1. Operation of the Amnesty Program. Pursuant to the statutory authority granted in St. 2000, c. 198, the Treasurer has established an amnesty program in order to encourage voluntary compliance with the unclaimed property laws of Massachusetts. The amnesty program will be in effect for 181 days, commencing on May 6, 2001, and ending on November 3, 2001. The Treasurer will not initiate an investigation and/or pursue criminal prosecution and will waive all penalties, fines or interest that may be imposed under M.G.L. c. 200A, § 12(e), for holders to whom the Treasurer grants amnesty and who voluntarily remit unclaimed property and otherwise comply with the requirements of M.G.L. c. 200A and the provisions of 960 CMR 4.03.
  2. Eligibility of Holders. The Treasurer shall grant amnesty to any holder who files a Request for Amnesty form which is postmarked on or before November 3, 2001, and who meets the following criteria:
    (a) The holder is not the subject of an audit or investigation by the Treasurer or a party to litigation concerning unclaimed property, as of May 6, 2001. The term "subject to an audit or investigation" shall mean that on or before May 6, 2001, the Treasurer or his/her agent or designee has sent a Letter of Engagement to a holder, as described in 960 CMR 4.07(5)(a)1., informing the holder of the Treasurer's intent to commence a Field Audit.
    (b) The property to be reported is in fact unclaimed pursuant to M.G.L. c. 200A, §§ 1A, 2, 3, 4, 5, 5A, 5B, 5C, 6, 6A or 6B and was required to be reported on or before November 1, 2000, or in the case of life insurance companies, on or before May 1, 2000.
    (c) The unclaimed property of the holder is transferred directly to the Treasurer, his designee or authorized agent during the amnesty period or the statutorily-authorized period of extension for filing reports of unclaimed property, as defined in M.G.L. c. 200A, § 13B, whichever is later.
    (d) Appropriate reports pertaining to the property are filed with the Treasurer in a format satisfactory to the Treasurer during the amnesty period or authorized extension period, whichever is later. No holder that has filed a Request for Amnesty form on or before November 3, 2001, and has made a good faith attempt to report its unclaimed property as described above prior to the expiration of the amnesty period shall be denied the right to participate in the amnesty program.
    (e) Records pertaining to the unclaimed property are maintained by the holder in compliance with M.G.L. c. 200A, § 12(f) and 960 CMR 4.03(16).
  3. Types of Unclaimed Property Eligible for Amnesty. The following types of property are eligible for inclusion in the amnesty program:
    (a) all delinquent unclaimed property reports and past due remittances;
    (b) all previously under-reported unclaimed property.
  4. Payment in Full. A holder must make full payment of all unclaimed property due on or before November 3, 2001, or by the last day of an authorized extension period, whichever is later, in order to qualify for amnesty.
  5. Verification and Assessment. Any unclaimed property report filed under the amnesty program shall be subject to assessment and verification as provided by statute. The Treasurer may review all cases in which amnesty has been granted and may, on the basis of fact, fraud or misrepresentation, rescind or permit his/her grant or denial of amnesty, respectively. Any holder who files a false or fraudulent report or attempts in any manner to defeat or evade the proper remittance of unclaimed property under the amnesty program shall be subject to applicable penalties and fines, as defined in M.G.L. c. 200A, § 12 and 960 CMR 4.03(6).