This bill amends various sections of the West Virginia Code related to the Uniform Unclaimed Property Act, specifically addressing the handling of unclaimed property, including safety deposit boxes and the roles of finders in property recovery. Key provisions include a new definition for "finder," which refers to individuals or entities that assist in locating or recovering property for a fee. The bill mandates that contents of safety deposit boxes must be delivered to the administrator within 120 days after a report is filed, and it allows the administrator to waive certain claim forms with other states. Additionally, it clarifies the claims process, requiring unredacted documentation from claimants and establishing that agreements between apparent owners and finders made during a specified timeframe are void and unenforceable.

Furthermore, the bill introduces a new section that outlines the requirements for agreements between finders and apparent owners, including the need for notarized signatures and clear disclosures of compensation. It specifies that finders can receive a maximum of 10% of the total claim value and establishes a fiduciary duty for finders to the owners until claims are paid. In terms of estate distribution, the bill stipulates that if there are no takers for an intestate estate, personal property must be liquidated by the executor, with proceeds directed to the State Treasurer, while real property will pass to the State Auditor.

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
Committee Substitute: 36-8-1, 36-8-8, 36-8-14, 36-8-15, 42-1-3c, 36-8-34
Engrossed Committee Substitute: 36-8-1, 36-8-8, 36-8-14, 36-8-15, 42-1-3c, 36-8-34