Sec. 3-65c. Charge, fee or penalty for inactivity prohibited.
Sec. 3-65c. Charge, fee or penalty for inactivity prohibited. A holder of property
subject to this part, or of a gift certificate, as defined in section 3-56a, may not impose
on the property a dormancy charge or fee, abandoned property charge or fee, unclaimed
property charge or fee, escheat charge or fee, inactivity charge or fee, or any similar
charge, fee or penalty for inactivity with respect to the property. Neither the property
nor an agreement with respect to the property may contain language suggesting that the
property may be subject to such a charge, fee or penalty for inactivity. The provisions
of this section shall not apply to property subject to subdivision (1), (2), (3) or (5) of
subsection (a) of section 3-57a, provided a holder of any such property may not impose
an escheat charge or fee with respect to such property.
(June 30 Sp. Sess. P.A. 03-1, S. 83; May Sp. Sess. P.A. 04-2, S. 46; P.A. 05-273, S. 1.)
History: June 30 Sp. Sess. P.A. 03-1 effective August 16, 2003; May Sp. Sess. P.A. 04-2 provided that section shall
not apply to property subject to certain provisions of Sec. 3-57a, effective May 12, 2004; P.A. 05-273 amended section to
include holders of gift certificates, effective July 13, 2005.