HB438 Summary

• Requires holders of abandoned property to file reports electronically with the State Treasurer, with exceptions available upon written request.

• Allows all state-issued payment instruments (checks, warrants, debit cards) to be remitted to unclaimed property and become void one year after issuance under Section 41-4-60.

• Permits surviving parents to claim abandoned property from a deceased child who died intestate if no spouse or children survive, subject to documentation requirements established by rule.

• Protects holders from liability when property is paid or delivered to the Treasurer in good faith and shields the state from liability when receiving property from other states.

• Regulates third-party agreements to locate or recover abandoned property, making agreements void for 24 months after property is delivered to the Treasurer and requiring written agreements to disclose fees clearly; prohibits unconscionable compensation.