(1)   

      (a)    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.

      (b)    A holder shall report electronically in a format approved by the administrator, unless the administrator approves another method.

   (2)   A holder may contract with a 3rd party to make the report required under sub. (1).

   (3)   Regardless of whether a holder enters into a contract under sub. (2), the holder is responsible to the administrator for the complete, accurate, and timely reporting of property presumed abandoned and for paying or delivering the property described in the report to the administrator.