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.

2. A holder may contract with a third party to make the report required under subsection 1.

3. Whether or not a holder contracts with a third party under subsection 2, the holder is responsible: a. To the administrator for the complete, accurate, and timely reporting of property presumed abandoned; and b. For paying or delivering to the administrator property described in the report.

4. A holder may file a negative report if the holder does not have reportable property or safe deposit box contents.