Bill > H54

This bill amends Chapter 200A of the General Laws to enhance consumer protection with respect to unclaimed property. The key provisions are: 1) Agreements between property owners (natural persons, estates, or rightful heirs) and third-party finders to locate or recover unclaimed property are void and unenforceable if entered into within 24 months of the property being paid or delivered to the State Treasurer. 2) Agreements that meet certain criteria, such as being in writing, clearly identifying the property and services, and limiting fees to no more than 10% of the recovered value, are enforceable. 3) Individuals or businesses that enter into such agreements or request owner information for the purpose of assisting in property recovery must register annually with the Unclaimed Property Division and pay a $100 registration fee. 4) The bill exempts property subject to Section 32 of Chapter 29 of the General Laws from these new requirements.

Justice

https://malegislature.gov/Bills/191/H54