Reporting Property Presumed Abandoned

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Sec. 18. (a) A holder of property presumed abandoned and subject to the custody of the attorney general must report in a record to the attorney general concerning the property. The attorney general may not require a holder to file a paper report.

(b) A holder may contract with a third party to make the report required under subsection (a).

(c) Whether or not a holder contracts with a third party under subsection (b), the holder is responsible:

(1) to the attorney general for the complete, accurate, and timely reporting of property presumed abandoned; and

(2) for paying or delivering to the attorney general property described in the report.

As added by P.L.141-2021, SEC.20.


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