Section 1422. Mailing of notice to owners of record

 1. Any holder of
  unclaimed funds  which  is  not  otherwise  required  to  perform  owner
  notification  mailings  under the provisions of this chapter shall send,
  not less than ninety days prior to the  applicable  reporting  date  for
  such  unclaimed  property,  a written notice by first-class mail to each
  person appearing to be the owner of  property  listed  in  a  report  of
  abandoned  property  required  to  be filed under the provisions of this
  chapter, at the address of the owner as it  appears  on  the  books  and
  records   of   the   holder;   provided,  however,  that  the  foregoing
  requirements shall not apply where (a)  the  holder  does  not  have  an
  address  for  the owner; or (b) the holder can demonstrate that the only
  address that the holder has pertaining to the owner is not  the  current
  address of the owner.
    2.  Where  notice is required by subdivision one of this section, each
  holder shall, with respect to property listed in such report whose value
  is in excess of one thousand dollars, send a second  written  notice  to
  the  owner  by  certified  mail,  return receipt requested not less than
  sixty days prior to the applicable reporting  date  for  such  unclaimed
  property,  provided that no notice pursuant to this subdivision shall be
  required where: (a) such holder has received a claim from the  owner  of
  the property; or (b) the original mailing was returned as undeliverable.
    3.  The written notice required by this section shall advise the owner
  that the property to which the owner appears  to  be  entitled  will  be
  reported  as  abandoned  property  and  will  be  remitted  to the state
  comptroller unless such property is claimed by an entitled party  before
  the required remittance date.
    4.  The failure of any holder of abandoned property to comply with the
  requirements of this section shall not in any way affect  the  reporting
  of abandoned property pursuant to the provisions of this chapter.
    5.  Costs  paid  to  the  postal  authorities  by holders of unclaimed
  property to provide  such  written  notice  by  certified  mail,  return
  receipt  requested,  may  be  deducted  from  the  property as a service
  charge.