This bill amends the West Virginia Code concerning the Uniform Unclaimed Property Act, particularly focusing on the management of abandoned property by nursing homes and the state administrator. Key amendments include extending the reporting period for nursing homes from 30 to 180 days for abandoned personal funds of deceased residents. It also introduces a new definition for "finder" and requires safety deposit boxes and safekeeping depositories to deliver their contents to the administrator within 120 days of filing a report. The claims process is clarified, allowing the administrator to request unredacted documentation and waiving the need for reciprocal claim forms with other states.

Additionally, the bill renders agreements between apparent owners and finders regarding unclaimed property void if made within a specified timeframe after the property is deemed abandoned. Finders may receive compensation of up to 10% of the total claim value, contingent upon adherence to the new regulations. The bill also mandates that personal property from intestate estates be liquidated by the executor, with proceeds directed to the State Treasurer instead of being sold publicly. Overall, the bill aims to streamline unclaimed property processes and enhance the protection of owners' rights, while also specifying that proceeds from the sale of real property will go to the general school fund and those from personal property to the General Revenue Fund.

Statutes affected:
Introduced Version: 16B-4-16, 36-8-1, 36-8-8, 36-8-14, 36-8-15, 42-1-3c, 36-8-34