(a) In this section, "returned as undeliverable" means returned by the U.S. Postal Service to the holder as undeliverable to the apparent owner. (b) Property held in a pension account or retirement account that qualifies for tax deferral under the income tax provisions of the Internal Revenue Code is presumed abandoned if it is unclaimed by an apparent owner of the account after the later of: (1) Subject to subsections (d) through (f) of this section, 3 years after: (i) The date a first communication sent by the holder by first- class mail to the apparent owner is returned as undeliverable; or (ii) The date a second communication sent by the holder by first-class mail to the apparent owner is returned as undeliverable, if the second communication is sent within 30 days after the date of the first communication under item (i) of this item is returned as undeliverable; or (2) If applicable, the earlier of the following dates: (i) 3 years after the date the apparent owner becomes 72 years old, if determinable by the holder; or (ii) Subject to subsection (c) of this section, if the Internal Revenue Code requires distribution to avoid a tax penalty, 2 years after the date the holder: 1. Receives confirmation of the death of the apparent owner in the ordinary course of its business; or 2. Confirms the death of the apparent owner. (c) For purposes of establishing a presumption of abandoned property under this section, if a holder in the ordinary course of its business receives notice or an indication of the death of an apparent owner and subsection (b)(2)(ii) of this section applies, the holder shall attempt not later than 90 days after receipt of the notice or indication to confirm whether the apparent owner is deceased. (d) Subject to subsection (e) of this section, if the holder does not send communications to the apparent owner of an account by first-class mail as described in subsection (b) of this section, the holder shall attempt to confirm the apparent owner's interest in the property by sending the apparent owner an e-mail not later than 2 years after the last indication of apparent owner interest in the property. (e) The holder shall promptly attempt to contact the apparent owner by registered mail if: (1) The holder does not have information needed to send the apparent owner an e-mail or the holder believes that the apparent owner's e-mail address in the holder's records is not valid; (2) The holder receives notification that the e-mail was not received; or (3) The apparent owner does not respond to the e-mail within 30 days after the holder sends the e-mail. (f) (1) If the registered mail sent by the holder under subsection (e) of this section is returned as undeliverable: (i) The registered mail shall constitute a first communication for purposes of subsection (b)(1)(i) of this section; and (ii) The holder shall send a second communication to the apparent owner by first-class mail. (2) (i) If the second communication under paragraph (1)(ii) of this subsection is returned as undeliverable within 30 days after sending the first communication under paragraph (1)(i) of this subsection, the date the second communication is returned as undeliverable shall constitute the date for purposes of subsection (b)(1)(ii) of this section. (ii) If the second communication under paragraph (1)(ii) of this subsection is sent more than 30 days after the first communication under paragraph (1)(i) of this subsection is returned as undeliverable, the date the first communication is returned as undeliverable shall control for purposes of determining a date under subsection (b)(1) of this section.
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