(b) Any bank, savings bank, or trust company may impose and collect a monthly service charge and maintenance charge on dormant accounts, in amounts that:

1. (1) are reasonable, as determined by resolution of the board of directors; and
2. (2) are properly disclosed to the bank's, savings bank's, or trust company's depositors.

(c) For the purpose of this section:

1. (1) a transaction account (as defined in 12 CFR 204.2(e)) is considered a dormant account after one (1) year from the date of the last transaction recorded on the books of the bank, savings bank, or trust company with respect to the account; and
2. (2) any other account that is not a transaction account (as defined in 12 CFR 204.2(e)) is considered a dormant account after three
3. (3) years from the date of the last transaction recorded on the books of the bank, savings bank, or trust company with respect to the account.

(e) This section is applicable to national banking associations doing business in this state.

As added by Acts 1980, P.L.40, SEC.9. Amended by P.L.258-1989, SEC.1; P.L.122-1994, SEC.80; P.L.215-1999, SEC.3; P.L.89-2011, SEC.35.