§ 1416. Restriction on agreement to locate and/or retrieve abandoned property.
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§ 1416. Restriction on agreement to locate and/or retrieve abandoned
property. 1. For the purposes of this section, "abandoned property
location services" shall include any service for a fee providing
assistance to consumers for the purposes of locating and/or retrieving
property held by the comptroller pursuant to this chapter.
2. This section shall apply to any person, corporation, association,
partnership or other entity which sells or offers to sell abandoned
property location services for abandoned property delivered to the state
and held by the state comptroller; provided, however, that this section
shall not apply to a client's agreement with an attorney or accountant
where:
(a)the services in question can only be performed by an attorney or
accountant; or
(b)there is a pre-existing relationship between the attorney or
accountant and the client; or
(c)the agreement results from an effort initiated by the client to
engage the attorney or accountant.
3. No agreement for abandoned property location services pursuant to
this chapter shall be valid unless such agreement:
(a)is:
(i)in such form as may be prescribed by the comptroller;
(ii)in writing;
(iii)signed by the property owner; and
(iv)witnessed and acknowledged by a notary public;
(b)discloses the nature of the property;
(c)discloses the name and address of the comptroller; and
(d)discloses, in a clear and conspicuous manner, and in at least
twelve-point boldface type:
"Abandoned funds held by the State can be obtained directly from the
Office of the State Comptroller by the owner of such funds without
paying a fee. These funds are held indefinitely by the Office of the
State Comptroller. For more information, contact the Office of the State
Comptroller at (insert the current telephone number established by the
Office of the State Comptroller for receiving inquiries from consumers
regarding unclaimed funds) or (insert the current address of the website
of the Office of the State Comptroller)".
4. No such agreement shall be valid if it provides for payment of a
fee in excess of fifteen percent of the value of recoverable property.
5. Nothing in this section shall be construed to prevent an owner from
asserting, at any time, that any agreement for abandoned property
location services is based on an excessive or unjust consideration.