HB112 Summary

• Amends Alabama's Uniform Disposition of Unclaimed Property Act of 2004 to require electronic filing and remittance of abandoned property reports to the State Treasurer.

• Allows banks to treat all deposit products equally regarding abandonment determinations and expands eligible claimants to include surviving parents of deceased children who died intestate.

• Clarifies that all payment instruments issued by the State of Alabama become void and are transferred to unclaimed property one year after issuance.

• Protects consumers by restricting third-party recovery agreements to written contracts that clearly disclose compensation fees and state the property is held by the State Treasurer, with limits on unconscionable fees and exceptions for attorney agreements.

• Establishes reporting guidelines and liability protections for both holders remitting property and the state when receiving abandoned property.