Charge upon dormant accounts; limitation upon rate.
1. A holder may deduct from property presumed abandoned pursuant to this chapter a charge imposed by reason of the owner’s failure to claim the property within a specified time only if there is a valid and enforceable written contract between the holder and the owner under which the holder may impose the charge and the holder regularly imposes the charge, which is not regularly reversed or otherwise cancelled.
2. The Administrator may prescribe by regulation the highest rate of charge which a holder may impose upon a dormant account.
3. In the absence of such a regulation, a holder shall not impose a charge upon a dormant account of more than $5 per month.
Last modified: February 27, 2006