Bill > SB266

This bill clarifies the process and roles of the Attorney General, State Escheator, and Secretary of State in actions under the Delaware False Claims and Reporting Act (DFCRA) for failure to comply with reporting requirements of the Delaware Unclaimed Property Law (UPL). The key provisions include: 1. The Attorney General may bring an action under the DFCRA based on the reporting requirements of the UPL, but only after a 120-day period during which the State Escheator may initiate an examination or with the State Escheator's consent. 2. The bill establishes a whistleblower program, where individuals who provide information to the State about a holder's noncompliance with UPL reporting requirements can receive a portion of the recovered funds, ranging from 20-30% of the first $5 million and 10-20% of any portion exceeding $5 million. 3. The State Escheator is prohibited from waiving interest and penalties for any examination initiated pursuant to information provided by a whistleblower. 4. The Attorney General, State Escheator, and Secretary of State are required to consult as necessary to ensure the efficient investigation of whistleblower reports and other matters related to the enforcement of the UPL reporting requirements.