§159. Report of abandoned property

            A. A holder of property presumed abandoned shall make a report to the administrator concerning the property.

            B. The report shall be verified and shall include all of the following:

            (1) Except with respect to a traveler's check or money order, the name if known, and last known address, if any, and the social security number or taxpayer identification number, if readily ascertainable, of the apparent owner of property of the value of ten dollars or more.

            (2) An aggregated amount of items valued under ten dollars each.

            (3) In the case of unclaimed money amounting to ten dollars or more held or owing under any annuity or life or endowment insurance policy the full name and last known address of the insured or annuitant and of the beneficiary.

            (4) In the case of tangible property held in a safe deposit box or other safekeeping depository, a description of the property and the place where it is held and where it may be inspected by the administrator, and any amounts owing to the holder.

            (5) The date, if any, on which the property became payable, demandable, or returnable, and the date of the last transaction with the apparent owner with respect to the property.

            (6) Other information that the administrator by rule prescribes as necessary for the administration of this Chapter.

            C. If a holder of property presumed abandoned is a successor to another person who previously held the property for the apparent owner or the holder has changed its name while holding the property, the holder shall file with the report its former names, if any, and the known names and addresses of all previous holders of the property.

            D. The report shall be filed before November first of each year and cover the twelve months next preceding July first of that year.

            E. The holder of property presumed abandoned shall send written notice to the apparent owner not more than one hundred twenty days nor less than sixty days before filing the report required by this Section, stating that the holder is in possession of property subject to this Chapter if each of the following applies:

            (1) The holder has in its records an address for the apparent owner that the holder's records do not disclose to be inaccurate.

            (2) The claim of the apparent owner is not barred by the statute of limitations.

            (3) The value of the property is fifty dollars or more.

            F. Before the date for filing the report, the holder of property presumed abandoned may request the administrator to extend the time for filing the report. The administrator may grant the extension for good cause. The holder, upon receipt of the extension, may make an interim payment on the amount the holder estimates will ultimately be due, which shall terminate the accrual of additional interest on the amount paid.

            G. The holder of property presumed abandoned shall file with the report an affidavit stating that the holder has complied with Subsection E of this Section.

            Acts 1986, No. 829, §1, eff. July 10, 1986; Acts 1997, No. 809, §1, eff. July 10, 1997; Acts 2020, No. 156, §1.