HARRY HUGHES, Governor

3517

(A)  A HOLDER MAY NOT IMPOSE ANY CHARGES DUE TO
DORMANCY OR INACTIVITY ON A DORMANT OR INACTIVE ACCOUNT OR
CEASE PAYMENT OR ACCRUAL OF ANY BENEFITS, INCLUDING
DIVIDENDS OR INTEREST ON PROPERTY PRESUMED ABANDONED DURING
THE PERIOD OF TIME GIVING RISE TO THE PRESUMPTION OF
ABANDONMENT UNLESS:

(1)  THE CHARGES AND OR CESSATION OF INTEREST ANY
BENEFIT ARE PROVIDED FOR IN A VALID, ENFORCEABLE AND WRITTEN
CONTRACT BETWEEN THE HOLDER AND THE OWNER WHICH SPECIFIES
THE AMOUNT OR RATE OF THE CHARGES AND THAT INTEREST THE
BENEFIT WILL CEASE;

(2)  FOR PROPERTY IN EXCESS OF $2, THE HOLDER
GIVES WRITTEN NOTICE TO THE OWNER AT THE OWNER'S LAST KNOWN
ADDRESS BEFORE THE PROPOSED ACTION; AND

(3)  THE HOLDER REGULARLY IMPOSES CHARGES OR
CEASES ACCRUAL OR PAYMENT OF INTEREST DUE TO DORMANCY OR
INACTIVITY BENEFITS ON ALL DORMANT OR INACTIVE ACCOUNTS, AND
DOES NOT REGULARLY REVERSE OR OTHERWISE CANCEL THE CHARGES
OR RETROACTIVELY PAY INTEREST OR ACCRUE BENEFITS WITH
RESPECT TO THE PROPERTY THOSE ACCOUNTS.

(B)  THE NOTICE REQUIRED IN THIS SECTION IS NOT
REQUIRED WITH RESPECT TO CHARGES IMPOSED OR INTEREST
BENEFITS THAT CEASED PRIOR TO JULY 1, 1981.

17-114.1.

(A)  IN CASE ANY BANKING OR FINANCIAL ORGANIZATION,
INSURANCE CORPORATION, OR UTILITY NEITHER HOLDS NOR OWES ANY
ABANDONED PROPERTY SPECIFIED IN THIS TITLE ON JUNE 30 OF ANY
YEAR, IT SHALL MAKE A WRITTEN REPORT TO THE ADMINISTRATOR SO
STATING AS PROVIDED IN THIS SECTION.

(B)  THE REPORT SHALL BE SIGNED BY THE HOLDER WHO, BY
SIGNING, ATTESTS TO THE VERACITY OF THE REPORT.

(C)  THE REPORT SHALL BE MADE ON A STANDARD FORM AND
INCLUDE INFORMATION THAT THE ADMINISTRATOR REQUIRES.

(D) (1) FOR BANKING OR FINANCIAL ORGANIZATIONS, THE
REPORT SHALL BE FOR THE PERIOD OF JULY 1 THROUGH JUNE 30 OF
EACH YEAR AND SHALL BE FILED NO LATER THAN: THAN

(1) FOR BANKING OR FINANCIAL ORGANIZATIONS AND
UTILITIES, OCTOBER 31 OF THE SAME YEAR; AND.

(2) FOR INSURANCE CORPORATIONS, APRIL 30 OF THE
NEXT SUCCEEDING YEAR THE REPORT SHALL BE FOR THE PERIOD OF
JANUARY 1 THROUGH DECEMBER 31 OF EACH YEAR, AND SHALL BE
FILED NO LATER THAN APRIL 30 OF THE FOLLOWING YEAR.

17-118.