1.1 	A bill for an act
1.2 	relating to commerce; regulating unclaimed property; enacting the Revised Uniform 
1.3 	Unclaimed Property Act recommended for enactment by the states by the National 
1.4 	Conference of Commissioners on Uniform State Laws;proposing coding for new 
1.5 	law in Minnesota Statutes, chapter 345; proposing coding for new law as Minnesota 
1.6 	Statutes, chapter 345A.
1.7 	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

1.8 	ARTICLE 1
1.9 	GENERAL PROVISIONS

1.10 	Section 1. [345A.101] SHORT TITLE.
1.11 	This chapter may be cited as the Revised Uniform Unclaimed Property Act.

1.12 	Sec. 2. [345A.102] DEFINITIONS.
1.13 	In this chapter:
1.14 	(1) "Administrator" means the commissioner of commerce.
1.15 	(2) "Administrator's agent" means a person with which the administrator contracts to 
1.16 	conduct an examination under article 10 on behalf of the administrator. The term includes 
1.17 	an independent contractor of the person and each individual participating in the examination 
1.18 	on behalf of the person or contractor.
1.19 	(3) "Apparent owner" means a person whose name appears on the records of a holder 
1.20 	as the owner of property held, issued, or owing by the holder.
1.21 	(4) "Business association" means a corporation, joint stock company, investment company 
1.22 	other than an investment company registered under the Investment Company Act of 1940, 
2.1 	as amended, United States Code, title 15, sections 80a-1 to 80a-64, partnership, 
2.2 	unincorporated association, joint venture, limited liability company, business trust, trust 
2.3 	company, land bank, safe deposit company, safekeeping depository, financial organization, 
2.4 	insurance company, federally chartered entity, utility, sole proprietorship, or other business 
2.5 	entity, whether or not for profit.
2.6 	(5) "Confidential information" means records, reports, and information that are 
2.7 	confidential under section 345A.1402.
2.8 	(6) "Domicile" means:
2.9 	(A) for a corporation, the state of its incorporation;
2.10 	(B) for a business association whose formation requires a filing with a state, other than 
2.11 	a corporation, the state of its filing;
2.12 	(C) for a federally chartered entity or an investment company registered under the 
2.13 	Investment Company Act of 1940, as amended, United States Code, title 15, sections 80a-1 
2.14 	to 80a-64, the state of its home office; and
2.15 	(D) for any other holder, the state of its principal place of business.
2.16 	(7) "Electronic" means relating to technology having electrical, digital, magnetic, wireless, 
2.17 	optical, electromagnetic, or similar capabilities.
2.18 	(8) "Electronic mail" means a communication by electronic means which is automatically 
2.19 	retained and stored and may be readily accessed or retrieved.
2.20 	(9) "Financial organization" means a savings and loan association, building and loan 
2.21 	association, savings bank, industrial bank, bank, banking organization, or credit union.
2.22 	(10) "Game-related digital content" means digital content that exists only in an electronic 
2.23 	game or electronic-game platform. The term:
2.24 	(A) includes:
2.25 	(i) game-play currency such as a virtual wallet, even if denominated in United States 
2.26 	currency; and
2.27 	(ii) the following if for use or redemption only within the game or platform or another 
2.28 	electronic game or electronic-game platform:
2.29 	(I) points sometimes referred to as gems, tokens, gold, and similar names; and
2.30 	(II) digital codes; and
2.31 	(B) does not include an item that the issuer:
3.1 	(i) permits to be redeemed for use outside a game or platform for:
3.2 	(I) money; or
3.3 	(II) goods or services that have more than minimal value; or
3.4 	(ii) otherwise monetizes for use outside a game or platform.
3.5 	(11) "Gift card" means:
3.6 	(A) a stored-value card:
3.7 	(i) the value of which does not expire;
3.8 	(ii) that may be decreased in value only by redemption for merchandise, goods, or 
3.9 	services; and
3.10 	(iii) that, unless required by law, may not be redeemed for or converted into money or 
3.11 	otherwise monetized by the issuer; and
3.12 	(B) includes a prepaid commercial mobile radio service, as defined in Code of Federal 
3.13 	Regulations, title 47, section 20.3, as amended.
3.14 	(12) "Holder" means a person obligated to hold for the account of, or to deliver or pay 
3.15 	to, the owner, property subject to this chapter.
3.16 	(13) "Insurance company" means an association, corporation, or fraternal or 
3.17 	mutual-benefit organization, whether or not for profit, engaged in the business of providing 
3.18 	life endowments, annuities, or insurance, including accident, burial, casualty, credit-life, 
3.19 	contract-performance, dental, disability, fidelity, fire, health, hospitalization, illness, life, 
3.20 	malpractice, marine, mortgage, surety, wage-protection, and worker-compensation insurance.
3.21 	(14) "Loyalty card" means a record given without direct monetary consideration under 
3.22 	an award, reward, benefit, loyalty, incentive, rebate, or promotional program which may 
3.23 	be used or redeemed only to obtain goods or services or a discount on goods or services. 
3.24 	The term does not include a record that may be redeemed for money or otherwise monetized 
3.25 	by the issuer.
3.26 	(15) "Mineral" means gas, oil, coal, oil shale, other gaseous liquid or solid hydrocarbon, 
3.27 	cement material, sand and gravel, road material, building stone, chemical raw material, 
3.28 	gemstone, fissionable and nonfissionable ores, colloidal and other clay, steam and other 
3.29 	geothermal resources, and any other substance defined as a mineral by law of this state other 
3.30 	than this chapter.
4.1 	(16) "Mineral proceeds" means an amount payable for extraction, production, or sale of 
4.2 	minerals, or, on the abandonment of the amount, an amount that becomes payable after 
4.3 	abandonment. The term includes an amount payable:
4.4 	(A) for the acquisition and retention of a mineral lease, including a bonus, royalty, 
4.5 	compensatory royalty, shut-in royalty, minimum royalty, and delay rental;
4.6 	(B) for the extraction, production, or sale of minerals, including a net revenue interest, 
4.7 	royalty, overriding royalty, extraction payment, and production payment; and
4.8 	(C) under an agreement or option, including a joint-operating agreement, unit agreement, 
4.9 	pooling agreement, and farm-out agreement.
4.10 	(17) "Money order" means a payment order for a specified amount of money. The term 
4.11 	includes an express money order and a personal money order on which the remitter is the 
4.12 	purchaser.
4.13 	(18) "Municipal bond" means a bond or evidence of indebtedness issued by a municipality 
4.14 	or other political subdivision of a state.
4.15 	(19) "Net card value" means the original purchase price or original issued value of a 
4.16 	stored-value card, plus amounts added to the original price or value, minus amounts used 
4.17 	and any service charge, fee, or dormancy charge permitted by law.
4.18 	(20) "Non-freely transferable security" means a security that cannot be delivered to the 
4.19 	administrator by the Depository Trust Clearing Corporation or similar custodian of securities 
4.20 	providing post-trade clearing and settlement services to financial markets or cannot be 
4.21 	delivered because there is no agent to effect transfer. The term includes a worthless security.
4.22 	(21) "Owner" means a person that has a legal, beneficial, or equitable interest in property 
4.23 	subject to this chapter or the person's legal representative when acting on behalf of the 
4.24 	owner. The term includes:
4.25 	(A) a depositor, for a deposit;
4.26 	(B) a beneficiary, for a trust other than a deposit in trust;
4.27 	(C) a creditor, claimant, or payee, for other property; and
4.28 	(D) the lawful bearer of a record that may be used to obtain money, a reward, or a thing 
4.29 	of value.
4.30 	(22) "Payroll card" means a record that evidences a payroll-card account as defined in 
4.31 	Regulation E, Code of Federal Regulations, title 12, part 1005, as amended.
5.1 	(23) "Person" means an individual, estate, business association, public corporation, 
5.2 	government or governmental subdivision, agency, or instrumentality, or other legal entity.
5.3 	(24) "Property" means tangible property described in section 345A.205 or a fixed and 
5.4 	certain interest in intangible property held, issued, or owed in the course of a holder's business 
5.5 	or by a government, governmental subdivision, agency, or instrumentality. The term:
5.6 	(A) includes all income from or increments to the property;
5.7 	(B) includes property referred to as or evidenced by:
5.8 	(i) money, virtual currency, interest, or a dividend, check, draft, deposit, or payroll card;
5.9 	(ii) a credit balance, customer's overpayment, stored-value card, security deposit, refund, 
5.10 	credit memorandum, unpaid wage, unused ticket for which the issuer has an obligation to 
5.11 	provide a refund, mineral proceeds, or unidentified remittance;
5.12 	(iii) a security except for:
5.13 	(I) a worthless security; or
5.14 	(II) a security that is subject to a lien, legal hold, or restriction evidenced on the records 
5.15 	of the holder or imposed by operation of law, if the lien, legal hold, or restriction restricts 
5.16 	the holder's or owner's ability to receive, transfer, sell, or otherwise negotiate the security;
5.17 	(iv) a bond, debenture, note, or other evidence of indebtedness;
5.18 	(v) money deposited to redeem a security, make a distribution, or pay a dividend;
5.19 	(vi) an amount due and payable under an annuity contract or insurance policy; and
5.20 	(vii) an amount distributable from a trust or custodial fund established under a plan to 
5.21 	provide health, welfare, pension, vacation, severance, retirement, death, stock purchase, 
5.22 	profit-sharing, employee-savings, supplemental-unemployment insurance, or a similar 
5.23 	benefit; and
5.24 	(C) does not include:
5.25 	(i) property held in a plan described in section 529A of the Internal Revenue Code, as 
5.26 	amended, United States Code, title 26, section 529A;
5.27 	(ii) game-related digital content;
5.28 	(iii) a loyalty card;
5.29 	(iv) an in-store credit for returned merchandise; or
5.30 	(v) a gift card.
6.1 	(25) "Putative holder" means a person believed by the administrator to be a holder, until 
6.2 	the person pays or delivers to the administrator property subject to this chapter or the 
6.3 	administrator or a court makes a final determination that the person is or is not a holder.
6.4 	(26) "Record" means information that is inscribed on a tangible medium or that is stored 
6.5 	in an electronic or other medium and is retrievable in perceivable form.
6.6 	(27) "Security" means:
6.7 	(A) a security as defined in section 336.8-102;
6.8 	(B) a security entitlement as defined in section 336.8-102, including a customer security 
6.9 	account held by a registered broker-dealer, to the extent the financial assets held in the 
6.10 	security account are not:
6.11 	(i) registered on the books of the issuer in the name of the person for which the 
6.12 	broker-dealer holds the assets;
6.13 	(ii) payable to the order of the person; or
6.14 	(iii) specifically endorsed to the person; or
6.15 	(C) an equity interest in a business association not included in subparagraph (A) or (B).
6.16 	(28) "Sign" means, with present intent to authenticate or adopt a record:
6.17 	(A) to execute or adopt a tangible symbol; or
6.18 	(B) to attach to or logically associate with the record an electronic symbol, sound, or 
6.19 	process.
6.20 	(29) "State" means a state of the United States, the District of Columbia, the 
6.21 	Commonwealth of Puerto Rico, the United States Virgin Islands, or any territory or insular 
6.22 	possession subject to the jurisdiction of the United States.
6.23 	(30) "Stored-value card" means a record evidencing a promise made for consideration 
6.24 	by the seller or issuer of the record that goods, services, or money will be provided to the 
6.25 	owner of the record to the value or amount shown in the record. The term:
6.26 	(A) includes:
6.27 	(i) a record that contains or consists of a microprocessor chip, magnetic strip, or other 
6.28 	means for the storage of information, which is prefunded and whose value or amount is 
6.29 	decreased on each use and increased by payment of additional consideration; and
6.30 	(ii) a gift card and payroll card; and
7.1 	(B) does not include a loyalty card, gift card, or game-related digital content.
7.2 	(31) "Utility" means a person that owns or operates for public use a plant, equipment, 
7.3 	real property, franchise, or license for the following public services:
7.4 	(A) transmission of communications or information;
7.5 	(B) production, storage, transmission, sale, delivery, or furnishing of electricity, water, 
7.6 	steam, or gas; or
7.7 	(C) provision of sewage or septic services, or trash, garbage, or recycling disposal.
7.8 	(32) "Virtual currency" means a digital representation of value used as a medium of 
7.9 	exchange, unit of account, or store of value, which does not have legal tender status 
7.10 	recognized by the United States. The term does not include:
7.11 	(A) the software or protocols governing the transfer of the digital representation of value;
7.12 	(B) game-related digital content; or
7.13 	(C) a loyalty card or gift card.
7.14 	(33) "Worthless security" means a security whose cost of liquidation and delivery to the 
7.15 	administrator would exceed the value of the security on the date a report is due under this 
7.16 	chapter.

7.17 	Sec. 3. [345A.103] INAPPLICABILITY TO FOREIGN TRANSACTION.
7.18 	This chapter does not apply to property held, due, and owing in a foreign country if the 
7.19 	transaction out of which the property arose was a foreign transaction.

7.20 	Sec. 4. [345A.104] RULEMAKING.
7.21 	The administrator may adopt under chapter 14 rules to implement and administer this 
7.22 	chapter.

