Georgia 2023-2024 Regular Session

Georgia Senate Bill SB103 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1		-	23 ~~SB 103/AP~~
2		-	S. B. 103
	1	+	23 LC 55 0085S
	2	+	S. B. 103 (SUB)
3	3		- 1 -
4		-	Senate Bill 103
5		-	By: Senators Goodman of the 8th, Burns of the 23rd, Anderson of the 24th, Merritt of the
6		-	9th, Anderson of the 43rd and others
7		-	AS PASSED
	4	+	The House Committee on Judiciary offers the following substitute to SB 103:
8	5		A BILL TO BE ENTITLED
9	6		AN ACT
10		-	To amend Article 5 of Chapter 12 of Title 44 of the Official Code of Georgia Annotated,
11		-	1
	7	+	To amend Article 5 of Chapter 12 of Title 44 of the Official Code of Georgia Annotated,1
12	8		relating to disposition of unclaimed property, so as to provide for the handling of certain2
13	9		wills and trusts; to provide for definitions; to revise provisions relating to the disposition of3
14	10		unclaimed property; to revise provisions regarding to the filing of claims relating to4
15	11		unclaimed property; to provide for forms; to provide for addendum; to provide for5
16	12		maintenance and retention of records; to provide for administrative expenses of the6
17	13		commissioner; to provide for registration of a claimant's designated representative; to provide7
18	14		for hearings and appeals; to provide for agreements for recovery and purchase; to provide for8
19	15		confidentiality; to provide a downloadable data base for account information; to provide for9
20	16		the denial, suspension, or cancellation of registration; to provide for construction; to provide10
21	17		for related matters; to provide for an effective date; to repeal conflicting laws; and for other11
22	18		purposes.12
23		-	BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:13 23 ~~SB 103/AP~~
24		-	S. B. 103
	19	+	BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:13 23 LC 55 0085S
	20	+	S. B. 103 (SUB)
25	21		- 2 -
26		-	SECTION 1.
27		-	14
	22	+	SECTION 1.14
28	23		Article 5 of Chapter 12 of Title 44 of the Official Code of Georgia Annotated, relating to15
29	24		disposition of unclaimed property, is amended by revising paragraph (16) and adding new16
30	25		paragraphs to Code Section 44-12-192, relating to definitions, to read as follows:17
31		-	"(3.1) 'Claimant' means the person on whose behalf a claim is filed.
32		-	18
	26	+	"(3.1) 'Claimant' means the person on whose behalf a claim is filed.18
33	27		(3.2) 'Claimant's designated representative' means a person who has successfully19
34	28		registered with the commissioner pursuant to Code Section 44-12-239 to file unclaimed20
35	29		property claim on behalf of a claimant."21
36	30		"(4.1) 'Department' means the Department of Revenue."22
37	31		"(14.1) 'Selling claimant' means a claimant who has agreed to sell their interest in23
38	32		unclaimed property in the custody of the department."24
39	33		"(16) 'Utility' means a person who owns or operates for public use any plant, equipment,25
40	34		property, franchise, or license for the transmission of communications or the production,26
41	35		storage, transmission, sale, delivery, or furnishing of electricity, water, steam, or gas27
42	36		'Unclaimed Property Agreement Addendum' means an addendum to accompany claims28
43	37		as provided in Code Section 44-12-224.29
44	38		(17) 'Unclaimed Property Purchase Agreement' means an agreement between a selling30
45	39		claimant and a claimant's designated representative wherein the selling claimant agrees31
46	40		to sell their interest in unclaimed property to the selling claimant's designated32
47	41		representative.33
48	42		(18) 'Unclaimed Property Recovery Agreement' means an agreement between a claimant34
49	43		and claimant's designated representative for the recovery of unclaimed property in the35
50	44		custody of the department.36
51	45		(19) 'Utility' means a person that owns or operates for public use any plant, equipment,37
52	46		property, franchise, or license for the transmission of communications or the production,38
53		-	storage, transmission, sale, delivery, or furnishing of electricity, water, steam, or gas."39 23 ~~SB 103/AP~~
54		-	S. B. 103
	47	+	storage, transmission, sale, delivery, or furnishing of electricity, water, steam, or gas."39 23 LC 55 0085S
	48	+	S. B. 103 (SUB)
55	49		- 3 -
56		-	SECTION 2.
