written request; property locators
What changed between versions
Expanded the definition of 'confidential information' to explicitly include reports filed by property holders and information discovered during claims processing.
Reduced the maximum fee percentage that locators can charge from 30% to 20% of recoverable property value.
Required locators to disclose fee caps and provide a standalone signed disclosure agreement when contacting potential customers.
Established new registration requirements for locators including business address, contact information, and felony conviction disqualification criteria.
Added criminal penalties for disclosing confidential information, including a Class 1 misdemeanor for unauthorized disclosure and a Class 5 felony for knowing disclosure.
Created a locator registration fund to monitor locators, with legislative intent to cap registration fees at $100 per registration and renewal.
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