Assembly Bill 666 introduces new civil and criminal penalties for individuals who file fraudulent claims for unclaimed property with the Department of Revenue (DOR) without the owner's consent and with the intent to deprive the owner of that property. Specifically, the bill establishes that such individuals will face a penalty equal to the total value of the property and may be charged with a Class I felony. Additionally, if a claim is submitted by a locator service under a non-compliant agreement, the penalties increase to include an additional $1,000 for property valued at $15,000 or less, and $2,500 for property valued over that amount. The DOR is also required to publicly post the names and addresses of locator services assessed penalties, along with the penalty amounts, for a minimum of 12 months.

The bill amends existing statutes to clarify the penalties associated with unclaimed property claims and allows the DOR to waive penalties under certain conditions. It also grants the attorney general the authority to assist in prosecuting cases related to these fraudulent claims. The title of the relevant statute is updated to reflect these changes, and the bill emphasizes the importance of compliance with the law to prevent fraudulent activities related to unclaimed property.

Statutes affected:
Bill Text: 177.1104, 177.1204(title), 177.1204, 177.1205