57		-	40
	50	+	SECTION 2.40
58	51		Said article is further amended by revising Code Section 44-12-209, relating to rent due on41
59	52		safe-deposit boxes, notice of opening of box and sealing of contents when contents deemed42
60	53		abandoned, and delivery to commissioner, as follows:43
61	54		"44-12-209.44
62	55		(a) If the rental due on a safe-deposit box has not been paid for one year, the lessor shall45
63	56		send a notice by registered mail or statutory overnight delivery to the last known address46
64	57		of the lessee stating that the safe-deposit box will be opened and its contents stored at the47
65	58		expense of the lessee unless payment of the rental is made within 30 days. If the rental is48
66	59		not paid within 30 days from the mailing of the notice, the holder shall provide written49
67	60		notification to the commissioner of the drilling date not less than 30 days prior to this time.50
68	61		The commissioner may designate a representative to be present during the opening of the51
69	62		safe-deposit box. The safe-deposit box shall be opened in the presence of an officer of the52
70	63		lessor. The contents shall be sealed in a package by the officer who shall write on the53
71		-	outside the name of the lessee and the date of the opening. If a will, codicil, trust
72		-	54
	64	+	outside the name of the lessee and the date of the opening. If a will, codicil, trust54
73	65		instrument, or amendment to a trust instrument is among the contents of a safe-deposit box,55
74	66		the officer shall remove such document from the safe-deposit box for separate cataloging56
75	67		and packaging. The officer shall execute a certificate reciting the name of the lessee, the57
76	68		date of the opening of the safe-deposit box, and a list of its contents. A separate certificate58
77	69		shall be executed for any will, codicil, trust instrument, or amendment to a trust instrument,59
78	70		which shall be packaged separately but shall be transmitted along with the package60
79	71		containing the remainder of the contents of the safe-deposit box. The certificate or61
80	72		certificates shall be included in the package or packages and a copy of the certificate shall62
81	73		be sent by registered mail or statutory overnight delivery to the last known address of the63
82	74		lessee. The package or packages shall then be placed in the general vaults of the lessor at64
83		-	a rental not exceeding the rental previously charged for the safe-deposit box.65 23 ~~SB 103/AP~~
84		-	S. B. 103
	75	+	a rental not exceeding the rental previously charged for the safe-deposit box.65 23 LC 55 0085S
	76	+	S. B. 103 (SUB)
85	77		- 4 -
86		-	(b) If the contents of the safe-deposit box have not been claimed within two years of the
87		-	66
	78	+	(b) If the contents of the safe-deposit box have not been claimed within two years of the66
88	79		mailing of the certificate, the lessor may send a further notice to the last known address of67
89	80		the lessee stating that, unless the accumulated charges are paid within 30 days, the contents68
90	81		of the safe-deposit box will be delivered to the commissioner as abandoned property under69
91	82		the provisions of Code Section 44-12-214.70
92	83		(c) The lessor shall submit to the commissioner a verified inventory of all of the contents71
93	84		of the safe-deposit box upon delivery of the contents of the safe-deposit box or such part72
94	85		thereof as shall be required by the commissioner under Code Section 44-12-214, but the73
95	86		lessor shall not deduct from any cash of the lessee in the safe-deposit box an amount equal74
96	87		to accumulated charges for rental but shall submit to the commissioner a verified statement75
97	88		of such charges and deductions. If there is no cash, or insufficient cash to pay accumulated76
98	89		charges, in the safe-deposit box, the commissioner shall remit to the lessor the charges or77
99		-	balance due, up to the value of the property in the safe-deposit box delivered to him
100		-	the78
	90	+	balance due, up to the value of the property in the safe-deposit box delivered to him the78
101	91		commissioner, less any costs or expenses of sale; but, if the charges or balance due exceeds79
102	92		the value of such property, the commissioner shall remit only the value of the property, less80
103	93		costs or expenses of sale. Any accumulated charges for safe-deposit box rental paid by the81
104	94		commissioner to the lessor shall be deducted from the value of the property of the lessee82
105	95		delivered to the commissioner.83
106	96		(d) On and after January 1, 1991, a A copy of this Code section shall be printed on every84
107	97		contract for rental of a safe-deposit box.85
108	98		(e) If, after July 1, 2024, a will, codicil, trust instrument, or amendment to a trust86
109	99		instrument is separately packaged and transmitted along with the contents of a safe-deposit87
110	100		box or other safekeeping repository and delivered to the commissioner, the commissioner88
111	101		shall:89
112	102		(1) Retain each original will, codicil, trust instrument, or amendment to a trust90
113		-	instrument; provided, however, that, upon request, the commissioner shall:91 23 ~~SB 103/AP~~
114		-	S. B. 103
