holder whose gross annual revenue is $250 000 or less is exempt from the application of this regulation and Part 3 of the Act.

s. 7(2)

A holder of any item of unclaimed property the value of which is less than $50 is, in relation only to that item, exempt from the application of this regulation and Part 3 of the Act.

s. 7(3)

An operator or funeral provider under the Cremation, Interment and Funeral Services Act to whom money is paid in advance for a prearranged funeral services plan or a preneed cemetery services plan is, in relation only to that money, exempt from the application of this regulation and Part 3 of the Act as long as the operator complies with subsection (4).

s. 7(4)

An operator or funeral provider exempted under subsection (3) must notify the registrar designated under the Cremation, Interment and Funeral Services Act if 10 years have passed without the operator or funeral provider receiving a communication, in writing or otherwise, relating to the prearranged funeral services plan or preneed cemetery services plan.

s. 8 — When reasonable efforts to locate and notify owners are required and when property that meets or exceeds the minimum value becomes unclaimed

For the purposes of sections 9 and 10 (1) of the Act, in relation to each class of property referred to in the first column of the following table, the prescribed circumstances, the prescribed date and the prescribed amount are as set out in that table:

s. 9 — When property that does not meet or exceed the minimum value becomes unclaimed

For the purposes of section 10 (2) of the Act, if property belongs to a class listed in the table in section 8 of this regulation, but the value of the property does not meet or exceed the amount set out opposite that class,

s. 9(a)

the prescribed circumstance is any circumstance set out opposite the applicable class of property, and

s. 9(b)

the prescribed date on which the property becomes unclaimed is the date set out opposite the applicable class and circumstance.

s. 10 — Public accountability

Each holder of property must do all of the following:

s. 10(a)

establish written policies and procedures respecting what constitutes reasonable efforts to locate and notify owners under section 9 of the Act;

s. 10(b)

make available to the public information about the policies and procedures established under paragraph (a).

s. 11 — Unclaimed property database

s. 11(1)

For the purposes of section 11 (1) (b) of the Act, the particulars of each item of unclaimed property that are to be included in the database are

s. 11(1)(a)

the name of the owner,

s. 11(1)(b)

the date the property became unclaimed, and

s. 11(1)(c)

the property identification number, if any.

s. 11(2)

In order to protect the privacy of owners named in the database, a holder of unclaimed property must ensure that

s. 11(2)(a)

the public's ability to search the database is limited to searches by name only, and

s. 11(2)(b)

apart from the particulars referred to in subsection (1), no other information included in the database is disclosed to the public on a search of the database.

s. 12 — Repealed

Repealed. [B.C. Reg. 148/2003, s. 8.]

s. 13 — Record keeping standards for holders

s. 13(1)

In relation to any property held on behalf of an owner, a holder must collect

s. 13(1)(a)

sufficient identifying information on the owner to allow the holder to

s. 13(1)(a)(i)

make reasonable efforts to locate and notify the owner if section 9 of the Act applies, and

s. 13(1)(a)(ii)

ascertain the validity of a claim if the property becomes unclaimed property, and

s. 13(1)(b)

sufficient information concerning the value or amount of the property and the terms of any agreement respecting the payment of interest by the holder to allow the holder, if the property becomes unclaimed property, to determine the amount payable in respect of a claim.

s. 13(2)

Information collected in accordance with subsection (1) must be retained by the holder for the following period after the date the property becomes unclaimed property:

s. 13(2)(a)

6 years, if the value of the unclaimed property on the applicable date set out in the table in section 8 of this regulation was under $1 000;

s. 13(2)(b)

10 years, if the value of the unclaimed property on the applicable date set out in the table in section 8 of this regulation was at least $1 000 but under $25 000;

s. 13(2)(c)

30 years, if the value of the unclaimed property on the applicable date set out in the table in section 8 of this regulation was $25 000 or more.

s. 13(3)

The retention periods in subsection (2) of this section apply also to particulars that under section 11 (1) are included in a database.

s. 14 — Standards for management and control of unclaimed property

A holder of unclaimed property must

s. 14(a)

establish an information line or other point of contact for owners inquiring about unclaimed property,

s. 14(b)

make available to the public information about whom to contact and how to make a claim, and

s. 14(c)

establish procedures for reviewing and processing claims, including a process for appeal of a decision to deny a claim.

s. 15 — Prescribed period after which unclaimed property may be treated as income of holder

For the purposes of section 13 (b) of the Act, the prescribed period is

s. 15(a)

6 years, if the value of the unclaimed property on the applicable date set out in the table in section 8 of this regulation was under $1 000,

s. 15(b)

10 years, if the value of the unclaimed property on the applicable date set out in the table in section 8 of this regulation was at least $1 000 but under $25 000, or

s. 15(c)

30 years, if the value of the unclaimed property on the applicable date set out in the table in section 8 of this regulation was $25 000 or more.

s. 16 — Prohibited fees

A holder of unclaimed property must not charge any owner for the cost of making reasonable efforts under section 9 of the Act to locate and notify the owner.