1. Report by holder. A holder of property presumed abandoned and subject to the custody of the administrator shall report in a record to the administrator concerning the property in a format approved by the administrator.
2. Contract with 3rd party. A holder may contract with a 3rd party to make the report required under subsection 1.
3. Responsibilities of holder. Whether or not a holder contracts with a 3rd party under subsection 2, the holder is responsible:
A. To the administrator for the complete, accurate and timely reporting of property presumed abandoned; and
B. For paying or delivering to the administrator property described in the report.