	103	+	instrument; provided, however, that, upon request, the commissioner shall:91 23 LC 55 0085S
	104	+	S. B. 103 (SUB)
115	105		- 5 -
116	106		(A) Deliver any will, codicil, trust instrument, or amendment to a trust instrument to92
117	107		the testator or settlor upon the presentation to the commissioner of satisfactory93
118	108		competent evidence of the identity of such testator or settlor;94
119	109		(B) Deliver any will or codicil of a deceased testator to the probate court having95
120	110		jurisdiction of such testator's estate in the same circumstances under which a financial96
121	111		institution would deliver such will or codicil to such probate court pursuant to97
122	112		paragraph (1) of subsection (a) of Code Section 7-1-356 upon the presentation to the98
123	113		commissioner of satisfactory competent evidence of the death of the testator;99
124	114		(C) Permit the removal of such will, codicil, trust instrument, or amendment to a trust100
125	115		instrument in the same circumstances under which a financial institution would permit101
126	116		the removal thereof pursuant to subsection (d) of Code Section 7-1-356; and102
127	117		(D) Deliver any trust instrument or amendment to a trust instrument to the trustee of103
128	118		the trust upon the presentation to the commissioner of satisfactory competent evidence104
129	119		of the death of the settlor, satisfactory competent evidence of the identity of the trustee,105
130	120		and a certification of trust by the trustee made under oath and containing all of the106
131	121		information set forth in paragraph (3) of subsection (b) of Code Section 53-12-280;107
132	122		(2) Upon request and upon payment of reasonable charges therefor, provide a true and108
133	123		correct photostatic or certified copy of:109
134	124		(A) Any will or codicil to any person upon the presentation to the commissioner of110
135	125		satisfactory competent evidence of the death of the testator and satisfactory competent111
136	126		evidence of the identity of such person showing that, with respect to such will or112
137	127		codicil, such person is an interested person within the meaning of subsection (a) of113
138	128		Code Section 53-5-2 or is a registered claimant's designated representative pursuant to114
139	129		Code Section 44-12-239; and115
140	130		(B) Any trust instrument or amendment to a trust instrument to any person upon the116
141	131		presentation to the commissioner of satisfactory competent evidence of the death of the117
142		-	settlor and satisfactory competent evidence of the identity of such person showing that,118 23 ~~SB 103/AP~~
143		-	S. B. 103
	132	+	settlor and satisfactory competent evidence of the identity of such person showing that,118 23 LC 55 0085S
	133	+	S. B. 103 (SUB)
144	134		- 6 -
145	135		with respect to such trust or amendment, such person is a trustee, trust director, or119
146	136		qualified beneficiary, as such terms are defined in Code Sections 53-12-2120
147	137		and 53-12-500, or is a registered claimant's designated representative pursuant to Code121
148	138		Section 44-12-239; and122
149	139		(3) Have no duty to open any safe-deposit box to retrieve any will, codicil, trust,123
150	140		instrument, or amendment to a trust instrument contained therein."124
151	141		SECTION 3.125
152	142		Said article is further amended by revising Code Section 44-12-217, relating to sale or126
153	143		destruction of property, as follows:127
154	144		"44-12-217.128
155	145		(a) Except as otherwise provided in subsection (b) of this Code section, All all abandoned129
156	146		property, other than money delivered to the commissioner under this article, shall, within130
157	147		three years after the delivery, be sold by him the commissioner to the highest bidder at131
158	148		public sale in whatever city in the state affords, in his or her judgment, the most favorable132
159	149		market for the property involved. The commissioner may decline the highest bid and133
160	150		reoffer the property for sale if, in the commissioner's sole judgment, he the commissioner134
161	151		considers the price bid insufficient. He The commissioner need not offer any property for135
162	152		sale if, in his or her opinion, the probable cost of the sale exceeds the value of the property.136
163	153		(b) Any tangible personal property sold pursuant to this article at a sale conducted at a137
164	154		specific, physical location held under this Code section shall be preceded by a single138
165	155		publication of notice thereof at least three weeks in advance of the sale in a newspaper of139
166	156		general circulation in the county where the property is to be sold. Where such tangible140
167	157		personal property is sold online or through any other means not associated with a specific,141
168	158		physical location, such sale shall be preceded by notice published on the department's142
169		-	website.143 23 ~~SB 103/AP~~
170		-	S. B. 103
	159	+	website.143 23 LC 55 0085S
	160	+	S. B. 103 (SUB)
171	161		- 7 -
172	162		(b.1)(1) Securities listed on an established stock exchange shall be sold at prices144
173	163		prevailing at the time of sale on the exchange. Other securities may be sold over the145