7.23 	ARTICLE 2
7.24 	PRESUMPTION OF ABANDONMENT

7.25 	Section 1. [345A.201] WHEN PROPERTY PRESUMED ABANDONED.
7.26 	Subject to section 345A.210, the following property is presumed abandoned if it is 
7.27 	unclaimed by the apparent owner during the period specified below:
7.28 	(1) a traveler's check, 15 years after issuance;
8.1 	(2) a money order, seven years after issuance;
8.2 	(3) a state or municipal bond, bearer bond, or original-issue-discount bond, three years 
8.3 	after the earliest of the date the bond matures or is called or the obligation to pay the principal 
8.4 	of the bond arises;
8.5 	(4) a debt of a business association, three years after the obligation to pay arises;
8.6 	(5) a payroll card or demand, savings, or time deposit, including a deposit that is 
8.7 	automatically renewable, three years after the maturity of the deposit, except a deposit that 
8.8 	is automatically renewable is deemed matured on its initial date of maturity unless the 
8.9 	apparent owner consented in a record on file with the holder to renewal at or about the time 
8.10 	of the renewal;
8.11 	(6) money or a credit owed to a customer as a result of a retail business transaction, other 
8.12 	than in-store credit for returned merchandise, three years after the obligation arose;
8.13 	(7) an amount owed by an insurance company on a life or endowment insurance policy 
8.14 	or an annuity contract that has matured or terminated, three years after the obligation to pay 
8.15 	arose under the terms of the policy or contract or, if a policy or contract for which an amount 
8.16 	is owed on proof of death has not matured by proof of the death of the insured or annuitant, 
8.17 	as follows:
8.18 	(A) with respect to an amount owed on a life or endowment insurance policy, three years 
8.19 	after the earlier of the date:
8.20 	(i) the insurance company has knowledge of the death of the insured; or
8.21 	(ii) the insured has attained, or would have attained if living, the limiting age under the 
8.22 	mortality table on which the reserve for the policy is based; and
8.23 	(B) with respect to an amount owed on an annuity contract, three years after the date 
8.24 	the insurance company has knowledge of the death of the annuitant.
8.25 	(8) property distributable by a business association in the course of dissolution, one year 
8.26 	after the property becomes distributable;
8.27 	(9) property held by a court, including property received as proceeds of a class action, 
8.28 	one year after the property becomes distributable;
8.29 	(10) property held by a government or governmental subdivision, agency, or 
8.30 	instrumentality, including municipal bond interest and unredeemed principal under the 
8.31 	administration of a paying agent or indenture trustee, one year after the property becomes 
8.32 	distributable;
9.1 	(11) wages, commissions, bonuses, or reimbursements to which an employee is entitled, 
9.2 	or other compensation for personal services, other than amounts held in a payroll card, one 
9.3 	year after the amount becomes payable;
9.4 	(12) a deposit or refund owed to a subscriber by a utility, one year after the deposit or 
9.5 	refund becomes payable; and
9.6 	(13) property not specified in this section or sections 345A.202 to 345A.208, the earlier 
9.7 	of three years after the owner first has a right to demand the property or the obligation to 
9.8 	pay or distribute the property arises.

9.9 	Sec. 2. [345A.202] WHEN TAX-DEFERRED RETIREMENT ACCOUNT 
9.10 	PRESUMED ABANDONED.
9.11 	(a) Subject to section 345A.210, property held in a pension account or retirement account 
9.12 	that qualifies for tax deferral under the income-tax laws of the United States is presumed 
9.13 	abandoned if it is unclaimed by the apparent owner three years after the later of:
9.14 	(1) the following dates:
9.15 	(A) except as in subparagraph (B), the date a second consecutive communication sent 
9.16 	by the holder by first-class United States mail to the apparent owner is returned to the holder 
9.17 	undelivered by the United States Postal Service; or
9.18 	(B) if the second communication is sent later than 30 days after the date the first 
9.19 	communication is returned undelivered, the date the first communication was returned 
9.20 	undelivered by the United States Postal Service; or
9.21 	(2) the earlier of the following dates:
9.22 	(A) the date the apparent owner becomes 70.5 years of age, if determinable by the holder; 
9.23 	or
9.24 	(B) if the Internal Revenue Code, as amended, United States Code, title 26, section 1 et 
9.25 	seq., requires distribution to avoid a tax penalty, two years after the date the holder:
9.26 	(i) receives confirmation of the death of the apparent owner in the ordinary course of 
9.27 	its business; or
9.28 	(ii) confirms the death of the apparent owner under subsection (b).
9.29 	(b) If a holder in the ordinary course of its business receives notice or an indication of 
9.30 	the death of an apparent owner and subsection (a)(2) applies, the holder shall attempt not 
10.1 	later than 90 days after receipt of the notice or indication to confirm whether the apparent 
10.2 	owner is deceased.
10.3 	(c) If the holder does not send communications to the apparent owner of an account 
10.4 	described in subsection (a) by first-class United States mail, the holder shall attempt to 
10.5 	confirm the apparent owner's interest in the property by sending the apparent owner an 
10.6 	electronic-mail communication not later than two years after the apparent owner's last 
10.7 	indication of interest in the property; however, the holder promptly shall attempt to contact 
10.8 	the apparent owner by first-class United States mail if:
10.9 	(1) the holder does not have information needed to send the apparent owner an 
10.10 	electronic-mail communication or the holder believes that the apparent owner's 
10.11 	electronic-mail address in the holder's records is not valid;
10.12 	(2) the holder receives notification that the electronic-mail communication was not 
10.13 	received; or
10.14 	(3) the apparent owner does not respond to the electronic-mail communication not later 
10.15 	than 30 days after the communication was sent.
10.16 	(d) If first-class United States mail sent under subsection (c) is returned to the holder 
10.17 	undelivered by the United States Postal Service, the property is presumed abandoned three 
10.18 	years after the later of:
10.19 	(1) except as in paragraph (2), the date a second consecutive communication to contact 
10.20 	the apparent owner sent by first-class United States mail is returned to the holder undelivered;
10.21 	(2) if the second communication is sent later than 30 days after the date the first 
10.22 	communication is returned undelivered, the date the first communication was returned 
10.23 	undelivered; or
10.24 	(3) the date established by subsection (a)(2).

10.25 	Sec. 3. [345A.203] WHEN OTHER TAX-DEFERRED ACCOUNT PRESUMED 
10.26 	ABANDONED.
10.27 	Subject to section 345A.210 and except for property described in section 345A.202 and 
10.28 	property held in a plan described in section 529A of the Internal Revenue Code, as amended; 
10.29 	United States Code, title 26, section 529A, property held in an account or plan, including 
10.30 	a health savings account, that qualifies for tax deferral under the income tax laws of the 
10.31 	United States is presumed abandoned if it is unclaimed by the apparent owner three years 
10.32 	after the earlier of:
11.1 	(1) the date, if determinable by the holder, specified in the income tax laws and 
11.2 	regulations of the United States by which distribution of the property must begin to avoid 
11.3 	a tax penalty, with no distribution having been made; or
11.4 	(2) 30 years after the date the account was opened.

11.5 	Sec. 4. [345A.204] WHEN CUSTODIAL ACCOUNT FOR MINOR PRESUMED 
11.6 	ABANDONED.
11.7 	(a) Subject to section 345A.210, property held in an account established under a state's 
11.8 	Uniform Gifts to Minors Act or Uniform Transfers to Minors Act is presumed abandoned 
11.9 	if it is unclaimed by or on behalf of the minor on whose behalf the account was opened 
11.10 	three years after the later of:
11.11 	(1) except as in paragraph (2), the date a second consecutive communication sent by the 
11.12 	holder by first-class United States mail to the custodian of the minor on whose behalf the 
11.13 	account was opened is returned undelivered to the holder by the United States Postal Service;
11.14 	(2) if the second communication is sent later than 30 days after the date the first 
11.15 	communication is returned undelivered, the date the first communication was returned 
11.16 	undelivered; or
11.17 	(3) the date on which the custodian is required to transfer the property to the minor or 
11.18 	the minor's estate in accordance with the Uniform Gifts to Minors Act or Uniform Transfers 
11.19 	to Minors Act of the state in which the account was opened.
11.20 	(b) If the holder does not send communications to the custodian of the minor on whose 
11.21 	behalf an account described in subsection (a) was opened by first-class United States mail, 
11.22 	the holder shall attempt to confirm the custodian's interest in the property by sending the 
11.23 	custodian an electronic-mail communication not later than two years after the custodian's 
11.24 	last indication of interest in the property. However, the holder promptly shall attempt to 
11.25 	contact the custodian by first-class United States mail if:
11.26 	(1) the holder does not have information needed to send the custodian an electronic-mail 
11.27 	communication or the holder believes that the custodian's electronic-mail address in the 
11.28 	holder's records is not valid;
11.29 	(2) the holder receives notification that the electronic-mail communication was not 
11.30 	received; or
11.31 	(3) the custodian does not respond to the electronic-mail communication not later than 
11.32 	30 days after the communication was sent.
12.1 	(c) If first-class United States mail sent under subsection (b) is returned undelivered to 
12.2 	the holder by the United States Postal Service, the property is presumed abandoned three 
12.3 	years after the later of:
12.4 	(1) the date a second consecutive communication to contact the custodian by first-class 
12.5 	United States mail is returned to the holder undelivered by the United States Postal Service; 
12.6 	or
12.7 	(2) the date established by subsection (a)(3).
12.8 	(d) When the property in the account described in subsection (a) is transferred to the 
12.9 	minor on whose behalf an account was opened or to the minor's estate, the property in the 
12.10 	account is no longer subject to this section.

12.11 	Sec. 5. [345A.205] WHEN CONTENTS OF SAFE-DEPOSIT BOX PRESUMED 
12.12 	ABANDONED.
12.13 	Tangible property held in a safe-deposit box and proceeds from a sale of the property 
12.14 	by the holder permitted by law of this state other than this chapter are presumed abandoned 
12.15 	if the property remains unclaimed by the apparent owner five years after the earlier of the:
12.16 	(1) expiration of the lease or rental period for the box; or
12.17 	(2) earliest date when the lessor of the box is authorized by law of this state other than 
12.18 	this chapter to enter the box and remove or dispose of the contents without consent or 
12.19 	authorization of the lessee.

12.20 	Sec. 6. [345A.206] WHEN STORED-VALUE CARD PRESUMED ABANDONED.
12.21 	(a) Subject to section 345A.210, the net card value of a stored-value card, other than a 
12.22 	payroll card or a gift card, is presumed abandoned on the latest of three years after:
12.23 	(1) December 31 of the year in which the card is issued or additional funds are deposited 
12.24 	into it;
12.25 	(2) the most recent indication of interest in the card by the apparent owner; or
12.26 	(3) a verification or review of the balance by or on behalf of the apparent owner.
12.27 	(b) The amount presumed abandoned in a stored-value card is the net card value at the 
12.28 	time it is presumed abandoned.

13.1 	Sec. 7. [345A.207] WHEN GIFT CARD PRESUMED ABANDONED.
13.2 	Subject to section 345A.210, a gift card is presumed abandoned if it is unclaimed by the 
13.3 	apparent owner five years after the later of the date of purchase or its most recent use.

13.4 	Sec. 8. [345A.208] WHEN SECURITY PRESUMED ABANDONED.
13.5 	(a) Subject to section 345A.210, a security is presumed abandoned three years after:
13.6 	(1) the date a second consecutive communication sent by the holder by first-class United 
13.7 	States mail to the apparent owner is returned to the holder undelivered by the United States 
13.8 	Postal Service; or
13.9 	(2) if the second communication is made later than 30 days after the first communication 
13.10 	is returned, the date the first communication is returned undelivered to the holder by the 
13.11 	United States Postal Service.
13.12 	(b) If the holder does not send communications to the apparent owner of a security by 
13.13 	first-class United States mail, the holder shall attempt to confirm the apparent owner's 
13.14 	interest in the security by sending the apparent owner an electronic-mail communication 
13.15 	not later than two years after the apparent owner's last indication of interest in the security; 
13.16 	however, the holder promptly shall attempt to contact the apparent owner by first-class 
13.17 	United States mail if:
13.18 	(1) the holder does not have information needed to send the apparent owner an 
13.19 	electronic-mail communication or the holder believes that the apparent owner's 
13.20 	electronic-mail address in the holder's records is not valid;
13.21 	(2) the holder receives notification that the electronic-mail communication was not 
13.22 	received; or
13.23 	(3) the apparent owner does not respond to the electronic-mail communication not later 
13.24 	than 30 days after the communication was sent.
13.25 	(c) If first-class United States mail sent under subsection (b) is returned to the holder 
13.26 	undelivered by the United States Postal Service, the security is presumed abandoned three 
13.27 	years after the date the mail is returned.

13.28 	Sec. 9. [345A.209] WHEN RELATED PROPERTY PRESUMED ABANDONED.
13.29 	At and after the time property is presumed abandoned under this chapter, any other 
13.30 	property right or interest accrued or accruing from the property and not previously presumed 
13.31 	abandoned is also presumed abandoned.

14.1 	Sec. 10. [345A.210] INDICATION OF APPARENT OWNER INTEREST IN 
14.2 	PROPERTY.
14.3 	(a) The period after which property is presumed abandoned is measured from the later 
14.4 	of:
14.5 	(1) the date the property is presumed abandoned under this article; or
14.6 	(2) the latest indication of interest by the apparent owner in the property.
14.7 	(b) Under this chapter, an indication of an apparent owner's interest in property includes:
14.8 	(1) a record communicated by the apparent owner to the holder or agent of the holder 
14.9 	concerning the property or the account in which the property is held;
14.10 	(2) an oral communication by the apparent owner to the holder or agent of the holder 
14.11 	concerning the property or the account in which the property is held, if the holder or its 
14.12 	agent contemporaneously makes and preserves a record of the fact of the apparent owner's 
14.13 	communication;
14.14 	(3) presentment of a check or other instrument of payment of a dividend, interest payment, 
14.15 	or other distribution, or evidence of receipt of a distribution made by electronic or similar 
14.16 	means, with respect to an account, underlying security, or interest in a business association.
14.17 	(4) activity directed by an apparent owner in the account in which the property is held, 
14.18 	including accessing the account or information concerning the account, or a direction by 
14.19 	the apparent owner to increase, decrease, or otherwise change the amount or type of property 
14.20 	held in the account;
14.21 	(5) a deposit into or withdrawal from an account at a financial organization, including 
14.22 	an automatic deposit or withdrawal previously authorized by the apparent owner other than 
14.23 	an automatic reinvestment of dividends or interest;
14.24 	(6) subject to subsection (e), payment of a premium on an insurance policy; and
14.25 	(7) any other action by the apparent owner which reasonably demonstrates to the holder 
14.26 	that the apparent owner knows that the property exists.
14.27 	(c) An action by an agent or other representative of an apparent owner, other than the 
14.28 	holder acting as the apparent owner's agent, is presumed to be an action on behalf of the 
14.29 	apparent owner.
14.30 	(d) A communication with an apparent owner by a person other than the holder or the 
14.31 	holder's representative is not an indication of interest in the property by the apparent owner 
15.1 	unless a record of the communication evidences the apparent owner's knowledge of a right 
15.2 	to the property.
15.3 	(e) If the insured dies or the insured or beneficiary of an insurance policy otherwise 
15.4 	becomes entitled to the proceeds before depletion of the cash surrender value of the policy 
15.5 	by operation of an automatic-premium-loan provision or other nonforfeiture provision 
15.6 	contained in the policy, the operation does not prevent the policy from maturing or 
15.7 	terminating.

