1. (a) The voluntary disclosure program allows a holder to come into compliance with the reporting and delivery of property presumed abandoned without penalty during the period the holder participates.

2. (b)

   1. (1) To participate in the voluntary compliance program, a holder must meet the following criteria.

   2. (2) The holder:

      1. (A) Has identified that it did not report or underreported property that was reportable and deliverable in a prior year;
      2. (B) Is not subject to a current unclaimed property examination or audit;
      3. (C)

3. (i) Has not participated in the voluntary compliance program within the past ten (10) years.

   1. (ii) The Auditor of State may waive this requirement if the property type is new or associated with a merger or acquisition of a new company;

      1. (D) Has entered into a voluntary compliance agreement with the Auditor of State.

         1. (c)

   2. (1) If qualified to participate in the voluntary disclosure program, the holder must:

      1. (A) Enter into a voluntary disclosure agreement with the Auditor of State;
      2. (B) Conduct a complete examination of the holder’s, the holder’s subsidiaries’, or other related entities’, books and records for the six (6) years immediately prior to participation;
      3. (C) Report and deliver property that is required under Arkansas Code §§ 18-28-201 et seq., and 18-28-401 et seq.;

      4. (D) Disclose the following for each subsidiary or related entity:

         1. (i) The employer identification or tax identification number issued by the Internal Revenue Service;
         2. (ii) The state of domicile;
         3. (iii) The state of incorporation; and
         4. (iv) The holder’s corporate structure;
      5. (E) Disclose, in writing, all business positions, methodologies, and estimation techniques, if applicable, used to determine reportable property;
      6. (F) Disclose the due diligence performed to locate owners under the examination period;
      7. (G) Verify the content and accuracy of the records examined, including the reason for each missing or unavailable record; and
      8. (H) File a holder’s report in NAUPA standard electronic file format, pursuant to these rules and all applicable laws, within one hundred eighty (180) days after the holder enters the voluntary disclosure program.
   3. (2) After the holder completes the voluntary disclosure program, the holder becomes subject to a penalty for failing to report, pay, or deliver property.
   4. (3) The Auditor of State, at any time, may conduct an examination of the holder’s records.

Codification Notes: “NAUPA” means National Association of Unclaimed Property Administrators.