REPORT REQUIRED BY HOLDER

14-5-401. REPORT REQUIRED BY HOLDER. (1) A holder of property presumed abandoned and subject to the custody of the administrator shall report such property in a record to the administrator. The administrator may not require a holder to file a paper report and may prescribe the format of the report by rule. (2) A holder may contract with a third party to make the report required under subsection (1) of this section. (3) Whether or not a holder contracts with a third party under subsection (2) of this section, the holder is responsible: (a) To the administrator for the complete, accurate, and timely reporting of property presumed abandoned; and (b) For paying or delivering to the administrator property described in the report. (4) The administrator may require a report confirming the holder holds no property presumed abandoned.