The bill amends Section 33-21.1-35 of the General Laws in Chapter 33-21.1, which is entitled "Unclaimed Intangible and Tangible Property." The amendment specifies that any agreements to pay compensation for the recovery or assistance in the recovery of property reported under § 33-21.1-17 are unenforceable if made within 24 months after the date payment or delivery is made under § 33-21.1-19.

Furthermore, the bill outlines that agreements entered into after the 24-month period are only valid if they meet certain conditions: the fee must not exceed 10% of the property's value, the agreement must be in writing, it must state that the property can be claimed from the general treasurer free of charge, it must be signed by the apparent owner, and it must clearly detail the nature and value of the property and the owner's share post-deduction of fees. The bill also allows owners to challenge the fairness of the compensation in such agreements at any time. The act will take effect immediately upon passage.

Statutes affected:
7569: 33-21.1-35