CS/CS/CS/HB 783 - Unclaimed Property

• Reduces the small estate account threshold from $10,000 to $5,000 for unclaimed property claims.

• Caps fees for unclaimed property recovery at 20 percent per account with a maximum of $1,000 per single account owned by a natural person, with exceptions for probate cases and non-U.S. persons.

• Requires separate signed acknowledgement documents containing full disclosure statements for both powers of attorney and purchase agreements relating to unclaimed property recovery.

• Directs unclaimed funds from dormant campaign accounts to be deposited with the Chief Financial Officer to the credit of the State School Fund.

• Removes authority for private investigators, accountants, and attorneys to obtain social security numbers when registering with the Department of Financial Services.

• Effective date: July 1, 2016.