1. (1) A holder of property presumed abandoned and subject to the custody of the administrator shall report in a record to the administrator concerning the property. The administrator shall not require a holder to file a paper report.
2. (2) A holder may contract with a third party to make the report required under subsection (1) of this section.

3. (3) Whether or not a holder contracts with a third party under subsection (2) of this section, the holder is responsible:

   1. (a) To the administrator for the complete, accurate, and timely reporting of property presumed abandoned; and
   2. (b) For paying or delivering to the administrator property described in the report.

Source: L. 2019: Entire article R&RE, (SB 19-088), ch. 110, p. 426, § 1, effective July 1, 2020.