HB 161 Summary

• Agreements to pay finders' fees for locating unclaimed funds are invalid if entered within two years after a report is filed with the state.

• After the two-year period, agreements are valid only if the fee does not exceed 10% of recovered funds, is in writing and notarized, and discloses specific required information including the finder's registration number.

• Finders must be registered under section 169.16 and cannot initiate contact with fund owners during the two-year waiting period; violations invalidate any agreement.

• For safe deposit box contents, finders must arrange for an independent appraiser and the director of commerce to jointly view the contents, and fees must be based on the appraised value.

• The director of budget and management (not the auditor of state) pays finder compensation directly from unclaimed funds, with remaining funds going to the owner; the director of commerce may charge a reasonable processing fee.