SB 470 - Under this act, any person who enters into an agreement to recover or assist in the recovery of unclaimed property for compensation who has not registered with the State Treasurer for such purpose shall be guilty of the following offenses:• In the event that the agreement is made more than 12 months but less than 24 months after the property has been reported or delivered to the Treasurer
• If the compensation agreed to under the agreement is 10% or less of the value of the property to be recovered, a Class B misdemeanor;
• If the compensation agreed to under the agreement is greater than 10% of the value of the property to be recovered, a Class A misdemeanor.
• In the event that the agreement is made more than 36 months after the property has been reported or delivered to the Treasurer
• If the compensation agreed to under the agreement is 20% or less of the value of the property to be recovered, a Class B misdemeanor;
• If the compensation agreed to under the agreement is greater than 20% of the value of the property to be recovered, a Class A misdemeanor.
The act permits the Treasurer to review any claim for unclaimed property. The Treasurer is additionally permitted to withhold any claim until he or she is reasonably satisfied that the claim is legitimate and that the person making the claim is aware of the nature and potential value of his or her claim.
This act is substantially similar to HCS/HB 985 (2017).
SCOTT SVAGERA