(f) If the item of unclaimed funds has a value of one | 32 |
thousand dollars or more and the holder has verified that the last | 33 |
known address as shown by the records of the holder is not | 34 |
accurate as provided in division (D) of this section, a statement | 35 |
that efforts were undertaken by the holder to verify that the | 36 |
address is not accurate. Any verifying documentation shall be | 37 |
maintained by the holder for five years from the date of the | 38 |
report and shall be available upon request to the director or the | 39 |
director's designee. | 40 |
(C) The report shall be filed before the first day of | 58 |
November of each year as of the preceding thirtieth day of June, | 59 |
but the report of holders providing life insurance coverage shall | 60 |
be filed before the first day of May of each year as of the | 61 |
preceding thirty-first day of December. The director may
postpone, | 62 |
for good cause shown, the reporting date upon written
request by | 63 |
any holder required to file a report. | 64 |
(D) The holder of unclaimed funds under this chapter shall | 65 |
send notice to each owner of each item of unclaimed funds having
a | 66 |
value of fifty dollars or more at the last known
address
of the | 67 |
owner as shown by the records of the holder before filing
the | 68 |
annual report. In case of holders providing life insurance | 69 |
coverage,
suchthis notice shall also be mailed to each | 70 |
beneficiary at
the last known address of
suchthe beneficiary as | 71 |
shown by the
records of
suchthe holder, except that
suchthe | 72 |
notice to beneficiaries
shall not be mailed if
suchthat address | 73 |
is the same as that of the
insured and the surname of the | 74 |
beneficiary is the same as that of
the insured. The holder shall | 75 |
not report an item of unclaimed
funds earlier than the thirtieth | 76 |
day after the mailing of notice
required by this division. | 77 |
SuchThe notice
required by this division shall set forth the | 78 |
nature and identifying
number, if any, or description of the funds | 79 |
and the amount
appearing on the records of the holder to be due | 80 |
the owner or beneficiary, and
shall inform the owner or | 81 |
beneficiary that the funds will, thirty
days after the
mailing of | 82 |
suchthe notice, be reported as
unclaimed funds under this | 83 |
chapter. A self-addressed, stamped
envelope shall be included
with | 84 |
the notice, with instructions that
the owner or beneficiary may | 85 |
use
suchthe
envelope to inform the holder of the
owner's or | 86 |
beneficiary's continued
interest in the
funds, and, if so informed | 87 |
before
the date for making the report
to the director, the holder | 88 |
shall
not report
saidthe funds to the
director. The notice shall | 89 |
be
mailed by first class mail
if the item of unclaimed funds has a | 90 |
value of fifty dollars or more but less than one thousand dollars | 91 |
and by certified mail, return receipt requested, if the item of | 92 |
unclaimed funds has a value of one thousand dollars or more, | 93 |
unless the holder has verified that the last known address of the | 94 |
owner or beneficiary as shown by the records of the holder is not | 95 |
accurate. For purposes of this section, a holder has verified that | 96 |
the last known address of the owner or beneficiary is not accurate | 97 |
by documenting at least two of the following: | 98 |
(3) An electronic or manual search of available public | 105 |
records failed to confirm that the last known address of the owner | 106 |
or beneficiary is accurate. The holder shall maintain | 107 |
documentation of its search efforts. If a search of public records | 108 |
or databases identifies a more recent address for the owner or | 109 |
beneficiary than the address in the holder's records, the holder | 110 |
shall send notice to the owner or beneficiary at that more recent | 111 |
address in accordance with this section. If | 112 |
(2) Holders shall retain records, designated by the director | 129 |
as
applicable to unclaimed funds, for five years beyond the | 130 |
relevant time period
provided in section
169.02 of the Revised | 131 |
Code, or until completion of an audit
conducted pursuant to | 132 |
division (F) of this section, whichever
occurs first. An audit | 133 |
conducted pursuant to division (F) of this
section shall not | 134 |
require a holder to make records available for a period of
time | 135 |
exceeding the
records retention period set forth in division (F) | 136 |
of this
section, except for records pertaining to instruments | 137 |
evidencing
ownership, or rights to them or funds paid toward the | 138 |
purchase of
them, or any dividend, capital credit, profit, | 139 |
distribution,
interest, or payment on principal or other sum, held | 140 |
or owed by a
holder, including funds deposited with a fiscal agent | 141 |
or fiduciary for payment
of them, or pertaining to debt of a | 142 |
publicly traded corporation. Any holder
that is audited pursuant | 143 |
to division (F) of this section shall
only be required to make | 144 |
available those records that are relevant to
an unclaimed funds | 145 |
audit of that holder as prescribed by
the director. | 146 |
(3) The director may enter into contracts, pursuant to | 147 |
procedures prescribed by the director, with persons for the sole | 148 |
purpose of examining the records of holders, determining | 149 |
compliance with this chapter, and collecting, taking possession | 150 |
of, and remitting to the department's division of unclaimed
funds, | 151 |
in a timely manner, the amounts found and defined as
unclaimed. | 152 |
The director
shall not enter into such a contract with a person | 153 |
unless the person does
all of the following: | 154 |
(5) If a person with whom the
director has entered into a | 170 |
contract pursuant to division (F)(3)
of this section intends to | 171 |
conduct, in conjunction with an unclaimed funds
audit under this | 172 |
section, an unclaimed funds
audit for the purpose of administering | 173 |
another state's unclaimed
or abandoned property laws, the person, | 174 |
prior to commencing
the audit, shall provide written notice to the | 175 |
director of the person's
intent to conduct such an audit, along | 176 |
with documentation evidencing the
person's express authorization | 177 |
from the other state to conduct the audit
on behalf of that state. | 178 |
(H) The expiration of any period of limitations on or
after | 194 |
March 1, 1968, within which a person entitled to any
moneys, | 195 |
rights to moneys, or intangible property could have
commenced an | 196 |
action or proceeding to obtain
the samethese items shall not | 197 |
prevent
suchthese items from becoming unclaimed funds or relieve | 198 |
the
holder
thereofof them of any duty to report and give notice | 199 |
as provided
in this section and deliver
the samethem in the | 200 |
manner provided in
section 169.05 of the Revised Code, provided | 201 |
that the holder may
comply with
the provisions of this section and | 202 |
section 169.05 of
the Revised Code with respect to any moneys, | 203 |
rights to moneys, or
intangible property as to which the | 204 |
applicable statute of
limitations has run prior to March 1, 1968, | 205 |
and in
suchthat event the
holder shall be entitled to the | 206 |
protective provisions of section
169.07 of the Revised Code. | 207 |