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#1558414 - 05/31/11 10:31 AM Escheat Fees
BBoyd Offline
Diamond Poster

Registered: 03/04/02
Posts: 2378
Loc: MI
Hi - I'm wondering if any of you charge a fee to your customers to escheat unclaimed property. Some states charge as much as $50 or as little as $2. Is there anything in the IN statutes that either allows or prohibits this fee?

Thanks!
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Opinions are mine and never to be taken as legal advice!

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#1558586 - 05/31/11 02:01 PM Re: Escheat Fees [Re: BBoyd]
Dan Persfull Offline
10K Club

Registered: 08/28/02
Posts: 39987
Loc: Bloomington, IN
http://www.in.gov/legislative/ic/code/title32/ar34/ch1.html

C 32-34-1-22
Dormancy charges
Sec. 22. (a) A holder may not deduct a charge from property that is presumed abandoned if the charge is imposed because the owner failed to claim the property within a specified time unless:
(1) there is a valid and enforceable written contract between the holder and the owner that allows the holder to impose the charge; and
(2) the holder regularly imposes the charge, and the charge is not regularly reversed or otherwise canceled.
(b) If a holder described in this section is a financial institution, the dormancy charges of the department of financial institutions apply.
As added by P.L.2-2002, SEC.19.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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#1558592 - 05/31/11 02:24 PM Re: Escheat Fees [Re: Dan Persfull]
BBoyd Offline
Diamond Poster

Registered: 03/04/02
Posts: 2378
Loc: MI
In (b) above, it mentions dormancy charges of the department of financial institutions. Am I overlooking that in the link you sent or is that found elsewhere?

Thank you!
_________________________
Opinions are mine and never to be taken as legal advice!

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#1558880 - 06/01/11 09:45 AM Re: Escheat Fees [Re: BBoyd]
Dan Persfull Offline
10K Club

Registered: 08/28/02
Posts: 39987
Loc: Bloomington, IN


Edited by Dan Persfull (06/01/11 09:45 AM)
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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#1558888 - 06/01/11 09:50 AM Re: Escheat Fees [Re: Dan Persfull]
BBoyd Offline
Diamond Poster

Registered: 03/04/02
Posts: 2378
Loc: MI
Thanks!

Just so I'm clear - the bank can charge DORMANT fees, but not ESCHEAT fees. Is that correct?
_________________________
Opinions are mine and never to be taken as legal advice!

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