Dormancy charges
Sec. 22. (a) A holder may not deduct a charge from property that
is presumed abandoned if the charge is imposed because the owner
failed to claim the property within a specified time unless:
(1) there is a valid and enforceable written contract between the
holder and the owner that allows the holder to impose the
charge; and
(2) the holder regularly imposes the charge, and the charge is
not regularly reversed or otherwise canceled.
(b) If a holder described in this section is a financial institution,
the dormancy charges of the department of financial institutions
apply.
As added by P.L.2-2002, SEC.19.
Last modified: May 24, 2006