174	164		counter at prices prevailing at the time of sale or by any other method the commissioner146
175	165		deems advisable. The commissioner may authorize the agent or broker acting on behalf147
176	166		of the commissioner to deduct fees from the proceeds of such sales at a rate agreed upon148
177	167		in advance by the agent or broker and the commissioner.149
178	168		(2) After July 1, 2024, and unless the commissioner deems it to be in the public interest150
179	169		to do otherwise, all securities presumed unclaimed and delivered to the department may151
180	170		be sold upon receipt without further notification obligations. Any person making a claim152
181	171		pursuant to this article shall be entitled to receive either the securities delivered to the153
182	172		department by the holder, if they still remain in the hands of the department, or the154
183	173		proceeds received from sale, but no person shall have any claim under this article against155
184	174		the state, the holder, any transfer agent, any registrar, or any other person acting for or on156
185	175		behalf of a holder for any appreciation in the value of the property occurring after157
186	176		delivery by the holder to the department.158
187	177		(3) Certificates for unclaimed stock or other equity interest of business associations that159
188	178		cannot be canceled and are registered in the department's name or that cannot be readily160
189	179		liquidated and converted into the currency of the United States may be sold for the value161
190	180		of the certificate, if any, in accordance with paragraph (1) of this subsection or may be162
191	181		destroyed in accordance with subsection (d) of this Code section.163
192	182		(c) At any sale conducted by the commissioner pursuant to this article, the purchaser shall164
193	183		receive title to the property purchased free from all claims of the owner or prior holder165
194	184		thereof and of all persons claiming through or under them. The commissioner shall execute166
195	185		all documents necessary to complete the transfer of title.167
196	186		(d) If the commissioner determines after investigation that any property delivered under168
197	187		this article has insubstantial commercial value of less than $100.00, he or she may destroy169
198		-	or otherwise dispose of the property at any time. No action or proceeding may be170 23 ~~SB 103/AP~~
199		-	S. B. 103
	188	+	or otherwise dispose of the property at any time. No action or proceeding may be170 23 LC 55 0085S
	189	+	S. B. 103 (SUB)
200	190		- 8 -
201		-	maintained against the state or any officer or against any holder for or on account of any
202		-	171
	191	+	maintained against the state or any officer or against any holder for or on account of any171
203	192		action taken by the commissioner pursuant to this subsection."172
204	193		SECTION 4.173
205	194		Said article is further amended by revising Code Section 44-12-218, relating to disposition174
206	195		of funds received as proceeds of sales and administrative expenses, as follows:175
207	196		"44-12-218.176
208	197		All funds received under this article, including the proceeds from the sale of abandoned177
209	198		property under Code Section 44-12-217, shall be deposited by the commissioner in the178
210		-	general fund; provided, however, that the commissioner may deduct and retain
211		-	moneys179
	199	+	general fund; provided, however, that the commissioner may deduct and retain moneys179
212	200		necessary to cover properly administer this article, including, but not limited to, the costs180
213	201		of personnel and the direct administrative expenses required to identify, locate, secure, and181
214	202		transmit abandoned property prior to depositing such funds; provided, further, that such182
215	203		administrative expenses shall not be less than 1 percent of the funds deposited annually.183
216	204		Before making a deposit he or she shall record the name and last known address of each184
217	205		person appearing from the holders' reports to be entitled to the abandoned property and of185
218	206		the name and last known address of each insured person or annuitant and, with respect to186
219	207		each policy or contract listed in the report of an insurance corporation company, its187
220	208		number, the name of the corporation, and the amount due."188
221	209		SECTION 5.189
222	210		Said article is further amended by revising Code Section 44-12-220, relating to claims for190
223	211		property paid or delivered to commissioner, procedure, and destruction of records after seven191
224	212		years, as follows:192
225	213		"44-12-220.193
226	214		(a) A person, excluding another state, claiming other than a state, but including a194
227		-	registered claimant's designated representative, who claims an interest in any property paid195 23 ~~SB 103/AP~~
228		-	S. B. 103
	215	+	registered claimant's designated representative, who claims an interest in any property paid195 23 LC 55 0085S
	216	+	S. B. 103 (SUB)
229	217		- 9 -
230	218		or delivered to the commissioner may file with him the commissioner a claim on a form196
231	219		prescribed by him the commissioner and verified by the claimant or the claimant's197
232	220		designated representative. Except as provided in subsection (g) of Code Section198
