§ 1415. Deduction of certain charges. No deduction shall be made for service, handling or maintenance charges from property subject to the abandoned property law, by the holder of such property, unless such deduction is made pursuant to:

(a) the laws of the state of New York including therein the regulations of the New York state department of financial services; or

(b) a valid contract which provides, specifically, that the deduction shall not be refundable or otherwise restored to the owner; and such deduction is made in the normal course of business of the holder.