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OH HB110
Bill
Status
2/22/2011
Primary Sponsor
Jay Goyal
Click for details
AI Summary
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Changes terminology from "unclaimed funds" to "property presumed abandoned" throughout the Unclaimed Funds Law (Chapter 169 of Revised Code).
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Requires the director of budget and management to pay finder compensation directly to registered finders from unclaimed funds before paying the remainder to the owner, with compensation capped at 10% of amounts recovered after a two-year waiting period.
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Establishes a registration system requiring finders to obtain certificates from the director of commerce, including background checks, character references, and restrictions on contacting owners within two years of reporting.
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Modifies reporting requirements for holders of property presumed abandoned, including provisions for notifying owners, verification of addresses, and maintenance of audit records.
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Adds a provision allowing the director of commerce to establish reasonable fees for processing and delivering payments to registered finders under finder agreements.
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 fees & pay over directly to finder
Last Action
To State Government & Elections
2/22/2011