233	221		44-12-224, failure to use the claim form prescribed by the commissioner shall void the199
234	222		claim. The claim form shall require information the commissioner believes to be200
235	223		reasonably necessary to administer the requirements of this article, including, but not201
236	224		limited to:202
237	225		(1) A legible copy of the claimant's valid driver's license;203
238	226		(2) If the claimant has not been issued a valid driver's license at the time of the original204
239	227		claim form is filed, a legible copy of a photographic identification of the claimant issued205
240	228		by the United States or a state or territory of the United States, a valid passport or national206
241	229		identification card issued by a foreign nation, or other evidence deemed acceptable by the207
242	230		commissioner; and208
243	231		(3) For claims submitted by a registered claimant's designated representative, a duly209
244	232		executed copy of the Unclaimed Property Recovery Agreement or the Unclaimed210
245	233		Property Purchase Agreement, as applicable, and as further described in this Code211
246	234		section.212
247	235		(b) The commissioner shall consider each claim within 90 days after it is filed and give213
248	236		written notice to the claimant and, if the person is utilizing the services of a designated214
249	237		representative, to the claimant's designated representative if the claim is denied in whole215
250	238		or in part. The notice may be given by mailing it to the claimant's designated216
251	239		representative, if any, and to the claimant's last address, if any, as stated in the claim as the217
252	240		address to which notices are to be sent. If no address for notices is stated in the claim, the218
253	241		notice may be mailed to the last address, if any, of the claimant as stated in the claim. No219
254	242		notice of denial need be given if the claim fails to state either the last address to which220
255	243		notices are to be sent or the address of the claimant, or if the claim is deemed void pursuant221
256		-	to subsection (a) of this Code section.222 23 ~~SB 103/AP~~
257		-	S. B. 103
	244	+	to subsection (a) of this Code section.222 23 LC 55 0085S
	245	+	S. B. 103 (SUB)
258	246		- 10 -
259	247		(c) If a claim submitted by the claimant is allowed approved, the commissioner shall pay223
260	248		over or deliver to the claimant the property or the amount the commissioner actually224
261	249		received or the net proceeds if it has been sold by the commissioner. The owner is not225
262	250		entitled to receive income or other increments accruing after remittance to the226
263	251		commissioner.227
264	252		(d) The commissioner may, after seven years following the receipt of property, destroy228
265	253		such records related to the property as deemed necessary; and after said seven-year period229
266	254		any claim relating to such property must be fully substantiated by a claimant, without230
267	255		recourse to such records.231
268	256		(1) If a claim submitted by a claimant's designated representative is approved, the232
269	257		commissioner shall pay over or deliver to the claimant the balance remaining after233
270	258		deduction and payment of the amount due to the claimant's designated representative by234
271	259		the commissioner; provided, however, that any payments made directly to the claimant's235
272	260		designated representative shall be made only pursuant to the terms of the Unclaimed236
273	261		Property Recovery Agreement or Unclaimed Property Purchase Agreement, including237
274	262		those permitted by subsection (g) of Code Section 44-12-224, that have been submitted238
275	263		with the claim and only if the claimant's designated representative is registered pursuant239
276	264		to Code Section 44-12-239.240
277	265		(2) The commissioner is authorized to make distribution of the property or money in241
278	266		accordance with the Unclaimed Property Recovery Agreement or Unclaimed Property242
279	267		Purchase Agreement. The Unclaimed Property Recovery Agreement or Unclaimed243
280	268		Property Purchase Agreement shall be executed by the claimant or selling claimant and244
281	269		shall be filed with the commissioner along with the claim.245
282	270		(3) Payments of fees and costs to the claimant and the claimant's designated246
283	271		representative authorized under an Unclaimed Property Recovery Agreement for247
284	272		approved claims shall be made by paper check or other means approved by the248
285		-	commissioner on such periodic schedule as the department may define; provided,249 23 ~~SB 103/AP~~
286		-	S. B. 103
	273	+	commissioner on such periodic schedule as the department may define; provided,249 23 LC 55 0085S
	274	+	S. B. 103 (SUB)
287	275		- 11 -
288	276		however, payment for approved claims shall be made to both the claimant and the250
289	277		claimant's representative within 60 days of approval.251
290	278		(4) This Code section shall not apply to actions that are subject to Code Section252
291	279		44-12-211.1 and subsection (c) of Code Section 48-4-5.253
292	280		(e) The contents of safe-deposit boxes shall be delivered directly to the claimant and not254
