OH SB80

All agreements to pay finders a fee for locating or recovering unclaimed funds within two years after a report is filed are invalid, and finders cannot contact owners during this two-year period.

Agreements entered after the two-year period are valid only if the fee does not exceed 10% of the amount recovered and the agreement meets specific written, notarized disclosure requirements including owner information, fund value, and registration details.

Agreements cannot include a power of attorney for payment to anyone other than the owner, and the finder must hold a valid certificate of registration issued by the director under section 169.16.

For safe deposit box recoveries, the finder must arrange for an independent appraiser and the director of commerce to jointly view the contents, with fees based on the appraised value, and the finder cannot serve as the appraiser.

The director of budget and management must receive a copy of the agreement and the finder's registration number before processing any claim, and must pay the finder directly from unclaimed funds less any reasonable processing fee established by the director of commerce.