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OH HB126
Bill
Status
12/17/2009
Primary Sponsor
Barbara Boyd
Click for details
AI Summary
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Renames "unclaimed funds" to "property presumed abandoned" throughout the Unclaimed Funds Law (Chapter 169) for consistency and clarity.
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Requires the director of commerce to provide the office of budget and management data necessary to withhold finder compensation from unclaimed funds payments and pay the amount directly to registered finders rather than to owners.
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Establishes a finder registration system requiring applicants to obtain a certificate of registration from the director of commerce, including background checks, character references, and criminal history verification.
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Limits finder compensation agreements to no more than 10 percent of recovered funds, requires written notarized agreements with specific disclosures, and prohibits compensation agreements within two years of property being reported as abandoned.
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Changes the process for paying claims by allowing the director of budget and management to pay simple interest on allowed claims (previously no interest was payable) and permits the director of commerce to establish a reasonable processing fee for payments to registered finders.
Legislative Description
To require the director of commerce to provide the office of budget and management with the proper data file to withhold from an unclaimed funds payment for any legal amount in an agreement to compensate a registered finder and to pay that amount directly to the finder and to make other changes in the Unclaimed Funds Law.
Unclaimed funds-withhold finder's fee from pay outs
Last Action
To Insurance, Commerce, & Labor
12/22/2009