15.8 	Sec. 11. [345A.211] KNOWLEDGE OF DEATH OF INSURED OR ANNUITANT.
15.9 	(a) In this section, "death master file" means the United States Social Security 
15.10 	Administration Death Master File or other database or service that is at least as 
15.11 	comprehensive as the United States Social Security Administration Death Master File for 
15.12 	determining that an individual reportedly has died.
15.13 	(b) With respect to a life or endowment insurance policy or annuity contract for which 
15.14 	an amount is owed on proof of death, but which has not matured by proof of death of the 
15.15 	insured or annuitant, the company has knowledge of the death of an insured or annuitant 
15.16 	when:
15.17 	(1) the company receives a death certificate or court order determining that the insured 
15.18 	or annuitant has died;
15.19 	(2) due diligence, performed as required under [insert citation to applicable state law or 
15.20 	regulations relating to the business of insurance] to maintain contact with the insured or 
15.21 	annuitant or determine whether the insured or annuitant has died, validates the death of the 
15.22 	insured or annuitant;
15.23 	(3) the company conducts a comparison for any purpose between a death master file 
15.24 	and the names of some or all of the company's insureds or annuitants, finds a match that 
15.25 	provides notice that the insured or annuitant has died, and validates the death;
15.26 	(4) the administrator or the administrator's agent conducts a comparison for the purpose 
15.27 	of finding matches during an examination conducted under article 10 between a death master 
15.28 	file and the names of some or all of the company's insureds or annuitants, finds a match 
15.29 	that provides notice that the insured or annuitant has died, and the company validates the 
15.30 	death; or
15.31 	(5) the company:
16.1 	(A) receives notice of the death of the insured or annuitant from an administrator, 
16.2 	beneficiary, policy owner, relative of the insured, or trustee or from a personal representative, 
16.3 	executor, or other legal representative of the insured's or annuitant's estate; and
16.4 	(B) validates the death of the insured or annuitant.
16.5 	(c) The following rules apply under this section:
16.6 	(1) A death master file match under subsection (b)(3) or (4) occurs if the criteria for an 
16.7 	exact or partial match are satisfied as provided by:
16.8 	(A) law of this state other than this chapter;
16.9 	(B) a rule or policy adopted by the commissioner of commerce; or
16.10 	(C) absent a law, rule, or policy under subparagraph (A) or (B) standards in the National 
16.11 	Conference of Insurance Legislators' "Model Unclaimed Life Insurance Benefits Act" as 
16.12 	published in 2014.
16.13 	(2) The death master file match does not constitute proof of death for the purpose of 
16.14 	submission to an insurance company of a claim by a beneficiary, annuitant, or owner of the 
16.15 	policy or contract for an amount due under an insurance policy or annuity contract.
16.16 	(3) The death master file match or validation of the insured's or annuitant's death does 
16.17 	not alter the requirements for a beneficiary, annuitant, or owner of the policy or contract to 
16.18 	make a claim to receive proceeds under the terms of the policy or contract.
16.19 	(4) If no provision in chapter 61A which establishes a time for validation of a death of 
16.20 	an insured or annuitant, the insurance company shall make a good faith effort using other 
16.21 	available records and information to validate the death and document the effort taken not 
16.22 	later than 90 days after the insurance company has notice of the death.
16.23 	(d) This chapter does not affect the determination of the extent to which an insurance 
16.24 	company before the effective date of this chapter had knowledge of the death of an insured 
16.25 	or annuitant or was required to conduct a death master file comparison to determine whether 
16.26 	amounts owed by the company on a life or endowment insurance policy or annuity contract 
16.27 	were presumed abandoned or unclaimed.

16.28 	Sec. 12. [345A.212] DEPOSIT ACCOUNT FOR PROCEEDS OF INSURANCE 
16.29 	POLICY OR ANNUITY CONTRACT.
16.30 	If proceeds payable under a life or endowment insurance policy or annuity contract are 
16.31 	deposited into an account with check or draft-writing privileges for the beneficiary of the 
16.32 	policy or contract and, under a supplementary contract not involving annuity benefits other 
17.1 	than death benefits, the proceeds are retained by the insurance company or the financial 
17.2 	organization where the account is held, the policy or contract includes the assets in the 
17.3 	account.

17.4 	ARTICLE 3
17.5 	RULES FOR TAKING CUSTODY OF PROPERTY PRESUMED ABANDONED

17.6 	Section 1. [345A.301] ADDRESS OF APPARENT OWNER TO ESTABLISH 
17.7 	PRIORITY.
17.8 	In this article, the following rules apply:
17.9 	(1) The last-known address of an apparent owner is any description, code, or other 
17.10 	indication of the location of the apparent owner which identifies the state, even if the 
17.11 	description, code, or indication of location is not sufficient to direct the delivery of first-class 
17.12 	United States mail to the apparent owner.
17.13 	(2) If the United States postal zip code associated with the apparent owner is for a post 
17.14 	office located in this state, this state is deemed to be the state of the last-known address of 
17.15 	the apparent owner unless other records associated with the apparent owner specifically 
17.16 	identify the physical address of the apparent owner to be in another state.
17.17 	(3) If the address under paragraph (2) is in another state, the other state is deemed to be 
17.18 	the state of the last-known address of the apparent owner.
17.19 	(4) The address of the apparent owner of a life or endowment insurance policy or annuity 
17.20 	contract or its proceeds is presumed to be the address of the insured or annuitant if a person 
17.21 	other than the insured or annuitant is entitled to the amount owed under the policy or contract 
17.22 	and the address of the other person is not known by the insurance company and cannot be 
17.23 	determined under section 345A.302.

17.24 	Sec. 2. [345A.302] ADDRESS OF APPARENT OWNER IN THIS STATE.
17.25 	The administrator may take custody of property that is presumed abandoned, whether 
17.26 	located in this state, another state, or a foreign country if:
17.27 	(1) the last-known address of the apparent owner in the records of the holder is in this 
17.28 	state; or
17.29 	(2) the records of the holder do not reflect the identity or last-known address of the 
17.30 	apparent owner, but the administrator has determined that the last-known address of the 
17.31 	apparent owner is in this state.

18.1 	Sec. 3. [345A.303] IF RECORDS SHOW MULTIPLE ADDRESSES OF APPARENT 
18.2 	OWNER.
18.3 	(a) Except as in subsection (b), if records of a holder reflect multiple addresses for an 
18.4 	apparent owner and this state is the state of the most recently recorded address, this state 
18.5 	may take custody of property presumed abandoned, whether located in this state or another 
18.6 	state.
18.7 	(b) If it appears from records of the holder that the most recently recorded address of 
18.8 	the apparent owner under subsection (a) is a temporary address and this state is the state of 
18.9 	the next most recently recorded address that is not a temporary address, this state may take 
18.10 	custody of the property presumed abandoned.

18.11 	Sec. 4. [345A.304] HOLDER DOMICILED IN THIS SATE.
18.12 	(a) Except as in subsection (b) or section 345A.302 or 345A.303, the administrator may 
18.13 	take custody of property presumed abandoned, whether located in this state, another state, 
18.14 	or a foreign country, if the holder is domiciled in this state or is this state or a governmental 
18.15 	subdivision, agency, or instrumentality of this state, and
18.16 	(1) another state or foreign country is not entitled to the property because there is no 
18.17 	last-known address of the apparent owner or other person entitled to the property in the 
18.18 	records of the holder; or
18.19 	(2) the state or foreign country of the last-known address of the apparent owner or other 
18.20 	person entitled to the property does not provide for custodial taking of the property.
18.21 	(b) Property is not subject to custody of the administrator under subsection (a) if the 
18.22 	property is specifically exempt from custodial taking under the law of this state or the state 
18.23 	or foreign country of the last-known address of the apparent owner.
18.24 	(c) If a holder's state of domicile has changed since the time the property was presumed 
18.25 	abandoned, the holder's state of domicile in this section is deemed to be the state where the 
18.26 	holder was domiciled at the time the property was presumed abandoned.

18.27 	Sec. 5. [345A.305] CUSTODY IF TRANSACTION TOOK PLACE IN THIS STATE.
18.28 	Except as in section 345A.302, 345A.303, or 345A.304, the administrator may take 
18.29 	custody of property presumed abandoned whether located in this state or another state if:
18.30 	(1) the transaction out of which the property arose took place in this state;
19.1 	(2) the holder is domiciled in a state that does not provide for the custodial taking of the 
19.2 	property, except that if the property is specifically exempt from custodial taking under the 
19.3 	law of the state of the holder's domicile, the property is not subject to the custody of the 
19.4 	administrator; and
19.5 	(3) the last-known address of the apparent owner or other person entitled to the property 
19.6 	is unknown or in a state that does not provide for the custodial taking of the property, except 
19.7 	that if the property is specifically exempt from custodial taking under the law of the state 
19.8 	of the last-known address, the property is not subject to the custody of the administrator.

19.9 	Sec. 6. [345A.306] TRAVELER'S CHECK, MONEY ORDER, OR SIMILAR 
19.10 	INSTRUMENT.
19.11 	The administrator may take custody of sums payable on a traveler's check, money order, 
19.12 	or similar instrument presumed abandoned to the extent permissible under United States 
19.13 	Code, title 12, sections 2501 through 2503, as amended.

19.14 	Sec. 7. [345A.307] BURDEN OF PROOF TO ESTABLISH ADMINISTRATOR'S 
19.15 	RIGHT TO CUSTODY.
19.16 	If the administrator asserts a right to custody of unclaimed property, the administrator 
19.17 	has the burden to prove:
19.18 	(1) the existence and amount of the property;
19.19 	(2) the property is presumed abandoned; and
19.20 	(3) the property is subject to the custody of the administrator.

19.21 	ARTICLE 4
19.22 	REPORT BY HOLDER

19.23 	Section 1. [345A.401] REPORT REQUIRED BY HOLDER.
19.24 	(a) A holder of property presumed abandoned and subject to the custody of the 
19.25 	administrator shall report in a record to the administrator concerning the property. The 
19.26 	administrator may not require a holder to file a paper report.
19.27 	(b) A holder may contract with a third party to make the report required under subsection 
19.28 	(a).
19.29 	(c) Whether or not a holder contracts with a third party under subsection (b), the holder 
19.30 	is responsible:
20.1 	(1) to the administrator for the complete, accurate, and timely reporting of property 
20.2 	presumed abandoned; and
20.3 	(2) for paying or delivering to the administrator property described in the report.

20.4 	Sec. 2. [345A.402] CONTENT OF REPORT.
20.5 	(a) The report required under section 345A.401 must:
20.6 	(1) be signed by or on behalf of the holder and verified as to its completeness and 
20.7 	accuracy;
20.8 	(2) if filed electronically, be in a secure format approved by the administrator which 
20.9 	protects confidential information of the apparent owner in the same manner as required of 
20.10 	the administrator and the administrator's agent under article 14;
20.11 	(3) describe the property;
20.12 	(4) except for a traveler's check, money order, or similar instrument, contain the name, 
20.13 	if known, last-known address, if known, and Social Security number or taxpayer identification 
20.14 	number, if known or readily ascertainable, of the apparent owner of property with a value 
20.15 	of $50 or more;
20.16 	(5) for an amount held or owing under a life or endowment insurance policy or annuity 
20.17 	contract, contain the name and last-known address of the insured, annuitant or other apparent 
20.18 	owner of the policy or contract and of the beneficiary;
20.19 	(6) for property held in or removed from a safe-deposit box, indicate the location of the 
20.20 	property, where it may be inspected by the administrator, and any amounts owed to the 
20.21 	holder under section 345A.606;
20.22 	(7) contain the commencement date for determining abandonment under article 2;
20.23 	(8) state that the holder has complied with the notice requirements of section 345A.501;
20.24 	(9) identify property that is a non-freely transferable security and explain why it is a 
20.25 	non-freely transferable security; and
20.26 	(10) contain other information the administrator prescribes by rules.
20.27 	(b) A report under section 345A.401 may include in the aggregate items valued under 
20.28 	$50 each. If the report includes items in the aggregate valued under $50 each, the 
20.29 	administrator may not require the holder to provide the name and address of an apparent 
20.30 	owner of an item unless the information is necessary to verify or process a claim in progress 
20.31 	by the apparent owner.
21.1 	(c) A report under section 345A.401 may include personal information as defined in 
21.2 	section 345A.1401(a) about the apparent owner or the apparent owner's property to the 
21.3 	extent not otherwise prohibited by federal law.
21.4 	(d) If a holder has changed its name while holding property presumed abandoned or is 
21.5 	a successor to another person that previously held the property for the apparent owner, the 
21.6 	holder must include in the report under section 345A.401 its former name or the name of 
21.7 	the previous holder, if any, and the known name and address of each previous holder of the 
21.8 	property.

21.9 	Sec. 3. [345A.403] WHEN REPORT TO BE FILED.
21.10 	(a) Except as otherwise provided in subsection (b) and subject to subsection (c), the 
21.11 	report under section 345A.401 must be filed before November 1 of each year and cover the 
21.12 	12 months preceding July 1 of that year.
21.13 	(b) Subject to subsection (c), the report under section 345A.401 to be filed by an insurance 
21.14 	company must be filed before May 1 of each year for the immediately preceding calendar 
21.15 	year.
21.16 	(c) Before the date for filing the report under section 345A.401, the holder of property 
21.17 	presumed abandoned may request the administrator to extend the time for filing. The 
21.18 	administrator may grant an extension. If the extension is granted, the holder may pay or 
21.19 	make a partial payment of the amount the holder estimates ultimately will be due. The 
21.20 	payment or partial payment terminates accrual of interest on the amount paid.

