Illinois Administrative Code
Title 74 - PUBLIC FINANCE
Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT
Subpart F - EXAMINATIONS
Section 760.820 - Audit Resolution Agreements
Current through Register Vol. 48, No. 38, September 20, 2024
a) Pursuant to the administrator's authority to conduct an examination, the administrator possesses the authority to resolve an examination via negotiation and settlement with the person subject to examination. This provides flexibility to both the person subject to examination and the administrator to resolve issues that could require formal appeal or litigation. These settlements are often referred to as audit resolution agreements.
b) The administrator may not agree in a settlement to provide indemnification beyond that provided in Section 15-604 of the Act.
c) Pursuant to Section 15-1206(1) of the Act, the administrator may agree to reduce or waive interest and penalties as part of a settlement.
d) A mutually-agreed upon settlement resolves a specific examination and does not create any precedent on specific legal issues.
