(1) Subject to subsection (2) of this section, the holder of property presumed abandoned shall send to the apparent owner notice that complies with section 38-13-502 in a format acceptable to the administrator, by first-class United States mail, not more than one hundred eighty days nor less than sixty days before filing the report under section 38-13-401 if: (a) The holder has in its records an address for the apparent owner that the holder's records do not disclose to be invalid and that is sufficient to direct the delivery of first-class United States mail to the apparent owner; and (b) The value of the property is twenty-five dollars or more. (2) If an apparent owner has consented to receive electronic-mail delivery from the holder, the holder may send the notice described in subsection (1) of this section by electronic mail and not by first-class United States mail; except that, if the holder has evidence that the electronic mail could not be delivered, then the holder shall send the notice in accordance with subsection (1) of this section.
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