Bill > H25

This bill aims to enhance consumer protection regarding unclaimed property by amending existing laws. It clarifies that agreements where a third party helps locate or recover property that is presumed abandoned are only enforceable if they meet specific criteria. These agreements are void if made too soon after the property becomes distributable or before it's turned over to the State Treasurer. For an agreement to be valid, it must be in writing, clearly describe the property and services, be signed and notarized by the owner, state the original holder and any state-assigned property ID, and limit fees to no more than ten percent of the recovered property's value. Furthermore, anyone entering into such agreements or seeking owner information for the purpose of recovery for a fee must register annually with the Unclaimed Property Division, providing detailed information and paying a $100 registration fee, with some exceptions for property covered by other specific laws.