(a) Subject to Section 15-210 and except for property described in Section 15-202, property held in an account or plan, including a health savings account, that qualifies for tax deferral under the income-tax laws of the United States is presumed abandoned if it is unclaimed by the apparent owner 3 years after the earlier of: (1) the date, if determinable by the holder, specified in the income-tax laws and regulations of the United States by which distribution of the property must begin to avoid a tax penalty, with no distribution having been made; or (2) 20 years after the date the account was opened. (b) If the owner is deceased, then property subject to this Section is presumed abandoned 2 years from the earliest of: (1) the date of the distribution or attempted distribution of the property; (2) the date of the required distribution as stated in the plan or trust agreement governing the plan; or (3) the date, if determinable by the holder, specified in the income tax laws of the United States by which distribution of the property must begin in order to avoid a tax penalty. (c) In the tenth year after the opening of an account holding property covered by this Section in which the apparent owner has not, within the previous 3 years, indicated an interest under Section 15-210 and that is not otherwise presumed abandoned, the holder shall attempt to contact the apparent owner of the account in a manner substantially similar to the manner in which notice is provided under Section 15-501. The administrator shall adopt rules to implement this subsection. specified in the income-tax laws and regulations of the United States by which distribution of the property must begin to avoid a tax penalty, with no distribution having been made; or distribution of the property; in the plan or trust agreement governing the plan; or specified in the income tax laws of the United States by which distribution of the property must begin in order to avoid a tax penalty.
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