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

This bill updates the rules for agreements involving the recovery of unclaimed property, such as forgotten bank accounts or safe deposit box contents. It makes contracts that promise to find this property unenforceable if they are signed within 24 months of the property being reported to the state. For agreements signed after that 24-month window, the law requires that fees be capped at 10% of the property's value, the contract be in writing, and the owner be clearly informed that they can claim the property for free from the general treasurer. Additionally, the agreement must detail the property's value and the owner's final share after any fees are deducted, while also allowing owners to challenge fees they consider excessive. These changes directly affect individuals hired to locate unclaimed assets and the owners of those assets.