Bill > HB5629

This bill amends the West Virginia Uniform Unclaimed Property Act to clarify procedures for handling abandoned property, particularly concerning safety deposit boxes, claims from other states, and agreements with "finders" (individuals or entities who help owners recover their unclaimed property). Key changes include requiring safety deposit box contents to be delivered to the State Treasurer (the "administrator") within 120 days of reporting, allowing the administrator to waive reciprocal claim forms with other states, and permitting the administrator to request unredacted documentation when processing claims. The bill also introduces new regulations for agreements between owners and finders, making certain agreements void if made within 24 months of the property being turned over to the administrator, and capping finder fees at 10% of the claim value, with specific requirements for disclosure and owner consent. Finally, it clarifies that personal property in estates with no heirs will be liquidated by the executor, with the proceeds going to the State Treasurer.