44-12-218. Disposition of funds received under article.

All funds received under this article, including the proceeds from the sale of abandoned property under Code Section 44-12-217, shall be deposited by the commissioner in the general fund; provided, however, that the commissioner may deduct and retain moneys necessary to properly administer this article, including, but not limited to, the costs of personnel and the direct administrative expenses required to identify, locate, secure, and transmit abandoned property prior to depositing such funds; provided, further, that such administrative expenses shall not be less than 1 percent of the funds deposited annually. Before making a deposit he or she shall record the name and last known address of each person appearing from the holders’ reports to be entitled to the abandoned property and of the name and last known address of each insured person or annuitant and, with respect to each policy or contract listed in the report of an insurance company, its number, the name of the corporation, and the amount due.