21.21 	Sec. 4. [345A.404] RETENTION OF RECORDS BY HOLDER.
21.22 	A holder required to file a report under section 345A.401 shall retain records for ten 
21.23 	years after the later of the date the report was filed or the last date a timely report was due 
21.24 	to be filed, unless a shorter period is provided by rule of the administrator. The holder may 
21.25 	satisfy the requirement to retain records under this section through an agent. The records 
21.26 	must contain:
21.27 	(1) the information required to be included in the report;
21.28 	(2) the date, place, and nature of the circumstances that gave rise to the property right;
21.29 	(3) the amount or value of the property;
21.30 	(4) the last address of the apparent owner, if known to the holder; and
22.1 	(5) if the holder sells, issues, or provides to others for sale or issue in this state traveler's 
22.2 	checks, money orders, or similar instruments, other than third-party bank checks, on which 
22.3 	the holder is directly liable, a record of the instruments while they remain outstanding 
22.4 	indicating the state and date of issue.

22.5 	Sec. 5. [345A.405] PROPERTY REPORTABLE AND PAYABLE OR 
22.6 	DELIVERABLE ABSENT OWNER DEMAND.
22.7 	Property is reportable and payable or deliverable under this chapter even if the owner 
22.8 	fails to make demand or present an instrument or document otherwise required to obtain 
22.9 	payment.

22.10 	ARTICLE 5
22.11 	NOTICE TO APPARENT OWNER OF PROPERTY PRESUMED ABANDONED

22.12 	Section 1. [345A.501] NOTICE TO APPARENT OWNER BY HOLDER.
22.13 	(a) Subject to subsection (b), the holder of property presumed abandoned shall send to 
22.14 	the apparent owner notice by first-class United States mail that complies with section 
22.15 	345A.502 in a format acceptable to the administrator not more than 180 days nor less than 
22.16 	60 days before filing the report under section 345A.401 if:
22.17 	(1) the holder has in its records an address for the apparent owner which the holder's 
22.18 	records do not disclose to be invalid and is sufficient to direct the delivery of first-class 
22.19 	United States mail to the apparent owner; and
22.20 	(2) the value of the property is $50 or more.
22.21 	(b) If an apparent owner has consented to receive electronic-mail delivery from the 
22.22 	holder, the holder shall send the notice described in subsection (a) both by first-class United 
22.23 	States mail to the apparent owner's last-known mailing address and by electronic mail, 
22.24 	unless the holder believes that the apparent owner's electronic-mail address is invalid.

22.25 	Sec. 2. [345A.502] CONTENTS OF NOTICE BY HOLDER.
22.26 	(a) Notice under section 345A.501 must contain a heading that reads substantially as 
22.27 	follows: "Notice. The State of Minnesota requires us to notify you that your property may 
22.28 	be transferred to the custody of the commissioner of commerce if you do not contact us 
22.29 	before (insert date that is 30 days after the date of this notice).".
22.30 	(b) The notice under section 345A.501 must:
23.1 	(1) identify the nature and, except for property that does not have a fixed value, the value 
23.2 	of the property that is the subject of the notice;
23.3 	(2) state that the property will be turned over to the administrator;
23.4 	(3) state that after the property is turned over to the administrator an apparent owner 
23.5 	that seeks return of the property must file a claim with the administrator;
23.6 	(4) state that property that is not legal tender of the United States may be sold by the 
23.7 	administrator; and
23.8 	(5) provide instructions that the apparent owner must follow to prevent the holder from 
23.9 	reporting and paying or delivering the property to the administrator.

23.10 	Sec. 3. [345A.503] NOTICE BY ADMINISTRATOR.
23.11 	(a) The administrator shall give notice to an apparent owner that property presumed 
23.12 	abandoned and appears to be owned by the apparent owner is held by the administrator 
23.13 	under this chapter.
23.14 	(b) In providing notice under subsection (a), the administrator shall:
23.15 	(1) except as otherwise provided in paragraph (2), send written notice by first-class 
23.16 	United States mail to each apparent owner of property valued at $50 or more held by the 
23.17 	administrator, unless the administrator determines that a mailing by first-class United States 
23.18 	mail would not be received by the apparent owner, and, in the case of a security held in an 
23.19 	account for which the apparent owner had consented to receiving electronic mail from the 
23.20 	holder, send notice by electronic mail if the electronic-mail address of the apparent owner 
23.21 	is known to the administrator instead of by first-class United States mail; or
23.22 	(2) send the notice to the apparent owner's electronic-mail address if the administrator 
23.23 	does not have a valid United States mail address for an apparent owner, but has an 
23.24 	electronic-mail address that the administrator does not know to be invalid.
23.25 	(c) In addition to the notice under subsection (b), the administrator shall:
23.26 	(1) publish every six months in at least one newspaper of general circulation in each 
23.27 	county in this state notice of property held by the administrator which must include:
23.28 	(A) the total value of property received by the administrator during the preceding 
23.29 	six-month period, taken from the reports under section 345A.401;
23.30 	(B) the total value of claims paid by the administrator during the preceding six-month 
23.31 	period;
24.1 	(C) the Internet web address of the unclaimed property Web site maintained by the 
24.2 	administrator;
24.3 	(D) a telephone number and electronic-mail address to contact the administrator to 
24.4 	inquire about or claim property; and
24.5 	(E) a statement that a person may access the Internet by a computer to search for 
24.6 	unclaimed property and a computer may be available as a service to the public at a local 
24.7 	public library; and
24.8 	(2) maintain a Web site or database accessible by the public and electronically searchable 
24.9 	which contains the names reported to the administrator of all apparent owners for whom 
24.10 	property is being held by the administrator.
24.11 	(d) The Web site or database maintained under subsection (c)(2) must include instructions 
24.12 	for filing with the administrator a claim to property and a printable claim form with 
24.13 	instructions for its use.
24.14 	(e) In addition to giving notice under subsection (b), publishing the information under 
24.15 	subsection (c)(1) and maintaining the Web site or database under subsection (c)(2), the 
24.16 	administrator may use other printed publication, telecommunication, the Internet, or other 
24.17 	media to inform the public of the existence of unclaimed property held by the administrator.

24.18 	Sec. 4. [345A.504] COOPERATION AMONG STATE OFFICERS AND AGENCIES 
24.19 	TO LOCATE APPARENT OWNER.
24.20 	Unless prohibited by law of this state other than this chapter, on request of the 
24.21 	administrator, each officer, agency, board, commission, division, and department of this 
24.22 	state, any body politic and corporate created by this state for a public purpose, and each 
24.23 	political subdivision of this state shall make its books and records available to the 
24.24 	administrator and cooperate with the administrator to determine the current address of an 
24.25 	apparent owner of property held by the administrator under this chapter.

24.26 	ARTICLE 6
24.27 	TAKING CUSTODY OF PROPERTY BY ADMINISTRATOR

24.28 	Section 1. [345A.601] DEFINITION OF GOOD FAITH.
24.29 	In this article, payment or delivery of property is made in good faith if a holder:
24.30 	(1) had a reasonable basis for believing, based on the facts then known, that the property 
24.31 	was required or permitted to be paid or delivered to the administrator under this chapter; or
25.1 	(2) made payment or delivery:
25.2 	(A) in response to a demand by the administrator or administrator's agent; or
25.3 	(B) under a guidance or ruling issued by the administrator which the holder reasonably 
25.4 	believed required or permitted the property to be paid or delivered.

25.5 	Sec. 2. [345A.602] DORMANCY CHARGE.
25.6 	(a) A holder may deduct a dormancy charge from property required to be paid or delivered 
25.7 	to the administrator if:
25.8 	(1) a valid contract between the holder and the apparent owner authorizes imposition of 
25.9 	the charge for the apparent owner's failure to claim the property within a specified time; 
25.10 	and
25.11 	(2) the holder regularly imposes the charge and regularly does not reverse or otherwise 
25.12 	cancel the charge.
25.13 	(b) The amount of the deduction under subsection (a) is limited to an amount that is not 
25.14 	unconscionable considering all relevant factors, including the marginal transactional costs 
25.15 	incurred by the holder in maintaining the apparent owner's property and any services received 
25.16 	by the apparent owner.

25.17 	Sec. 3. [345A.603] PAYMENT OR DELIVERY OF PROPERTY TO 
25.18 	ADMINISTRATOR.
25.19 	(a) Except as otherwise provided in this section, on filing a report under section 345A.401, 
25.20 	the holder shall pay or deliver to the administrator the property described in the report.
25.21 	(b) If property in a report under section 345A.401 is an automatically renewable deposit 
25.22 	and a penalty or forfeiture in the payment of interest would result from paying the deposit 
25.23 	to the administrator at the time of the report, the date for payment of the property to the 
25.24 	administrator is extended until a penalty or forfeiture no longer would result from payment, 
25.25 	if the holder informs the administrator of the extended date.
25.26 	(c) Tangible property in a safe-deposit box may not be delivered to the administrator 
25.27 	until 120 days after filing the report under section 345A.401.
25.28 	(d) If property reported to the administrator under section 345A.401 is a security, the 
25.29 	administrator may:
26.1 	(1) make an endorsement, instruction, or entitlement order on behalf of the apparent 
26.2 	owner to invoke the duty of the issuer, its transfer agent, or the securities intermediary to 
26.3 	transfer the security; or
26.4 	(2) dispose of the security under section 345A.702.
26.5 	(e) If the holder of property reported to the administrator under section 345A.401 is the 
26.6 	issuer of a certificated security, the administrator may obtain a replacement certificate in 
26.7 	physical or book-entry form under section 336.8-405. An indemnity bond is not required.
26.8 	(f) The administrator shall establish procedures for the registration, issuance, method 
26.9 	of delivery, transfer, and maintenance of securities delivered to the administrator by a holder.
26.10 	(g) An issuer, holder, and transfer agent or other person acting under this section under 
26.11 	instructions of and on behalf of the issuer or holder is not liable to the apparent owner for, 
26.12 	and must be indemnified by the state against, a claim arising with respect to property after 
26.13 	the property has been delivered to the administrator.
26.14 	(h) A holder is not required to deliver to the administrator a security identified by the 
26.15 	holder as a non-freely transferable security. If the administrator or holder determines that 
26.16 	a security is no longer a non-freely transferable security, the holder shall deliver the security 
26.17 	on the next regular date prescribed for delivery of securities under this chapter. The holder 
26.18 	shall make a determination annually whether a security identified in a report filed under 
26.19 	section 345A.401 as a non-freely transferable security is no longer a non-freely transferable 
26.20 	security.

26.21 	Sec. 4. [345A.604] EFFECT OF PAYMENT OR DELIVERY OF PROPERTY TO 
26.22 	ADMINISTRATOR.
26.23 	(a) On payment or delivery of property to the administrator under this chapter, the 
26.24 	administrator as agent for the state assumes custody and responsibility for safekeeping the 
26.25 	property. A holder that pays or delivers property to the administrator in good faith and 
26.26 	substantially complies with sections 345A.501 and 345A.502 is relieved of liability arising 
26.27 	thereafter with respect to payment or delivery of the property to the administrator.
26.28 	(b) This state shall defend and indemnify a holder against liability on a claim against 
26.29 	the holder resulting from the payment or delivery of property to the administrator made in 
26.30 	good faith and after the holder substantially complied with sections 345A.501 and 345A.502.

27.1 	Sec. 5. [345A.605] RECOVERY OF PROPERTY BY HOLDER FROM 
27.2 	ADMINISTRATOR.
27.3 	(a) A holder that under this chapter pays money to the administrator may file a claim 
27.4 	for reimbursement from the administrator of the amount paid if the holder:
27.5 	(1) paid the money in error; or
27.6 	(2) after paying the money to the administrator, paid money to a person the holder 
27.7 	reasonably believed entitled to the money.
27.8 	(b) If a claim for reimbursement under subsection (a) is made for a payment made on a 
27.9 	negotiable instrument, including a traveler's check, money order, or similar instrument, the 
27.10 	holder must submit proof that the instrument was presented and payment was made to a 
27.11 	person the holder reasonably believed entitled to payment. The holder may claim 
27.12 	reimbursement even if the payment was made to a person whose claim was made after 
27.13 	expiration of a period of limitation on the owner's right to receive or recover property, 
27.14 	whether specified by contract, statute, or court order.
27.15 	(c) If a holder is reimbursed by the administrator under subsection (a)(2), the holder 
27.16 	may also recover from the administrator income or gain under section 345A.607 that would 
27.17 	have been paid to the owner if the money had been claimed from the administrator by the 
27.18 	owner to the extent the income or gain was paid by the holder to the owner.
27.19 	(d) A holder that under this chapter delivers property other than money to the 
27.20 	administrator may file a claim for return of the property from the administrator if:
27.21 	(1) the holder delivered the property in error; or
27.22 	(2) the apparent owner has claimed the property from the holder.
27.23 	(e) If a claim for return of property under subsection (d) is made, the holder shall include 
27.24 	with the claim evidence sufficient to establish that the apparent owner has claimed the 
27.25 	property from the holder or that the property was delivered by the holder to the administrator 
27.26 	in error.
27.27 	(f) The administrator may determine that an affidavit submitted by a holder is evidence 
27.28 	sufficient to establish that the holder is entitled to reimbursement or to recover property 
27.29 	under this section.
27.30 	(g) A holder is not required to pay a fee or other charge for reimbursement or return of 
27.31 	property under this section.
28.1 	(h) Not later than 90 days after a claim is filed under subsection (a) or (d), the 
28.2 	administrator shall allow or deny the claim and give the claimant notice of the decision in 
28.3 	a record. If the administrator does not take action on a claim during the 90 day period, the 
28.4 	claim is deemed denied.
28.5 	(i) The claimant may initiate a proceeding under chapter 14 for review of the 
28.6 	administrator's decision or the deemed denial under subsection (h) not later than:
28.7 	(1) 30 days following receipt of the notice of the administrator's decision; or
28.8 	(2) 120 days following the filing of a claim under subsection (a) or (d) in the case of a 
28.9 	deemed denial under subsection (h).
28.10 	(j) A final decision in an administrative proceeding initiated under subsection (i) is 
28.11 	subject to judicial review by the court as a matter of right in a de novo proceeding on the 
28.12 	record in which either party is entitled to introduce evidence as a supplement to the record.

