HB2517

THE CONTEXT: Current law states that an agreement entered into by an owner with another person if the primary purpose of that agreement is to locate, deliver, recover or assist in the recovery of property that is presumed abandoned, if the agreement was entered into during the period commencing on the date the property was presumed abandoned and extending to a time that is twenty-four months after the date that the property is paid or delivered to the department 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. R.

WHAT THE BILL DID: of that agreement is to locate, deliver, recover or assist in the recovery of property that is presumed abandoned, if the agreement was entered into during the period commencing on the date the property was presumed abandoned and extending to a time that is twenty-four months after the date that the property is paid or delivered to the department 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. R.

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 for the disclosure of confidential information relating to unclaimed property to the claimant or successor in interest, 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.