Sec. 22. (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) there is a valid and enforceable written contract between the holder and the owner that allows the holder to impose the charge; and
(2) the holder regularly imposes the charge, and the charge is not regularly reversed or otherwise canceled.
(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.
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