1. (a) A holder may not deduct a charge from property that is presumed abandoned if the charge is imposed because the owner failed to claim the property within a specified time unless:

   1. (1) there is a valid and enforceable written contract between the holder and the owner that allows the holder to impose the charge; and
   2. (2) the holder regularly imposes the charge, and the charge is not regularly reversed or otherwise canceled.

2. (b) If a holder described in this section is a financial institution, the dormancy charges of the department of financial institutions apply.

   [Pre-2002 Recodification Citation: 32-9-1.5-22.]

As added by P.L.2-2002, SEC.19.