28.13 	Sec. 6. [345A.606] PROPERTY REMOVED FROM SAFE-DEPOSIT BOX.
28.14 	Property removed from a safe-deposit box and delivered under this chapter to the 
28.15 	administrator under this chapter is subject to the holder's right to reimbursement for the cost 
28.16 	of opening the box and a lien or contract providing reimbursement to the holder for unpaid 
28.17 	rent charges for the box. The administrator shall reimburse the holder from the proceeds 
28.18 	remaining after deducting the expense incurred by the administrator in selling the property.

28.19 	Sec. 7. [345A.607] CREDITING INCOME OR GAIN TO OWNER'S ACCOUNT.
28.20 	(a) If property other than money is delivered to the administrator, the owner is entitled 
28.21 	to receive from the administrator income or gain realized or accrued on the property before 
28.22 	the property is sold. If the property was an interest-bearing demand, savings, or time deposit, 
28.23 	the administrator shall pay interest at the lesser of the rate of six percent or the rate the 
28.24 	property earned while in the possession of the holder. Interest begins to accrue when the 
28.25 	property is delivered to the administrator and ends on the earlier of the expiration of ten 
28.26 	years after its delivery or the date on which payment is made to the owner.
28.27 	(b) Interest on interest-bearing property is not payable under this section for any period 
28.28 	before the effective date of this chapter, unless authorized by ........

28.29 	Sec. 8. [345A.608] ADMINISTRATOR'S OPTIONS AS TO CUSTODY.
28.30 	(a) The administrator may decline to take custody of property reported under section 
28.31 	345A.401 if the administrator determines that:
29.1 	(1) the property has a value less than the estimated expenses of notice and sale of the 
29.2 	property; or
29.3 	(2) taking custody of the property would be unlawful.
29.4 	(b) A holder may pay or deliver property to the administrator before the property is 
29.5 	presumed abandoned under this chapter if the holder:
29.6 	(1) sends the apparent owner of the property notice required by section 345A.501 and 
29.7 	provides the administrator evidence of the holder's compliance with this paragraph;
29.8 	(2) includes with the payment or delivery a report regarding the property conforming to 
29.9 	section 345A.402; and
29.10 	(3) first obtains the administrator's consent in a record to accept payment or delivery.
29.11 	(c) A holder's request for the administrator's consent under subsection (b)(3) must be in 
29.12 	a record. If the administrator fails to respond to the request not later than 30 days after 
29.13 	receipt of the request, the administrator is deemed to consent to the payment or delivery of 
29.14 	the property and the payment or delivery is considered to have been made in good faith.
29.15 	(d) On payment or delivery of property under subsection (b), the property is presumed 
29.16 	abandoned.

29.17 	Sec. 9. [345A.609] DISPOSITION OF PROPERTY HAVING NO SUBSTANTIAL 
29.18 	VALUE; IMMUNITY FROM LIABILITY.
29.19 	(a) If the administrator takes custody of property delivered under this chapter and later 
29.20 	determines that the property has no substantial commercial value or that the cost of disposing 
29.21 	of the property will exceed the value of the property, the administrator may return the 
29.22 	property to the holder or destroy or otherwise dispose of the property.
29.23 	(b) An action or proceeding may not be commenced against the state, an agency of the 
29.24 	state, the administrator, another officer, employee, or agent of the state, or a holder for or 
29.25 	because of an act of the administrator under this section, except for intentional misconduct 
29.26 	or malfeasance.

29.27 	Sec. 10. [345A.610] PERIODS OF LIMITATION AND REPOSE.
29.28 	(a) Expiration, before, on, or after the effective date of this chapter, of a period of 
29.29 	limitation on an owner's right to receive or recover property, whether specified by contract, 
29.30 	statute, or court order, does not prevent the property from being presumed abandoned or 
30.1 	affect the duty of a holder under this chapter to file a report or pay or deliver property to 
30.2 	the administrator.
30.3 	(b) The administrator may not commence an action or proceeding to enforce this chapter 
30.4 	with respect to the reporting, payment, or delivery of property more than five years after 
30.5 	the holder filed a nonfraudulent report under section 345A.401 with the administrator. The 
30.6 	parties may agree in a record to extend the limitation in this subsection.
30.7 	(c) The administrator may not commence an action, proceeding, or examination with 
30.8 	respect to a duty of a holder under this chapter more than ten years after the duty arose.

30.9 	ARTICLE 7
30.10 	SALE OF PROPERTY BY ADMINISTRATOR

30.11 	Section 1. [345A.701] PUBLIC SALE OF PROPERTY.
30.12 	(a) Subject to section 345A.702, not earlier than three years after receipt of property 
30.13 	presumed abandoned, the administrator may sell the property.
30.14 	(b) Before selling property under subsection (a), the administrator shall give notice to 
30.15 	the public of:
30.16 	(1) the date of the sale; and
30.17 	(2) a reasonable description of the property.
30.18 	(c) A sale under subsection (a) must be to the highest bidder:
30.19 	(1) at public sale at a location in this state which the administrator determines to be the 
30.20 	most favorable market for the property;
30.21 	(2) on the Internet; or
30.22 	(3) on another forum the administrator determines is likely to yield the highest net 
30.23 	proceeds of sale.
30.24 	(d) The administrator may decline the highest bid at a sale under this section and reoffer 
30.25 	the property for sale if the administrator determines the highest bid is insufficient.
30.26 	(e) If a sale held under this section is to be conducted other than on the Internet, the 
30.27 	administrator must publish at least one notice of the sale, at least three weeks but not more 
30.28 	than five weeks before the sale, in a newspaper of general circulation in the county in which 
30.29 	the property is sold.

31.1 	Sec. 2. [345A.702] DISPOSAL OF SECURITIES.
31.2 	(a) The administrator may not sell or otherwise liquidate a security until three years after 
31.3 	the administrator receives the security and gives the apparent owner notice under section 
31.4 	345A.503 that the administrator holds the security.
31.5 	(b) The administrator may not sell a security listed on an established stock exchange for 
31.6 	less than the price prevailing on the exchange at the time of sale. The administrator may 
31.7 	sell a security not listed on an established exchange by any commercially-reasonable method.

31.8 	Sec. 3. [345A.703] RECOVERY OF SECURITIES OR VALUE BY OWNER.
31.9 	(a) If the administrator sells a security before the expiration of six years after delivery 
31.10 	of the security to the administrator, an apparent owner that files a valid claim under this 
31.11 	chapter of ownership of the security before the six-year period expires is entitled, at the 
31.12 	option of the administrator, to receive:
31.13 	(1) replacement of the security; or
31.14 	(2) the market value of the security at the time the claim is filed, plus dividends, interest, 
31.15 	and other increments on the security up to the time the claim is paid.
31.16 	(b) Replacement of the security or calculation of market value under subsection (a) must 
31.17 	take into account a stock split, reverse stock split, stock dividend, or similar corporate action.
31.18 	(c) A person that makes a valid claim under this chapter of ownership of a security after 
31.19 	expiration of six years after delivery of the security to the administrator is entitled to receive:
31.20 	(1) the security the holder delivered to the administrator, if it is in the custody of the 
31.21 	administrator, plus dividends, interest, and other increments on the security up to the time 
31.22 	the administrator delivers the security to the person; or
31.23 	(2) the net proceeds of the sale of the security, plus dividends, interest, and other 
31.24 	increments on the security up to the time the security was sold.

31.25 	Sec. 4. [345A.704] PURCHASER OWNS PROPERTY AFTER SALE.
31.26 	A purchaser of property at a sale conducted by the administrator under this chapter takes 
31.27 	the property free of all claims of the owner, a previous holder, or a person claiming through 
31.28 	the owner or holder. The administrator shall execute documents necessary to complete the 
31.29 	transfer of ownership to the purchaser.

32.1 	Sec. 5. [345A.705] MILITARY MEDAL OR DECORATION.
32.2 	(a) The administrator may not sell a medal or decoration awarded for military service 
32.3 	in the armed forces of the United States.
32.4 	(b) The administrator, with the consent of the respective organization under paragraph 
32.5 	(1), agency under paragraph (2), or entity under paragraph (3), may deliver a medal or 
32.6 	decoration described in subsection (a) to be held in custody for the owner, to:
32.7 	(1) a military veterans organization qualified under the Internal Revenue Code, as 
32.8 	amended, Unites States Code, title 26, section 501(c)(19);
32.9 	(2) the agency that awarded the medal or decoration; or
32.10 	(3) a governmental entity.
32.11 	(c) On delivery under subsection (b), the administrator is not responsible for safekeeping 
32.12 	the medal or decoration.

32.13 	ARTICLE 8
32.14 	ADMINISTRATION OF PROPERTY

32.15 	Section 1. [345A.801] DEPOSIT OF FUNDS BY ADMINISTRATOR.
32.16 	(a) Except as otherwise provided in this section, the administrator shall deposit in the 
32.17 	general fund all funds received under this chapter, including proceeds from the sale of 
32.18 	property under article 7.
32.19 	(b) The administrator shall maintain an account with an amount of funds the administrator 
32.20 	reasonably estimates is sufficient to pay claims allowed under this chapter in each fiscal 
32.21 	year. If the aggregate amount of claims by owners allowed at any time exceeds the amount 
32.22 	held in the account, an excess claim must be paid out of the general funds.

32.23 	Sec. 2. [345A.802] ADMINISTRATOR TO RETAIN RECORDS OF PROPERTY.
32.24 	The administrator shall:
32.25 	(1) record and retain the name and last-known address of each person shown on a report 
32.26 	filed under section 345A.401 to be the apparent owner of property delivered to the 
32.27 	administrator;
32.28 	(2) record and retain the name and last-known address of each insured or annuitant and 
32.29 	beneficiary shown on the report;
33.1 	(3) for each policy of insurance or annuity contract listed in the report of an insurance 
33.2 	company, record and retain the policy or account number, the name of the company, and 
33.3 	the amount due or paid; and
33.4 	(4) for each apparent owner listed in the report, record and retain the name of the holder 
33.5 	that filed the report and the amount due or paid.

33.6 	Sec. 3. [345A.803] EXPENSES AND SERVICE CHARGES OF ADMINISTRATOR.
33.7 	Before making a deposit of funds received under this chapter to the general fund, the 
33.8 	administrator may deduct:
33.9 	(1) expenses of disposition of property delivered to the administrator under this chapter;
33.10 	(2) costs of mailing and publication in connection with property delivered to the 
33.11 	administrator under this chapter;
33.12 	(3) reasonable service charges; and
33.13 	(4) expenses incurred in examining records of or collecting property from a putative 
33.14 	holder or holder.

33.15 	Sec. 4. [345A.804] ADMINISTRATOR HOLDS PROPERTY AS CUSTODIAN FOR 
33.16 	OWNER.
33.17 	Property received by the administrator under this chapter is held in custody for the benefit 
33.18 	of the owner and is not owned by the state.

33.19 	ARTICLE 9
33.20 	CLAIM TO RECOVER PROPERTY FROM ADMINISTRATOR

33.21 	Section 1. [345A.901] CLAIM OF ANOTHER STATE TO RECOVER PROPERTY.
33.22 	(a) If the administrator knows that property held by the administrator under this chapter 
33.23 	is subject to a superior claim of another state, the administrator shall:
33.24 	(1) report and pay or deliver the property to the other state; or
33.25 	(2) return the property to the holder so that the holder may pay or deliver the property 
33.26 	to the other state.
33.27 	(b) The administrator is not required to enter into an agreement to transfer property to 
33.28 	the other state under subsection (a).

34.1 	Sec. 2. [345A.902] WHEN PROPERTY SUBJECT TO RECOVERY BY ANOTHER 
34.2 	STATE.
34.3 	(a) Property held under this chapter by the administrator is subject to the right of another 
34.4 	state to take custody of the property if:
34.5 	(1) the property was paid or delivered to the administrator because the records of the 
34.6 	holder did not reflect a last-known address in the other state of the apparent owner and:
34.7 	(A) the other state establishes that the last-known address of the apparent owner or other 
34.8 	person entitled to the property was in the other state; or
34.9 	(B) under the law of the other state, the property has become subject to a claim by the 
34.10 	other state of abandonment;
34.11 	(2) the records of the holder did not accurately identify the owner of the property, the 
34.12 	last-known address of the owner was in another state, and, under the law of the other state, 
34.13 	the property has become subject to a claim by the other state of abandonment;
34.14 	(3) the property was subject to the custody of the administrator of this state under section 
34.15 	345A.305 and, under the law of the state of domicile of the holder, the property has become 
34.16 	subject to a claim by the state of domicile of the holder of abandonment; or
34.17 	(4) the property:
34.18 	(A) is a sum payable on a traveler's check, money order, or similar instrument that was 
34.19 	purchased in the other state and delivered to the administrator under section 345A.306; and
34.20 	(B) under the law of the other state, has become subject to a claim by the other state of 
34.21 	abandonment.
34.22 	(b) A claim by another state to recover property under this section must be presented in 
34.23 	a form prescribed by the administrator, unless the administrator waives presentation of the 
34.24 	form.
34.25 	(c) The administrator shall decide a claim under this section not later than 90 days after 
34.26 	it is presented. If the administrator determines that the other state is entitled under subsection 
34.27 	(a) to custody of the property, the administrator shall allow the claim and pay or deliver the 
34.28 	property to the other state.
34.29 	(d) The administrator may require another state, before recovering property under this 
34.30 	section, to agree to indemnify this state and its agents, officers and employees against any 
34.31 	liability on a claim to the property.

35.1 	Sec. 3. [345A.903] CLAIM FOR PROPERTY BY PERSON CLAIMING TO BE 
35.2 	OWNER.
35.3 	(a) A person claiming to be the owner of property held under this chapter by the 
35.4 	administrator may file a claim for the property on a form prescribed by the administrator. 
35.5 	The claimant must verify the claim as to its completeness and accuracy.
35.6 	(b) The administrator may waive the requirement in subsection (a) and may pay or 
35.7 	deliver property directly to a person if:
35.8 	(1) the person receiving the property or payment is shown to be the apparent owner 
35.9 	included on a report filed under section 345A.401;
35.10 	(2) the administrator reasonably believes the person is entitled to receive the property 
35.11 	or payment; and
35.12 	(3) the property has a value of less than $250.

