The bill aims to prohibit excessive fees or charges for locating or recovering foreclosure surplus funds and other unclaimed property in Washington State. It introduces a new section to chapter 63.30 RCW, making it unlawful for any person to seek or receive fees exceeding five percent of the value of the property returned to the owner. The bill also establishes that violations of this section are considered unfair or deceptive acts under the consumer protection act, allowing for cumulative remedies. Additionally, the bill applies retroactively to claims and actions that were previously dismissed due to the repeal of former RCW 63.29.350, allowing those claims to be reinstated.

Furthermore, the bill amends RCW 63.30.790 to clarify that agreements for compensation exceeding five percent of the value of the property are unenforceable. It removes the previous provision that allowed apparent owners to contest unconscionable compensation amounts in court. The bill also establishes penalties for violations, categorizing them as misdemeanors with fines ranging from the amount of the fee sought to ten times that amount, or imprisonment for a specified duration. Overall, the legislation seeks to protect consumers from exploitative practices related to unclaimed property recovery.

Statutes affected:
Original Bill: 61.24.135
Substitute Bill: 61.24.135
Engrossed Substitute: 63.30.790