293	281		to the claimant's designated representative. Any lien owed to the lessor of the safe-deposit255
294	282		box shall be deducted from the value of the contents of the safe-deposit box pursuant to256
295	283		Code Section 44-12-216.257
296	284		(f) The owner of any property delivered to the commissioner pursuant to this article shall258
297	285		not be entitled to receive income or other increments on account of such property that259
298	286		accrues after such property is delivered to the commissioner.260
299	287		(g) When the department receives conflicting claims for the same unclaimed property261
300	288		account or accounts, the property shall be remitted in accordance with the following,262
301	289		notwithstanding the withdrawal of a claim:263
302	290		(1) Preference shall be given to the person submitting the first claim received by the264
303	291		Unclaimed Property Division that is complete or made complete. A claim is complete265
304	292		when entitlement to the unclaimed property has been established;266
305	293		(2) When a claimant's claim and a claimant's designated representative's claim are267
306	294		received by the Unclaimed Property Division on the same day and both claims are268
307	295		complete, the claimant shall be given preference;269
308	296		(3) If a buyer's claim and a claimant's claim or a claimant's designated representative's270
309	297		claim are received by the Unclaimed Property Division on the same day and all claims271
310	298		are complete, the buyer shall be given preference;272
311	299		(4) If more than one buyer's claim received by the Unclaimed Property Division is273
312	300		complete or made complete on the same day, the buyer that demonstrates that its274
313		-	agreement complies with this article and was executed first shall receive preference;275 23 ~~SB 103/AP~~
314		-	S. B. 103
	301	+	agreement complies with this article and was executed first shall receive preference;275 23 LC 55 0085S
	302	+	S. B. 103 (SUB)
315	303		- 12 -
316	304		(5) If more than one claim by a claimant's designated representative received by the276
317	305		Unclaimed Property Division is complete or made complete the same day, the claimant's277
318	306		designated representative that has agreed to receive the lowest fee shall be given278
319	307		preference. If two or more such claimant's designated representatives are charging the279
320	308		same lowest fee, the claimant's designated representative that demonstrates its agreement280
321	309		complies with this article and was executed first shall be given preference; and281
322	310		(6) Nothing in this subsection shall extinguish, impair, or affect any private right of282
323	311		action that one person may have against another for breach of contract, tort, or other283
324	312		statutory or common-law cause of action; provided, however the department shall not be284
325	313		liable to any person for acting in conformance with this article and its rules and285
326	314		regulations.286
327	315		(h) The commissioner shall maintain an electronic copy of all records related to the287
328	316		property received by the commissioner. Each certified electronic copy of a document that288
329	317		is stored pursuant to this subsection shall be deemed an original pursuant to Chapter 10 of289
330	318		Title 24. Such records shall be retained pursuant to the departmental retention schedules,290
331	319		which shall provide for a retention period of no less than ten years."291
332	320		SECTION 6.292
333	321		Said article is further amended by revising Code Section 44-12-221, relating to judicial293
334	322		review of decision of commissioner, as follows:294
335	323		"44-12-221.295
336	324		Any person aggrieved by a decision of the commissioner to approve or deny a claim or296
337	325		whose claim the commissioner has failed to act upon within 90 days after the filing of the297
338	326		claim may appeal such decision or lack of decision, either of which shall be deemed the298
339	327		final agency decision, to the Superior Court of Fulton County. The proceeding shall be299
340	328		brought within 90 days after the decision of the commissioner or within 180 days of the300
341		-	filing of the claim if the commissioner fails to act. The appeal shall be tried de novo301 23 ~~SB 103/AP~~
342		-	S. B. 103
	329	+	filing of the claim if the commissioner fails to act. The appeal shall be tried de novo301 23 LC 55 0085S
	330	+	S. B. 103 (SUB)
343	331		- 13 -
344	332		without a jury. The record on appeal shall be limited to the documents or evidence302
345	333		admitted at any hearing before the commissioner; provided, however, that the court may303
346	334		allow a party to supplement the record for good cause."304
347	335		SECTION 7.305
348	336		Said article is further amended by revising Code Section 44-12-222, relating to determination306
349	337		of claim and hearing, as follows:307
350	338		"44-12-222.308
351	339		(a) The commissioner shall consider any claim filed under this article, and in rendering a309
352	340		determination on the merits of any such claim, shall rely on the applicable statutes,310
353	341		regulations, and relevant court decisions and may hold a hearing and receive evidence311
