HB2856 Summary

• Creates a new registration and regulatory system for unclaimed property locators, requiring them to register with the Department of Revenue and pay registration fees valid for four years.

• Establishes eligibility requirements that prohibit locators and their officers, owners, or employees from registering if they were convicted of felonies involving dishonesty, deceit, fraud, or breach of fiduciary duty within the preceding 10 years.

• Requires the Department to provide registered locators with searchable unclaimed property account information including owner names, addresses, property types, values, holder information, and safe deposit box contents upon written request.

• Changes enforcement of agreements between owners and locators from void in all cases to enforceable if written agreements meet specific requirements (10-point type, account numbers listed, services described, signed by claimant, property value stated) and fees do not exceed 30 percent of recoverable property value.

• Creates the locator registration fund from collected registration and renewal fees to be used for registering and monitoring locators under the unclaimed property chapter.