Substitute Bill No. 382 Summary

• Treasurer must maintain a searchable database of unclaimed property with owner names, addresses, property descriptions, values, and holder information, and notify apparent owners annually by first-class mail.

• Simplifies claiming procedures by allowing claims under $5,000 with single ownership to be filed electronically without supporting documents, while claims of $5,000 or more require certified submissions; Treasurer must decide claims within 90 days.

• Restricts property locator agreements entered on or after January 1, 2023, to those valid only if in writing, signed by owner, and charging no more than 10% of recoverable property value.

• Authorizes Treasurer to access state agency data (including tax and corporate registration information) to facilitate unclaimed property returns and permits withholding of unclaimed property to satisfy delinquent taxes and child support obligations.

• Automatically transfers unclaimed property valued at $100 or more belonging to municipalities to the municipality within one year; requires executors and unemployment claimants to search the unclaimed property list before finalizing estates or claiming benefits; allows nonprofit organizations to claim unclaimed property of their branch chapters or funds collected on their behalf.