1301:10-3-07. Lawful claims or charges by holder

(A) A holder may deduct from unclaimed funds required to be reported pursuant to section 169.03 of the Revised Code a charge imposed due to the owner's failure to claim the property within a specified time only if a valid and enforceable written contract between the holder and the owner imposes the charge or a holder that is a financial organization properly discloses the charge to the owner in accordance with applicable law or regulations, the holder regularly imposes the charge, the charge is not regularly reversed or otherwise canceled, and the amount deducted is not unconscionable or otherwise prohibited by law.

(B) No holder may impose a charge to avoid or contravene the reporting requirements of sections 169.02 and 169.03 of the Revised Code.

Replaces: 1301:10-3-07

Five Year Review (FYR) Dates: 7/15/2020 and 07/14/2025
Promulgated Under: 119.03
Statutory Authority: R.C. 169.09
Rule Amplifies: R.C. 169.02
Prior Effective Dates: 12/20/1984, 07/25/2014

Prior History: (Effective: 07/25/2014
R.C. 119.032 review dates: 07/25/2019
Promulgated Under: 119.03
Statutory Authority: RC 119.03 , 169.09
Rule Amplifies: RC 169.02
Prior Effective Dates: 12/20/1984)