35.13 	Sec. 4. [345A.904] WHEN ADMINISTRATOR MUST HONOR CLAIM FOR 
35.14 	PROPERTY.
35.15 	(a) The administrator shall pay or deliver property to a claimant under section 
35.16 	345A.903(a) if the administrator receives evidence sufficient to establish to the satisfaction 
35.17 	of the administrator that the claimant is the owner of the property.
35.18 	(b) Not later than 90 days after a claim is filed under section 345A.903(a), the 
35.19 	administrator shall allow or deny the claim and give the claimant notice in a record of the 
35.20 	decision.
35.21 	(c) If the claim is denied under subsection (b):
35.22 	(1) the administrator shall inform the claimant of the reason for the denial and specify 
35.23 	what additional evidence, if any, is required for the claim to be allowed;
35.24 	(2) the claimant may file an amended claim with the administrator or commence an 
35.25 	action under section 345A.906; and
35.26 	(3) the administrator shall consider an amended claim filed under paragraph (2) as an 
35.27 	initial claim.
35.28 	(d) If the administrator does not take action on a claim during the 90-day period following 
35.29 	the filing of a claim under section 345A.903(a), the claim is deemed denied.

36.1 	Sec. 5. [345A.905] ALLOWANCE OF CLAIM FOR PROPERTY.
36.2 	(a) Not later than 30 days after a claim is allowed under section 345A.904(b), the 
36.3 	administrator shall pay or deliver to the owner the property or pay to the owner the net 
36.4 	proceeds of a sale of the property, together with income or gain to which the owner is entitled 
36.5 	under section 345A.607. On request of the owner, the administrator may sell or liquidate a 
36.6 	security and pay the net proceeds to the owner, even if the security had been held by the 
36.7 	administrator for less than three years or the administrator has not complied with the notice 
36.8 	requirements under section 345A.702.
36.9 	(b) Property held under this chapter by the administrator is subject to a claim for the 
36.10 	payment of an enforceable debt the owner owes in this state for:
36.11 	(1) child-support arrearages, including child-support collection costs and child-support 
36.12 	arrearages that are combined with maintenance;
36.13 	(2) a civil or criminal fine or penalty, court costs, a surcharge, or restitution imposed by 
36.14 	a final order of an administrative agency or a final court judgment; or
36.15 	(3) state taxes, penalties, and interest that have been determined to be delinquent or as 
36.16 	to which notice has been recorded with the secretary of state.
36.17 	(c) Before delivery or payment to an owner under subsection (a) of property or payment 
36.18 	to the owner of net proceeds of a sale of the property, the administrator first shall apply the 
36.19 	property or net proceeds to a debt under subsection (b) the administrator determines is owed 
36.20 	by the owner. The administrator shall pay the amount to the appropriate state agency and 
36.21 	notify the owner of the payment.
36.22 	(d) The administrator may make periodic inquiries of state and local agencies in the 
36.23 	absence of a claim filed under section 345A.903 to determine whether an apparent owner 
36.24 	included in the unclaimed-property records of this state have enforceable debts described 
36.25 	in subsection (b). The administrator first shall apply the property or net proceeds of a sale 
36.26 	of property held by the administrator to a debt under subsection (b) of an apparent owner 
36.27 	which appears in the records of the administrator and deliver the amount to the appropriate 
36.28 	state agency. The administrator shall notify the apparent owner of the payment.

36.29 	Sec. 6. [345A.906] ACTION BY PERSON WHOSE CLAIM IS DENIED.
36.30 	Not later than one year after filing a claim under section 345A.903(a), the claimant may 
36.31 	commence an action against the administrator in the district court to establish a claim that 
36.32 	has been denied or deemed denied under section 345A.904(d). On final determination of 
37.1 	the action, the court may, on application, award to the prevailing party its reasonable 
37.2 	attorney's fees, costs, and expenses of litigation.

37.3 	ARTICLE 10
37.4 	VERIFIED REPORT OF PROPERTY; EXAMINATION OF RECORDS

37.5 	Section 1. [345.1001] VERIFIED REPORT OF PROPERTY.
37.6 	If a person does not file a report required by section 345A.401 or the administrator 
37.7 	believes that a person may have filed an inaccurate, incomplete, or false report, the 
37.8 	administrator may require the person to file a verified report in a form prescribed by the 
37.9 	administrator. The verified report must:
37.10 	(1) state whether the person is holding property reportable under this chapter;
37.11 	(2) describe property not previously reported or about which the administrator has 
37.12 	inquired;
37.13 	(3) specifically identify property described under paragraph (2) about which there is a 
37.14 	dispute whether it is reportable under this chapter; and
37.15 	(4) state the amount or value of the property.

37.16 	Sec. 2. [345A.1002] EXAMINATION OF RECORDS TO DETERMINE 
37.17 	COMPLIANCE.
37.18 	The administrator, at reasonable times and on reasonable notice, may:
37.19 	(1) examine the records of a person, including examination of appropriate records in the 
37.20 	possession of an agent of the person under examination, if the records are reasonably 
37.21 	necessary to determine whether the person has complied with this chapter;
37.22 	(2) issue an administrative subpoena requiring the person or agent of the person to make 
37.23 	records available for examination; and
37.24 	(3) bring an action seeking judicial enforcement of the subpoena.

37.25 	Sec. 3. [345A.1003] RULES FOR CONDUCTING EXAMINATION.
37.26 	(a) The administrator shall adopt rules governing procedures and standards for an 
37.27 	examination under section 345A.1002, including rules for use of an estimation, extrapolation, 
37.28 	and statistical sampling in conducting an examination.
38.1 	(b) An examination under section 345A.1002 must be performed under rules adopted 
38.2 	under subsection (a) and with generally accepted examination practices and standards 
38.3 	applicable to an unclaimed-property examination.
38.4 	(c) If a person subject to examination under section 345A.1002 has filed the reports 
38.5 	required under sections 345A.401 and 345A.1001 and has retained the records required by 
38.6 	section 345A.404, the following rules apply:
38.7 	(1) The examination must include a review of the person's records.
38.8 	(2) The examination may not be based on an estimate unless the person expressly consents 
38.9 	in a record to the use of an estimate.
38.10 	(3) The person conducting the examination shall consider the evidence presented in 
38.11 	good faith by the person in preparing the findings of the examination under section 
38.12 	345A.1007.

38.13 	Sec. 4. [345A.1004] RECORDS OBTAINED IN EXAMINATION.
38.14 	Records obtained and records, including work papers, compiled by the administrator in 
38.15 	the course of conducting an examination under section 345A.1002:
38.16 	(1) are subject to the confidentiality and security provisions of article 14 and are not 
38.17 	public records;
38.18 	(2) may be used by the administrator in an action to collect property or otherwise enforce 
38.19 	this chapter;
38.20 	(3) may be used in a joint examination conducted with another state, the United States, 
38.21 	a foreign country or subordinate unit of a foreign country, or any other governmental entity 
38.22 	if the governmental entity conducting the examination is legally bound to maintain the 
38.23 	confidentiality and security of information obtained from a person subject to examination 
38.24 	in a manner substantially equivalent to article 14;
38.25 	(4) must be disclosed, on request, to the person that administers the unclaimed property 
38.26 	law of another state for that state's use in circumstances equivalent to circumstances described 
38.27 	in this chapter, if the other state is required to maintain the confidentiality and security of 
38.28 	information obtained in a manner substantially equivalent to article 14;
38.29 	(5) must be produced by the administrator under an administrative or judicial subpoena 
38.30 	or administrative or court order; and
38.31 	(6) must be produced by the administrator on request of the person subject to the 
38.32 	examination in an administrative or judicial proceeding relating to the property.

39.1 	Sec. 5. [345A.1005] EVIDENCE OF UNPAID DEBT OR UNDISCHARGED 
39.2 	OBLIGATION.
39.3 	(a) A record of a putative holder showing an unpaid debt or undischarged obligation is 
39.4 	prima facie evidence of the debt or obligation.
39.5 	(b) A putative holder may establish by a preponderance of the evidence that there is no 
39.6 	unpaid debt or undischarged obligation for a debt or obligation described in subsection (a) 
39.7 	or that the debt or obligation was not, or no longer is, a fixed and certain obligation of the 
39.8 	putative holder.
39.9 	(c) A putative holder may overcome prima facie evidence under subsection (a) by 
39.10 	establishing by a preponderance of the evidence that a check, draft, or similar instrument 
39.11 	was:
39.12 	(1) issued as an unaccepted offer in settlement of an unliquidated amount;
39.13 	(2) issued but later was replaced with another instrument because the earlier instrument 
39.14 	was lost or contained an error that was corrected;
39.15 	(3) issued to a party affiliated with the issuer;
39.16 	(4) paid, satisfied, or discharged;
39.17 	(5) issued in error;
39.18 	(6) issued without consideration;
39.19 	(7) issued but there was a failure of consideration;
39.20 	(8) voided within a reasonable time after issuance for a valid business reason set forth 
39.21 	in a contemporaneous record; or
39.22 	(9) issued but not delivered to the third-party payee for a sufficient reason recorded 
39.23 	within a reasonable time after issuance.
39.24 	(d) In asserting a defense under this section, a putative holder may present evidence of 
39.25 	a course of dealing between the putative holder and the apparent owner or of custom and 
39.26 	practice.

39.27 	Sec. 6. [345A.1006] FAILURE OF PERSON EXAMINED TO RETAIN RECORDS.
39.28 	If a person subject to examination under section 345A.1002 does not retain the records 
39.29 	required by section 345A.404, the administrator may determine the value of property due 
39.30 	using a reasonable method of estimation based on all information available to the 
39.31 	administrator, including extrapolation and use of statistical sampling when appropriate and 
40.1 	necessary, consistent with examination procedures and standards adopted under section 
40.2 	345A.1003(a) and in accord with section 345A.1003(b).

40.3 	Sec. 7. [345A.1007] REPORT TO PERSON WHOSE RECORDS WERE EXAMINED.
40.4 	At the conclusion of an examination under section 345A.1002, the administrator shall 
40.5 	provide to the person whose records were examined a complete and unredacted examination 
40.6 	report that specifies:
40.7 	(1) the work performed;
40.8 	(2) the property types reviewed;
40.9 	(3) the methodology of any estimation technique, extrapolation, or statistical sampling 
40.10 	used in conducting the examination;
40.11 	(4) each calculation showing the value of property determined to be due; and
40.12 	(5) the findings of the person conducting the examination.

40.13 	Sec. 8. [345A.1008] COMPLAINT TO ADMINISTRATOR ABOUT CONDUCT OF 
40.14 	PERSON CONDUCTING EXAMINATION.
40.15 	(a) If a person subject to examination under section 345A.1002 believes the person 
40.16 	conducting the examination has made an unreasonable or unauthorized request or is not 
40.17 	proceeding expeditiously to complete the examination, the person in a record may ask the 
40.18 	administrator to intervene and take appropriate remedial action, including countermanding 
40.19 	the request of the person conducting the examination, imposing a time limit for completion 
40.20 	of the examination, or reassigning the examination to another person.
40.21 	(b) If a person in a record requests a conference with the administrator to present matters 
40.22 	that are the basis of a request under subsection (a), the administrator shall hold the conference 
40.23 	not later than 30 days after receiving the request. The administrator may hold the conference 
40.24 	in person, by telephone, or by electronic means.
40.25 	(c) If a conference is held under subsection (b), not later than 30 days after the conference 
40.26 	ends, the administrator shall provide a report in a record of the conference to the person 
40.27 	that requested the conference.

40.28 	Sec. 9. [345A.1009] ADMINISTRATOR'S CONTRACT WITH ANOTHER TO 
40.29 	CONDUCT EXAMINATION.
40.30 	(a) In this section, "related to the administrator" refers to an individual who is:
41.1 	(1) the administrator's spouse, partner in a civil union, domestic partner, or reciprocal 
41.2 	beneficiary;
41.3 	(2) the administrator's child, stepchild, grandchild, parent, stepparent, sibling, step-sibling, 
41.4 	half-sibling, aunt, uncle, niece, or nephew;
41.5 	(3) a spouse, partner in a civil union, domestic partner, or reciprocal beneficiary of an 
41.6 	individual under paragraph (2); or
41.7 	(4) any individual residing in the administrator's household.
41.8 	(b) The administrator may contract with a person to conduct an examination under this 
41.9 	article.
41.10 	(c) If the person with which the administrator contracts under subsection (b) is:
41.11 	(1) an individual, the individual may not be related to the administrator; or
41.12 	(2) a business entity, the entity may not be owned in whole or in part by the administrator 
41.13 	or an individual related to the administrator.
41.14 	(d) At least 60 days before assigning a person under contract with the administrator 
41.15 	under subsection (b) to conduct an examination, the administrator shall demand in a record 
41.16 	that the person to be examined submit a report and deliver property that is previously 
41.17 	unreported.
41.18 	(e) If the administrator contracts with a person under subsection (b):
41.19 	(1) the contract may provide for compensation of the person based on a fixed fee, hourly 
41.20 	fee, or contingent fee;
41.21 	(2) a contingent fee arrangement may not provide for a payment that exceeds ten percent 
41.22 	of the amount or value of property paid or delivered as a result of the examination; and
41.23 	(3) on request by a person subject to examination by a contractor, the administrator shall 
41.24 	deliver to the person a complete and unredacted copy of the contract and any contract 
41.25 	between the contractor and a person employed or engaged by the contractor to conduct the 
41.26 	examination.
41.27 	(f) A contract under subsection (b) is subject to public disclosure without redaction.

41.28 	Sec. 10. [345A.1010] LIMIT ON FUTURE EMPLOYMENT.
41.29 	The administrator or an individual employed by the administrator who participates in, 
41.30 	recommends, or approves the award of a contract under section 345A.1009(b) on or after 
41.31 	the effective date of this chapter may not be employed by, contracted with, or compensated 
42.1 	in any capacity by the contractor or an affiliate of the contractor for two years after the latest 
42.2 	of participation in, recommendation of, or approval of the award or conclusion of the contract.

