(a) A holder may not impose any charges on a dormant or inactive account or cease payment or accrual of any benefits, including dividends or interest on property during the period of time giving rise to the presumption of abandonment unless:
(1) The charges or cessation of any benefit are provided for in a valid, enforceable and written contract between the holder and the owner which specifies the amount or rate of the charges and that the benefit will cease;
(2) For property in excess of $2, the holder gives written notice to the owner at the owner's last known address before the proposed action; and
(3) The holder imposes charges or ceases accrual or payment of benefits on all dormant or inactive accounts, and does not reverse or otherwise cancel the charges or retroactively pay or accrue benefits with respect to those accounts.
(b) A holder may consider a money order dormant or inactive for purposes of imposing a service charge if the owner has taken none of the actions set forth in § 17-301(b)(3) of this subtitle for 1 year from the date of issuance of the money order.
(c) The notice required in this section is not required with respect to charges imposed or benefits that ceased prior to July 1, 1981.
Credits
Added by Acts 1981, c. 773, § 2, eff. July 1, 1981. Amended by Acts 1981, c. 774, § 2; Acts 1995, c. 432, § 1, eff. Oct. 1, 1995; Acts 2022, c. 648, § 1, eff. Oct. 1, 2022.
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
