This bill seeks to amend the West Virginia Uniform Unclaimed Property Act, focusing on the management of abandoned property, particularly in nursing homes and financial institutions. Notable changes include extending the reporting timeframe for nursing homes to 180 days following a resident's death, and requiring that the contents of safety deposit boxes and safekeeping depositories be delivered to the administrator within 120 days of reporting. The bill also introduces a new definition for "finder," clarifies the claims process with requirements for unredacted documentation, and establishes that agreements between apparent owners and finders during the abandonment period are void. Additionally, finders may receive compensation of up to 10% of the total claim value if agreements comply with the new provisions.

Furthermore, the bill modifies the allocation of proceeds from the sale of real and personal property, specifying that proceeds from real property sales will go to the general school fund, while those from personal property sales will be directed to the General Revenue Fund. These legal language changes aim to enhance the management and utilization of unclaimed property proceeds in West Virginia, streamlining processes and clarifying fund distribution.

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