(a)

1. (1) More than ninety (90) days prior to reporting property presumed abandoned under Arkansas law, each holder must exercise due diligence to locate the rightful owner.

2. (2) Those efforts should include, but are not limited to:

   1. (A)

(i) Reviewing the holder’s own records to determine whether the owner has another active account or accounts with the holder, or a related entity.

1. (ii) If the owner has an active account, other than the property subject to the abandonment period, then the subject property is not considered abandoned, and the holder should update its records accordingly;

   1. (B) Mailing a letter, first-class with postage prepaid and with return address requested, to the last known address of the owner;
   2. (C) Written correspondence in the format and medium most commonly used between the holder and owner; and

   3. (D)

      1. (i) If the owner has a complete and accurate telephone number, the holder may contact the owner by telephone.
      2. (ii) For any telephonic or verbal contact, the holder shall document:

(b) If the owner is located, the holder shall notify the owner of the following:

1. (1) The type of property being held;
2. (2) The process for collecting the property from the holder; and

3. (3) If the owner fails to claim the property from the holder, the holder will report the property or account to the Auditor of State as unclaimed property.

   1. (c) If the holder is unable to locate the owner, the holder shall:
4. (1) Verify that the owner is not a current employee of the holder;
5. (2) Review telephone directories, or other reasonably available databases to verify the owner’s address and telephone number;
6. (3) Verify that the owner is not a well-known individual or organization with reasonably available contact information (for example, the Department of the Treasury, the Internal Revenue Service, an easily identifiable business entity);

7. (4) Verify that the holder has not had any positive owner contact related to:

   1. (A) The subject property or account; or
   2. (B) Any other property or account belonging to the owner (e.g., the trust department of a financial institution should contact other departments within the institution);

8. (5) Verify the lack of a memorandum, correspondence, or other record on file indicating an interest in the property; whether by the owner or any successors-in-interest.

   1. (d) A holder must maintain documentary evidence of all due diligence efforts for ten (10) years after remitting the subject property to the Auditor of State.