House Bill 2517 Summary

• Establishes a public database of unclaimed property account information including owner names, addresses, property types, cash values, and holder contact information.

• Requires property locators to register with the department, pay a registration fee (not to exceed $100), and renew registration every four years; ineligible applicants include those convicted of felonies involving dishonesty, fraud, or breach of fiduciary duty within the preceding ten years.

• Modifies the fee cap for property locator agreements from thirty percent to twenty percent of recoverable property value, with exceptions for accounts requiring judicial determination of ownership.

• Requires locators to disclose in a separate signed document (in at least 24-point font) that locator fees are negotiable and capped at twenty percent.

• Establishes the locator registration fund from registration and renewal fees to monitor locators; allows department to distribute unclaimed property according to written agreements filed by locators on owners' behalf.

• Increases penalties for unauthorized disclosure of confidential information to include class 5 felony charges for knowing violations.