SB 2808 - Unclaimed Property Trust Fund

• Reduces maximum fee cap for non-attorney professional finders from 25 percent to 10 percent of unclaimed property value.

• Requires persons entering into agreements to locate unclaimed property to notify the owner or claimant in writing that the State does not impose a fee for filing claims.

• Voids agreements to locate property entered into during the 24-month period after property is paid or delivered to the administrator.

• Maintains existing protections allowing owners and the administrator to challenge agreements with excessive compensation in court.

• Effective date: July 1, 2014.