OH SB45

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

Agreements entered after the two-year period are valid only if the fee does not exceed 10% of recovered funds, the agreement is written and notarized, and the finder holds a valid registration certificate.

The written agreement must disclose the owner's information, the fund amount, net payment to owner, the fund holder's identity, and that the finder is not a state employee and the state is not party to the agreement.

For safe deposit box recoveries, a registered finder must arrange for an independent appraiser and the director of commerce to jointly view the contents, and the fee must be based on the appraised value.

The director of budget and management shall pay agreed fees directly to registered finders (minus any processing fee) and remaining funds directly to the owner, and shall not process payments under powers of attorney that direct funds to anyone other than the owner.