(1) Subject to Section 67-4a-208, property held in a pension account or retirement account that qualifies for tax deferral under the income tax laws of the United States is presumed abandoned if the property is unclaimed by the apparent owner three years after:

1. (a) the later of the following dates:

   1. (i) except as in Subsection (1)(a)(ii), the date a communication sent by the holder by first-class United States mail to the apparent owner is returned to the holder undelivered by the United States Postal Service; or
   2. (ii) if a communication under Subsection (1)(a)(i) is re-sent within 30 days after the date the first communication is returned undelivered, the date the second communication was returned undelivered by the United States Postal Service; or

2. (b) the earlier of the following dates:

   1. (i) the date the apparent owner becomes 70.5 years of age, if determinable by the holder; or

   2. (ii) if the Internal Revenue Code, Sec. 1 et seq., requires distribution to avoid a tax penalty, two years after the date the holder:

      1. (A) receives confirmation of the death of the apparent owner in the ordinary course of the holder's business; or
      2. (B) confirms the death of the apparent owner under Subsection (2).

(3)

1. (a) Subject to Subsection (3)(b), if the holder does not send communications to the apparent owner of an account described in Subsection (1) by first-class United States mail on at least an annual basis, the holder shall attempt to confirm the apparent owner's interest in the property by sending the apparent owner an electronic mail communication not later than two years after the apparent owner's last indication of interest in the property.

2. (b) The holder shall promptly attempt to contact the apparent owner by first-class United States mail if:

   1. (i) the holder does not have information needed to send the apparent owner an electronic mail communication or the holder believes that the apparent owner's electronic mail address in the holder's records is not valid;
   2. (ii) the holder receives notification that the electronic mail communication was not received; or
   3. (iii) the apparent owner does not respond to the electronic mail communication within 30 days after the communication was sent.

(4) If first-class United States mail sent under Subsection (3) is returned to the holder undelivered by the United States Postal Service, the property is presumed abandoned three years after the later of:

1. (a) except as in Subsection (4)(b), the date a communication to contact the apparent owner sent by first-class United States mail is returned to the holder undelivered;
2. (b) if the communication under Subsection (4)(a) is re-sent within 30 days after the date the first communication is returned undelivered, the date the second communication was returned undelivered; or
3. (c) the date established by Subsection (1)(b).