HB2623

THE CONTEXT: Current law states that agreements are void and unenforceable if the primary purpose is to locate, deliver, recover or assist in the recovery of unclaimed property unless the agreement is with an attorney to file a claim relating to the unclaimed property or to contest a denial of a claim. ( A.

WHAT THE BILL DID: is to locate, deliver, recover or assist in the recovery of unclaimed property unless the agreement is with an attorney to file a claim relating to the unclaimed property or to contest a denial of a claim. ( A.

WHY IT MATTERED: The practical reason for this bill was to give the people who rely on the rule clearer information and a defined reporting process. It would allow DOR to disclose confidential information to registered unclaimed property locators, and would also allow a claimant to enter into an agreement to recover unclaimed property if the agreement: a) Is in at least ten-point type; b) Lists the unclaimed property account numbers being claimed; c) Describes the services to be performed; d) Is signed by the claimant; and e) States the value of the unclaimed property before any charges have been deducted, rather than leave the current rule unchanged.