(1) An initial report filed under this subchapter for property that was not required to be reported before July 30, 1999, but which is subject to this subchapter must include all items of property that would have been presumed abandoned during the ten-year period next preceding July 30, 1999, as if this subchapter had been in effect during that period.
(2) This subchapter does not relieve a holder of a duty that arose before July 30, 1999, to report, pay, or deliver property. Except as otherwise provided in § 18-28-219(b), a holder who did not comply with the law in effect before July 30, 1999, is subject to the applicable provisions for enforcement and penalties which then existed, which are continued in effect for the purpose of this section.