354	342		concerning it. If a hearing is held, he shall prepare a finding and a decision in writing on312
355	343		each claim filed, stating the substance of any evidence heard by him and the reasons for his313
356	344		decision. The decision shall be a public record.314
357	345		(b) If the claim is allowed, the commissioner shall make payment forthwith. The claim315
358	346		shall be paid without deduction for costs of notice In his or her sole discretion, the316
359	347		commissioner may hold a hearing and receive evidence concerning any unclaimed property317
360	348		claim filed under this article. If a hearing is held, the commissioner, or his or her318
361	349		designated representative, shall consider evidence that would be admissible in contested319
362	350		cases under Chapter 13 of Title 50, the 'Georgia Administrative Procedure Act.' In any320
363	351		proceeding for determination of a claim to property, the burden shall be upon the claimant,321
364	352		or the claimant's agent, including a claimant's designated representative, to establish322
365	353		entitlement to the property by a preponderance of evidence.323
366	354		(c) If a hearing is held, the commissioner, or his or her designated representative, shall324
367	355		prepare a finding and a decision in writing on each claim filed, stating the substance of any325
368	356		evidence heard by him or her and the reasons for his or her decision. The decision shall326
369		-	be a public record and deemed the final agency decision.327 23 ~~SB 103/AP~~
370		-	S. B. 103
	357	+	be a public record and deemed the final agency decision.327 23 LC 55 0085S
	358	+	S. B. 103 (SUB)
371	359		- 14 -
372	360		(d) If the claim is approved, the commissioner shall make payment pursuant to paragraph328
373	361		(2) of subsection (d) of Code Section 44-12-220. Claims shall be paid without deduction329
374	362		for costs of notice."330
375	363		SECTION 8.331
376	364		Said article is further amended by revising Code Section 44-12-224, relating to agreement332
377	365		and fees for recovery or assistance in recovery of property reported and delivered to333
378	366		commissioner, as follows:334
379	367		"44-12-224.335
380	368		(a) All agreements to pay compensation to recover or assist in the recovery of property336
381	369		reported and delivered to the commissioner under this article shall be unenforceable for 24337
382	370		months after the date of payment or the delivery of property to the commissioner.338
383	371		(b) The fees charged by any person, firm, or corporation to recover or assist in the339
384	372		recovery for and on behalf of a claimant of property reported and delivered to the340
385	373		commissioner under this article shall not exceed 10 percent of the value of the property341
386	374		recovered. All funds or property located by a person to be compensated by the payment342
387	375		of such a fee shall be paid or delivered directly to the owner and may not be paid or343
388	376		delivered to the person to receive the fee whether pursuant to a duly executed power of344
389	377		attorney or otherwise.345
390	378		(a) To protect the interests of owners of unclaimed property, the commissioner shall346
391	379		develop and publish a form entitled 'Unclaimed Property Recovery Agreement,' and a form347
392	380		entitled 'Unclaimed Property Purchase Agreement.'348
393	381		(b) A claimant's designated representative shall use the Unclaimed Property Recovery349
394	382		Agreement or Unclaimed Property Purchase Agreement to file a claim with the350
395	383		commissioner. Except as provided in subsection (g) of this Code section, the failure of a351
396	384		claimant's designated representative to use such agreement or agreements as required by352
397		-	this subsection shall void the claimant's designated representative's claim.353 23 ~~SB 103/AP~~
398		-	S. B. 103
	385	+	this subsection shall void the claimant's designated representative's claim.353 23 LC 55 0085S
	386	+	S. B. 103 (SUB)
399	387		- 15 -
400	388		(c) The Unclaimed Property Recovery Agreement and the Unclaimed Property Purchase354
401	389		Agreement shall include and disclose the following:355
402	390		(1) The total dollar amount of unclaimed property accounts claimed or sold if the356
403	391		information provided by the holder contains the value of the unclaimed property;357
404	392		(2) If the information provided by the holder contains the value of the unclaimed358
405	393		property, the total percentage of all authorized fees and costs to be paid to the claimant's359
406	394		designated representative or the percentage of the value of the property to be paid as net360
407	395		gain to the selling claimant's designated representative;361
408	396		(3) If the information provided by the holder contains the value of the unclaimed362
409	397		property, the total dollar amount to be deducted and received from the claimant as fees363
410	398		and costs by the claimant's designated representative or the total net dollar amount to be364
411	399		received by the selling claimant's designated representative. If the information provided365
412	400		by the holder does not contain the value of the unclaimed property, then the form shall366
413	401		require the claimant's designated representative to identify the percentage of the net value367
