§2112. Dormancy charge; escheat fee prohibited
1.
Deduct dormancy charge.
A holder may deduct a dormancy charge from property required to be paid or delivered to the administrator if:
A.
A valid contract between the holder and the apparent owner authorizes imposition of the charge for the apparent owner's failure to claim the property within a specified time; and
[PL 2019, c. 498, §22 (NEW).]
B.
The holder regularly imposes the charge and regularly does not reverse or otherwise cancel the charge.
[PL 2019, c. 498, §22 (NEW).]
[PL 2019, c. 498, §22 (NEW).]
2.
Not unconscionable amount.
The amount of the deduction under subsection 1 is limited to an amount that is not unconscionable considering all relevant factors, including the marginal transactional costs incurred by the holder in maintaining the apparent owner's property and any services received by the apparent owner.
[PL 2019, c. 498, §22 (NEW).]
3.
Prohibition on escheat fees.
A holder may not deduct an escheat fee, unclaimed property reporting fee or other similar charge imposed solely by virtue of the property becoming subject to reporting under this Act.
[PL 2025, c. 675, §23 (NEW).]
SECTION HISTORY
PL 2019, c. 498, §22 (NEW). PL 2025, c. 675, §§22, 23 (AMD).