AN ACT RELATING TO PROBATE PRACTICE AND PROCEDURE -- UNCLAIMED INTANGIBLE AND TANGIBLE PROPERTY

This bill establishes new rules for paid professionals who help locate unclaimed property reported to the state. It makes any agreements to find such property unenforceable if they are made within 24 months of the property being reported. For agreements entered into after that period, the law requires them to be in writing, limit fees to 10% of the property's value, and clearly inform the owner that they can claim the property for free from the general treasurer. The bill also allows owners to challenge any fee as excessive or unfair at any time. These changes directly affect individuals and companies hired to recover lost assets and aim to protect property owners from unfair charges.