Actions Required of Holders Before Reporting
(1)As soon as it appears that an account with a value of $100 or more is Inactive, but not less than 60 (sixty) days prior to filing the annual report, each Holder shall exercise Due Diligence in making a reasonable, good faith effort to:
(a) Confirm that an account is in fact Inactive;
(b) Notify the Owner that the Holder will report the account to the Department as unclaimed property: and
(c) Locate the Owner.
(2) In exercising Due Diligence under subsection (1) of this section, a Holder may:
(a) Verify that the Owner has not communicated in writing with the Holder concerning the asset;
(b) Verify that the Owner has not otherwise indicated an interest in the asset as evidenced by a memorandum or other record on file prepared by an employee of the Holder;
(c) Verify that the Owner does not own other accounts in the Holder’s organization about which the Owner has communicated with the Holder (for example, the Trust Department of a Financial Institution could contact other departments of that institution): or
(d) Where the account is that of a credit union member, verify that the member has participated in voting during a regularly scheduled credit union meeting.
(3) If a Holder is unable to locate an Owner, the Holder may exercise Due Diligence under subsection (1) of this section by:
(a) Verifying that the Owner is not a current employee of the Holder;
(b) Reviewing telephone directories, or other available databases to verify address and telephone number;
(c) Verifying that the Owner is not a well-known individual or organization (for example, Department of Treasury, IRS); or
(d) Any other effort the Holder may take to find an Owner.
(4) A Holder shall retain records or documentation of its compliance with the requirements of this section for three years and make the records or documentation available for inspection by the Department upon request.
Rule 141-045-0061 — Actions Required of Holders Before Reporting,