42.3 	Sec. 11. [345A.1011] REPORT BY ADMINISTRATOR TO STATE OFFICIAL.
42.4 	(a) Not later than three months after the end of the state fiscal year, the administrator 
42.5 	shall compile and submit a report to the governor, president of the senate, and speaker of 
42.6 	the house of representatives. The report must contain the following information about 
42.7 	property presumed abandoned for the preceding fiscal year for the state:
42.8 	(1) the total amount and value of all property paid or delivered under this chapter to the 
42.9 	administrator, separated into:
42.10 	(A) the part voluntarily paid or delivered; and
42.11 	(B) the part paid or delivered as a result of an examination under section 345A.1002, 
42.12 	separated into the part recovered as a result of an examination conducted by:
42.13 	(i) a state employee; and
42.14 	(ii) a contractor under section 345A.1009;
42.15 	(2) the name of and amount paid to each contractor under section 345A.1009 and the 
42.16 	percentage the total compensation paid to all contractors under section 345A.1009 bears to 
42.17 	the total amount paid or delivered to the administrator as a result of all examinations 
42.18 	performed under section 345A.1009;
42.19 	(3) the total amount and value of all property paid or delivered by the administrator to 
42.20 	persons that made claims for property held by the administrator under this chapter and the 
42.21 	percentage the total payments made and value of property delivered to claimants bears to 
42.22 	the total amounts paid and value delivered to the administrator; and
42.23 	(4) the total amount of claims made by persons claiming to be owners which:
42.24 	(A) were denied;
42.25 	(B) were allowed; and
42.26 	(C) are pending.
42.27 	(b) The report under subsection (a) is a public record subject to public disclosure without 
42.28 	redaction.

43.1 	Sec. 12. [345A.1012] DETERMINATION OF LIABILITY FOR UNREPORTED 
43.2 	REPORTABLE PROPERTY.
43.3 	If the administrator determines from an examination conducted under section 345A.1002 
43.4 	that a putative holder failed or refused to pay or deliver to the administrator property which 
43.5 	is reportable under this chapter, the administrator shall issue a determination of the putative 
43.6 	holder's liability to pay or deliver and give notice in a record to the putative holder of the 
43.7 	determination.

43.8 	ARTICLE 11
43.9 	DETERMINATION OF LIABILITY; PUTATIVE HOLDER REMEDIES

43.10 	Section 1. [345A.1101] INFORMAL CONFERENCE.
43.11 	(a) Not later than 30 days after receipt of a notice under section 345A.1012, the putative 
43.12 	holder may request an informal conference with the administrator to review the determination. 
43.13 	Except as otherwise provided in this section, the administrator may designate an employee 
43.14 	to act on behalf of the administrator.
43.15 	(b) If a putative holder makes a timely request under subsection (a) for an informal 
43.16 	conference:
43.17 	(1) not later than 20 days after the date of the request, the administrator shall set the time 
43.18 	and place of the conference;
43.19 	(2) the administrator shall give the putative holder notice in a record of the time and 
43.20 	place of the conference;
43.21 	(3) the conference may be held in person, by telephone, or by electronic means, as 
43.22 	determined by the administrator;
43.23 	(4) the request tolls the 90-day period under sections 345A.1103 and 345A.1104 until 
43.24 	notice of a decision under paragraph (7) has been given to the putative holder or the putative 
43.25 	holder withdraws the request for the conference;
43.26 	(5) the conference may be postponed, adjourned, and reconvened as the administrator 
43.27 	determines appropriate;
43.28 	(6) the administrator or administrator's designee with the approval of the administrator 
43.29 	may modify a determination made under section 345A.1012 or withdraw it; and
43.30 	(7) the administrator shall issue a decision in a record and provide a copy of the record 
43.31 	to the putative holder and examiner not later than 20 days after the conference ends.
44.1 	(c) A conference under subsection (b) is not an administrative remedy and is not a 
44.2 	contested case subject to chapter 14. An oath is not required and rules of evidence do not 
44.3 	apply in the conference.
44.4 	(d) At a conference under subsection (b), the putative holder must be given an opportunity 
44.5 	to confer informally with the administrator and the person that examined the records of the 
44.6 	putative holder to:
44.7 	(1) discuss the determination made under section 345A.1012; and
44.8 	(2) present any issue concerning the validity of the determination.
44.9 	(e) If the administrator fails to act within the period prescribed in subsection (b)(1) or 
44.10 	(7), the failure does not affect a right of the administrator, except that interest does not 
44.11 	accrue on the amount for which the putative holder was determined to be liable under section 
44.12 	345A.1012 during the period in which the administrator failed to act until the earlier of:
44.13 	(1) the date under section 345A.1103 the putative holder initiates administrative review 
44.14 	or files an action under section 345A.1104; or
44.15 	(2) 90 days after the putative holder received notice of the administrator's determination 
44.16 	under section 345A.1012 if no review was initiated under section 345A.1103 and no action 
44.17 	was filed under section 345A.1104.
44.18 	(f) The administrator may hold an informal conference with a putative holder about a 
44.19 	determination under section 345A.1012 without a request at any time before the putative 
44.20 	holder initiates administrative review under section 345A.1103 or files an action under 
44.21 	section 345A.1104.
44.22 	(g) Interest and penalties under section 345A.1204 continue to accrue on property not 
44.23 	reported, paid, or delivered as required by this chapter after the initiation, and during the 
44.24 	pendency, of an informal conference under this section.

44.25 	Sec. 2. [345A.1102] REVIEW OF ADMINISTRATOR'S DETERMINATION.
44.26 	A putative holder may seek relief from a determination under section 345A.1012 by:
44.27 	(1) administrative review under section 345A.1103; or
44.28 	(2) judicial review under section 345A.1104.

45.1 	Sec. 3. [345A.1103] ADMINISTRATIVE REVIEW.
45.2 	(a) Not later than 90 days after receiving notice of the administrator's determination 
45.3 	under section 345A.1012, a putative holder may initiate a proceeding under chapter 14 for 
45.4 	review of the administrator's determination.
45.5 	(b) A final decision in an administrative proceeding initiated under subsection (a) is 
45.6 	subject to judicial review by the court as a matter of right in a de novo proceeding on the 
45.7 	record in which either party is entitled to introduce evidence as a supplement to the record.

45.8 	Sec. 4. [345A.1104] JUDICIAL REMEDY.
45.9 	(a) Not later than 90 days after receiving notice of the administrator's determination 
45.10 	under section 345A.1012, the putative holder may:
45.11 	(1) file an action against the administrator in the district court challenging the 
45.12 	administrator's determination of liability and seeking a declaration that the determination 
45.13 	is unenforceable, in whole or in part; or
45.14 	(2) pay the amount or deliver the property determined by the administrator to be paid 
45.15 	or delivered to the administrator and, not later than six months after payment or delivery, 
45.16 	file an action against the administrator in the district court for a refund of all or part of the 
45.17 	amount paid or return of all or part of the property delivered.
45.18 	(b) If a putative holder pays or delivers property the administrator determined must be 
45.19 	paid or delivered to the administrator at any time after the putative holder files an action 
45.20 	under subsection (a)(1), the court shall continue the action as if it had been filed originally 
45.21 	as an action for a refund or return of property under subsection (a)(2).
45.22 	(c) On the final determination of an action filed under subsection (a), the court may, on 
45.23 	application, award to the prevailing party its reasonable attorney's fees, costs, and expenses, 
45.24 	of litigation.
45.25 	(d) A putative holder that is the prevailing party in an action under subsection (a)(2) for 
45.26 	refund of money paid to the administrator is entitled to interest on the amount refunded, at 
45.27 	the same rate a holder is required to pay to the administrator under section 345A.1204(a), 
45.28 	from the date paid to the administrator until the date of the refund.

45.29 	ARTICLE 12
45.30 	ENFORCEMENT BY ADMINISTRATOR

45.31 	Section 1. [345A.1201] JUDICIAL ACTION TO ENFORCE LIABILITY.
46.1 	(a) If a determination under section 345A.1012 becomes final and is not subject to 
46.2 	administrative or judicial review, the administrator may commence an action in the district 
46.3 	court or in an appropriate court of another state to enforce the determination and secure 
46.4 	payment or delivery of past due, unpaid, or undelivered property. The action must be brought 
46.5 	not later than one year after the determination becomes final.
46.6 	(b) In an action under subsection (a), if no court in this state has jurisdiction over the 
46.7 	defendant, the administrator may commence an action in any court having jurisdiction over 
46.8 	the defendant.

46.9 	Sec. 2. [345A.1202] INTERSTATE AND INTERNATIONAL AGREEMENT; 
46.10 	COOPERATION.
46.11 	(a) Subject to subsection (b), the administrator may:
46.12 	(1) exchange information with another state or foreign country relating to property 
46.13 	presumed abandoned or relating to the possible existence of property presumed abandoned; 
46.14 	and
46.15 	(2) authorize in a record another state or foreign country or a person acting on behalf of 
46.16 	the other state or country to examine its records of a putative holder as provided in article 
46.17 	10.
46.18 	(b) An exchange or examination under subsection (a) may be done only if the state or 
46.19 	foreign country has confidentiality and security requirements substantially equivalent to 
46.20 	those in article 14 or agrees in a record to be bound by this state's confidentiality and security 
46.21 	requirements.

46.22 	Sec. 3. [345A.1203] ACTION INVOLVING ANOTHER STATE OR FOREIGN 
46.23 	COUNTRY.
46.24 	(a) The administrator may join another state or foreign country to examine and seek 
46.25 	enforcement of this chapter against a putative holder.
46.26 	(b) On request of another state or foreign country, the attorney general may commence 
46.27 	an action on behalf of the other state or country to enforce, in this state, the law of the other 
46.28 	state or country against a putative holder subject to a claim by the other state or country, if 
46.29 	the other state or country agrees to pay costs incurred by the attorney general in the action.
46.30 	(c) The administrator may request the official authorized to enforce the unclaimed 
46.31 	property law of another state or foreign country to commence an action to recover property 
46.32 	in the other state or country on behalf of the administrator. This state shall pay the costs, 
47.1 	including reasonable attorney's fees and expenses, incurred by the other state or foreign 
47.2 	country in an action under this subsection.
47.3 	(d) The administrator may pursue an action on behalf of this state to recover property 
47.4 	subject to this chapter but delivered to the custody of another state, if the administrator 
47.5 	believes the property is subject to the custody of the administrator.
47.6 	(e) The administrator may retain an attorney in this state, another state, or a foreign 
47.7 	country to commence an action to recover property on behalf of the administrator and may 
47.8 	agree to pay attorney's fees based in whole or in part on a fixed fee, hourly fee, or a 
47.9 	percentage of the amount or value of property recovered in the action.
47.10 	(f) Expenses incurred by this state in an action under this section may be paid from 
47.11 	property received under this chapter or the net proceeds of the property. Expenses paid to 
47.12 	recover property may not be deducted from the amount that is subject to a claim under this 
47.13 	chapter by the owner.

47.14 	Sec. 4. [345A.1204] INTEREST AND PENALTY FOR FAILURE TO ACT IN 
47.15 	TIMELY MANNER.
47.16 	(a) A holder that fails to report, pay, or deliver property within the time prescribed by 
47.17 	this chapter shall pay to the administrator interest at an annual rate of ... percent on the 
47.18 	property or value of the property from the date the property should have been reported, 
47.19 	paid, or delivered to the administrator until the date reported, paid, or delivered.
47.20 	(b) Except as otherwise provided in section 345A.1205 or 345A.1206, the administrator 
47.21 	may require a holder that fails to report, pay, or deliver property within the time prescribed 
47.22 	by this chapter to pay to the administrator, in addition to interest included under subsection 
47.23 	(a), a civil penalty of $200 for each day the duty is not performed, up to a cumulative 
47.24 	maximum amount of $5,000.

47.25 	Sec. 5. [345A.1205] OTHER CIVIL PENALTIES.
47.26 	(a) If a holder enters into a contract or other arrangement for the purpose of evading an 
47.27 	obligation under this chapter or otherwise willfully fails to perform a duty imposed on the 
47.28 	holder under this chapter, the administrator may require the holder to pay the administrator, 
47.29 	in addition to interest as provided in section 345A.1204(a), a civil penalty of $1,000 for 
47.30 	each day the obligation is evaded or the duty is not performed, up to a cumulative maximum 
47.31 	amount of $25,000, plus 25 percent of the amount or value of property that should have 
47.32 	been but was not reported, paid, or delivered as a result of the evasion or failure to perform.
48.1 	(b) If a holder makes a fraudulent report under this chapter, the administrator may require 
48.2 	the holder to pay to the administrator, in addition to interest under section 345A.1204(a), a 
48.3 	civil penalty of $1,000 for each day from the date the report was made until corrected, up 
48.4 	to a cumulative maximum of $25,000, plus 25 percent of the amount or value of any property 
48.5 	that should have been reported but was not included in the report or was underreported.

48.6 	Sec. 6. [345A.1206] WAIVER OF INTEREST AND PENALTY.
48.7 	The administrator:
48.8 	(1) may waive, in whole or in part, interest under section 345A.1204(a) and penalties 
48.9 	under section 345A.1204(b) or 345A.1205; and
48.10 	(2) shall waive a penalty under section 345A.1204(b) if the administrator determines 
48.11 	that the holder acted in good faith and without negligence.

48.12 	ARTICLE 13
48.13 	AGREEMENT TO LOCATE PROPERTY OF APPARENT OWNER HELD BY 
48.14 	ADMINISTRATOR

48.15 	Section 1. [345A.1301] WHEN AGREEMENT TO LOCATE PROPERTY 
48.16 	ENFORCEABLE.
48.17 	An agreement by an apparent owner and another person, the primary purpose of which 
48.18 	is to locate, deliver, recover, or assist in the location, delivery, or recovery of property held 
48.19 	by the administrator, is enforceable only if the agreement:
48.20 	(1) is in a record that clearly states the nature of the property and the services to be 
48.21 	provided;
48.22 	(2) is signed by or on behalf of the apparent owner; and
48.23 	(3) states the amount or value of the property reasonably expected to be recovered, 
48.24 	computed before and after a fee or other compensation to be paid to the person has been 
48.25 	deducted.

