(1) An initial report filed under this chapter for property that was not required to be reported before July 14, 2018, but that is required to be reported under this chapter, shall include all items of property that would have been presumed abandoned during the ten (10) year period preceding July 14, 2018, as if this chapter had been in effect during that period.
(2) This chapter shall not relieve a holder of a duty that arose before July 14, 2018, to report, pay, or deliver property. Subject to KRS 393A.390(2) and (3), a holder that did not comply with the law governing unclaimed property before July 14, 2018, shall be subject to applicable provisions for enforcement and penalties in effect before July 14, 2018.