48.26 	Sec. 2. [345A.1302] WHEN AGREEMENT TO LOCATE PROPERTY VOID.
48.27 	(a) Subject to subsection (b), an agreement under section 345A.1301 is void if it is 
48.28 	entered into during the period beginning on the date the property was paid or delivered by 
48.29 	a holder to the administrator and ending 24 months after the payment or delivery.
49.1 	(b) If a provision in an agreement described in subsection (a) applies to mineral proceeds 
49.2 	for which compensation is to be paid to the other person based in whole or in part on a part 
49.3 	of the underlying minerals or mineral proceeds not then presumed abandoned, the provision 
49.4 	is void regardless of when the agreement was entered into.
49.5 	(c) An agreement under subsection (a) which provides for compensation in an amount 
49.6 	that is unconscionable is unenforceable except by the apparent owner. An apparent owner 
49.7 	that believes the compensation the apparent owner has agreed to pay is unconscionable or 
49.8 	the administrator, acting on behalf of an apparent owner, or both, may file an action in the 
49.9 	district court to reduce the compensation to the maximum amount that is not unconscionable. 
49.10 	On the final determination of an action filed under this subsection, the court may, on 
49.11 	application, award the prevailing party its reasonable attorney's fees, costs, and expenses 
49.12 	of litigation.
49.13 	(d) An apparent owner or the administrator may assert that an agreement described in 
49.14 	this section is void on a ground other than it provides for payment of unconscionable 
49.15 	compensation.
49.16 	(e) This section does not apply to an apparent owner's agreement with an attorney to 
49.17 	pursue a claim for recovery of specifically identified property held by the administrator or 
49.18 	to contest the administrator's denial of a claim for recovery of the property.

49.19 	Sec. 3. [345A.1303] RIGHT OF AGENT OF APPARENT OWNER TO RECOVER 
49.20 	PROPERTY HELD BY ADMINISTRATOR.
49.21 	(a) An apparent owner that contracts with another person to locate, deliver, recover, or 
49.22 	assist in the location, delivery, or recovery of property of the apparent owner which is held 
49.23 	by the administrator may designate the person as the agent of the apparent owner. The 
49.24 	designation must be in a record signed by the apparent owner.
49.25 	(b) The administrator shall give the agent of the apparent owner all information 
49.26 	concerning the property which the apparent owner is entitled to receive, including information 
49.27 	that otherwise is confidential information under section 345A.1402.
49.28 	(c) If authorized by the apparent owner, the agent of the apparent owner may bring an 
49.29 	action against the administrator on behalf of and in the name of the apparent owner.

49.30 	ARTICLE 14
49.31 	CONFIDENTIALITY AND SECURITY OF INFORMATION

49.32 	Section 1. [345A.1401] DEFINITIONS; APPLICABILITY.
50.1 	(a) In this article, "personal information" means:
50.2 	(1) information that identifies or reasonably can be used to identify an individual, such 
50.3 	as first and last name in combination with the individual's:
50.4 	(A) Social Security number or other government-issued number or identifier;
50.5 	(B) date of birth;
50.6 	(C) home or physical address;
50.7 	(D) electronic-mail address or other online contact information or Internet provider 
50.8 	address;
50.9 	(E) financial account number or credit or debit card number;
50.10 	(F) biometric data, health or medical data, or insurance information; or
50.11 	(G) passwords or other credentials that permit access to an online or other account;
50.12 	(2) personally identifiable financial or insurance information, including nonpublic 
50.13 	personal information defined by applicable federal law; and
50.14 	(3) any combination of data that, if accessed, disclosed, modified, or destroyed without 
50.15 	authorization of the owner of the data or if lost or misused, would require notice or reporting 
50.16 	under state and federal privacy and data security law, whether or not the administrator or 
50.17 	the administrator's agent is subject to the law.
50.18 	(b) A provision of this article that applies to the administrator or the administrator's 
50.19 	records applies to an administrator's agent.

50.20 	Sec. 2. [345A.1402] CONFIDENTIAL INFORMATION.
50.21 	(a) Except as otherwise provided in this chapter, the following are confidential and 
50.22 	exempt from public inspection or disclosure:
50.23 	(1) records of the administrator and the administrator's agent related to the administration 
50.24 	of this chapter;
50.25 	(2) reports and records of a holder in the possession of the administrator or the 
50.26 	administrator's agent; and
50.27 	(3) personal information and other information derived or otherwise obtained by or 
50.28 	communicated to the administrator or the administrator's agent from an examination under 
50.29 	this chapter of the records of a person.
51.1 	(b) A record or other information that is confidential under law of this state other than 
51.2 	this chapter, another state, or the United States continues to be confidential when disclosed 
51.3 	or delivered under this chapter to the administrator or administrator's agent.

51.4 	Sec. 3. [345A.1403] WHEN CONFIDENTIAL INFORMATION MAY BE 
51.5 	DISCLOSED.
51.6 	(a) When reasonably necessary to enforce or implement this chapter, the administrator 
51.7 	may disclose confidential information concerning property held by the administrator or the 
51.8 	administrator's agent only to:
51.9 	(1) an apparent owner or the apparent owner's personal representative, attorney, other 
51.10 	legal representative, relative, or agent designated under section 345A.1303 to have the 
51.11 	information;
51.12 	(2) the personal representative in the state, other legal representative, relative of a 
51.13 	deceased apparent owner, agent designated under section 345A.1303 by the deceased 
51.14 	apparent owner, or a person entitled to inherit from the deceased apparent owner;
51.15 	(3) another department or agency of this state or the United States;
51.16 	(4) the person that administers the unclaimed property law of another state, if the other 
51.17 	state accords substantially reciprocal privileges to the administrator of this state if the other 
51.18 	state is required to maintain the confidentiality and security of information obtained in a 
51.19 	manner substantially equivalent to article 14;
51.20 	(5) a person subject to an examination as required by section 345A.1004(6).
51.21 	(b) Except as otherwise provided in section 345A.1402(a), the administrator shall include 
51.22 	on the website or in the database required by section 345A.503(c)(2) the name of each 
51.23 	apparent owner of property held by the administrator. The administrator may include in 
51.24 	published notices, printed publications, telecommunications, the Internet, or other media 
51.25 	and on the website or in the database additional information concerning the apparent owner's 
51.26 	property if the administrator believes the information will assist in identifying and returning 
51.27 	property to the owner and does not disclose personal information except the home or physical 
51.28 	address of an apparent owner.
51.29 	(c) The administrator and the administrator's agent may not use confidential information 
51.30 	provided to them or in their possession except as expressly authorized by this chapter or 
51.31 	required by law other than this chapter.

52.1 	Sec. 4. [345A.1404] CONFIDENTIALITY AGREEMENT.
52.2 	A person to be examined under section 345A.1002 may require, as a condition of 
52.3 	disclosure of the records of the person to be examined, that each person having access to 
52.4 	the records disclosed in the examination execute and deliver to the person to be examined 
52.5 	a confidentiality agreement that:
52.6 	(1) is in a form that is reasonably satisfactory to the administrator; and
52.7 	(2) requires the person having access to the records to comply with the provisions of 
52.8 	this article applicable to the person.

52.9 	Sec. 5. [345A.1405] NO CONFIDENTIAL INFORMATION IN NOTICE.
52.10 	Except as otherwise provided in sections 345A.501 and 345A.502, a holder is not required 
52.11 	under this chapter to include confidential information in a notice the holder is required to 
52.12 	provide to an apparent owner under this chapter.

52.13 	Sec. 6. [345A.1406] SECURITY OF INFORMATION.
52.14 	(a) If a holder is required to include confidential information in a report to the 
52.15 	administrator, the information must be provided by a secure means.
52.16 	(b) If confidential information in a record is provided to and maintained by the 
52.17 	administrator or administrator's agent as required by this chapter, the administrator or agent 
52.18 	shall:
52.19 	(1) implement administrative, technical, and physical safeguards to protect the security, 
52.20 	confidentiality, and integrity of the information required by state and federal privacy and 
52.21 	data security law whether or not the administrator or the administrator's agent is subject to 
52.22 	the law;
52.23 	(2) protect against reasonably anticipated threats or hazards to the security, confidentiality, 
52.24 	or integrity of the information; and
52.25 	(3) protect against unauthorized access to or use of the information which could result 
52.26 	in substantial harm or inconvenience to a holder or the holder's customers, including insureds, 
52.27 	annuitants, and policy or contract owners and their beneficiaries.
52.28 	(c) The administrator:
52.29 	(1) after notice and comment, shall adopt and implement a security plan that identifies 
52.30 	and assesses reasonably foreseeable internal and external risks to confidential information 
52.31 	in the administrator's possession and seeks to mitigate the risks; and
53.1 	(2) shall ensure that an administrator's agent adopts and implements a similar plan with 
53.2 	respect to confidential information in the agent's possession.
53.3 	(d) The administrator and the administrator's agent shall educate and train their employees 
53.4 	regarding the plan adopted under subsection (c).
53.5 	(e) The administrator and the administrator's agent shall in a secure manner return or 
53.6 	destroy all confidential information no longer reasonably needed under this chapter.

53.7 	Sec. 7. [345A.1407] SECURITY BREACH.
53.8 	(a) Except to the extent prohibited by law other than this chapter, the administrator or 
53.9 	administrator's agent shall notify a holder as soon as practicable of:
53.10 	(1) a suspected loss, misuse or unauthorized access, disclosure, modification, or 
53.11 	destruction of confidential information obtained from the holder in the possession of the 
53.12 	administrator or an administrator's agent; and
53.13 	(2) any interference with operations in any system hosting or housing confidential 
53.14 	information which:
53.15 	(A) compromises the security, confidentiality, or integrity of the information; or
53.16 	(B) creates a substantial risk of identity fraud or theft.
53.17 	(b) Except as necessary to inform an insurer, attorney, investigator, or others as required 
53.18 	by law, the administrator and an administrator's agent may not disclose, without the express 
53.19 	consent in a record of the holder, an event described in subsection (a) to a person whose 
53.20 	confidential information was supplied by the holder.
53.21 	(c) If an event described in subsection (a) occurs, the administrator and the administrator's 
53.22 	agent shall:
53.23 	(1) take action necessary for the holder to understand and minimize the effect of the 
53.24 	event and determine its scope; and
53.25 	(2) cooperate with the holder with respect to:
53.26 	(A) any notification required by law concerning a data or other security breach; and
53.27 	(B) a regulatory inquiry, litigation, or similar action.

53.28 	Sec. 8. [345A.1408] INDEMNIFICATION FOR BREACH.
53.29 	(a) If a claim is made or action commenced arising out of an event described in section 
53.30 	345A.1407(a) relating to confidential information possessed by the administrator, this state 
54.1 	shall indemnify, defend, and hold harmless a holder and the holder's affiliates, officers, 
54.2 	directors, employees, and agents as to:
54.3 	(1) any claim or action; and
54.4 	(2) a liability, obligation, loss, damage, cost, fee, penalty, fine, settlement, charge, or 
54.5 	other expense, including reasonable attorney's fees and costs, established by the claim or 
54.6 	action.
54.7 	(b) If a claim is made or action commenced arising out of an event described in section 
54.8 	345A.1407(a) relating to confidential information possessed by an administrator's agent, 
54.9 	the administrator's agent shall indemnify, defend, and hold harmless a holder and the holder's 
54.10 	affiliates, officers, directors, employees, and agents as to:
54.11 	(1) any claim or action; and
54.12 	(2) a liability, obligation, loss, damage, cost, fee, penalty, fine, settlement, charge, or 
54.13 	other expense, including reasonable attorney's fees and costs, established by the claim or 
54.14 	action.
54.15 	(c) The administrator shall require an administrator's agent that will receive confidential 
54.16 	information required under this chapter to maintain adequate insurance for indemnification 
54.17 	obligations of the administrator's agent under subsection (b). The agent required to maintain 
54.18 	the insurance shall provide evidence of the insurance to:
54.19 	(1) the administrator not less frequently than annually; and
54.20 	(2) the holder on commencement of an examination and annually thereafter until all 
54.21 	confidential information is returned or destroyed under section 345A.1406(e).

54.22 	ARTICLE 15
54.23 	MISCELLANEOUS PROVISIONS

54.24 	Section 1. [345A.1501] UNIFORMITY OF APPLICATION AND CONSTRUCTION.
54.25 	In applying and construing this uniform act, consideration must be given to the need to 
54.26 	promote uniformity of the law with respect to its subject matter among states that enact it.

54.27 	Sec. 2. [345A.1502] RELATION TO ELECTRONIC SIGNATURES IN GLOBAL 
54.28 	AND NATIONAL COMMERCE ACT.
54.29 	This chapter modifies, limits, or supersedes the Electronic Signatures in Global and 
54.30 	National Commerce Act, United States Code, title 15, section 7001 et seq., but does not 
54.31 	modify, limit, or supersede section 101(c) of that act, United States Code, title 15, section 
55.1 	7001(c), or authorize electronic delivery of any of the notices described in section 103(b) 
55.2 	of that act, United States Code, title 15, section 7003(b).

55.3 	Sec. 3. [345A.1503] TRANSITIONAL PROVISION.
55.4 	(a) An initial report filed under this chapter for property that was not required to be 
55.5 	reported before the effective date of this chapter, but that is required to be reported under 
55.6 	this chapter, must include all items of property that would have been presumed abandoned 
55.7 	during the 10-year period preceding the effective date of this chapter as if this [chapter had 
55.8 	been in effect during that period.
55.9 	b) This chapter does not relieve a holder of a duty that arose before the effective date 
55.10 	of this chapter to report, pay, or deliver property. Subject to section 345A.610(b) and (c), 
55.11 	a holder that did not comply with the law governing unclaimed property before the effective 
55.12 	date of this chapter is subject to applicable provisions for enforcement and penalties in effect 
55.13 	before the effective date of this chapter.

55.14 	Sec. 4. REPEAL.
 
55.15 	Sec. 5. EFFECTIVE DATE.
 55.16 	This chapter takes effect .........