414	402		of the claim that is due to the claimant's designated representative;368
415	403		(4) If the information provided by the holder contains the value of the unclaimed369
416	404		property, the net dollar amount to be received by the claimant or the seller;370
417	405		(5) For each account claimed, the unclaimed property account number;371
418	406		(6) The name, address, email address, phone number, and registration identification372
419	407		number of the claimant's designated representative;373
420	408		(7) The manual signature of the claimant or seller and the date signed, affixed on the374
421	409		agreement by the claimant or seller; provided, however, that a signature that complies375
422	410		with Code Section 10-12-17 shall be sufficient so long as any electronic signature uses376
423	411		an electronic signature product and protocol authorized by the department; and377
424	412		(8) The social security number or taxpayer identification number of the claimant or378
425		-	seller, if a number has been issued to the claimant or seller.379 23 ~~SB 103/AP~~
426		-	S. B. 103
	413	+	seller, if a number has been issued to the claimant or seller.379 23 LC 55 0085S
	414	+	S. B. 103 (SUB)
427	415		- 16 -
428	416		(d)(1) The total fees and costs under an Unclaimed Property Recovery Agreement may380
429	417		not exceed 30 percent of the claimed amount or the unclaimed property's value,381
430	418		whichever is lower. If the total fees and costs exceed 30 percent, the fees and costs shall382
431	419		be reduced to 30 percent and the net balance shall be remitted directly by the383
432	420		commissioner to the claimant. Such 30 percent compensation limit shall not apply:384
433	421		(A) If a judicial order, judgment, or decree to document entitlement is required; or385
434	422		(B) To Unclaimed Property Purchase Agreements.386
435	423		(2) For an Unclaimed Property Purchase Agreement form, proof that the purchaser has387
436	424		made payment shall be filed with the department along with the claim. If proof of388
437	425		payment is not provided, the claim is void. Proof may be demonstrated by a receipt389
438	426		signed by claimant and claimant's designated representative, if any; a copy of check390
439	427		issued; bank wire confirmation; or other information provided by the department's rules391
440	428		and regulation.392
441	429		(e) A claimant may revoke an Unclaimed Property Recovery Agreement or an Unclaimed393
442	430		Property Purchase Agreement for any reason permitted by law. If a claimant's designated394
443	431		representative files a claim with the department, a claimant's designated representative shall395
444	432		inform the department in the event the claimant successfully and effectively revokes the396
445	433		relevant Unclaimed Property Recovery Agreement or Unclaimed Property Purchase397
446	434		Agreement.398
447	435		(f) The Unclaimed Property Recovery Agreement and the Unclaimed Property Purchase399
448	436		Agreement may not create an assignment of any portion of unclaimed property held by the400
449	437		department other than that property described in a duly executed Unclaimed Property401
450	438		Purchase Agreement.402
451	439		(g)(1) When a claimant's designated representative submits a claim for which the total403
452	440		known value of the claimant's unclaimed property in the custody of the department404
453	441		exceeds $2,000.00, the claimant's designated representative may add terms and conditions405
454		-	to the Unclaimed Property Recovery Agreement or to an Unclaimed Property Purchase406 23 ~~SB 103/AP~~
455		-	S. B. 103
	442	+	to the Unclaimed Property Recovery Agreement or to an Unclaimed Property Purchase406 23 LC 55 0085S
	443	+	S. B. 103 (SUB)
456	444		- 17 -
457	445		Agreement in accordance with the process outlined in this subsection, so long as the407
458	446		additional terms and conditions are:408
459	447		(A) Not inconsistent with the requirements of this Code section;409
460	448		(B) Printed in at least ten-point font; and410
461	449		(C) Located after or below the terms of the Unclaimed Property Recovery Agreement411
462	450		or the Unclaimed Property Purchase Agreement as published by the commissioner412
463	451		pursuant to this Code section.413
464	452		(2) The commissioner shall develop and publish an Unclaimed Property Agreement414
465	453		Addendum form for use by a claimant and claimant's designated representative to indicate415
466	454		whether they dispute or agree with the terms and conditions added to the Unclaimed416
467	455		Property Recovery Agreement or the Unclaimed Property Purchase Agreement pursuant417
468	456		to this subsection. The Unclaimed Property Agreement Addendum form shall be418
469	457		published online and shall be downloadable.419
470	458		(3) For claims made under this subsection, the Unclaimed Property Agreement420
471	459		Addendum shall be completed, signed by both the claimant and the claimant's designated421
472	460		representative, and filed with the Unclaimed Property Recovery Agreement or the422
473	461		Unclaimed Property Purchase Agreement. Any terms and conditions added to an423
474	462		Unclaimed Property Recovery Agreement or the Unclaimed Property Purchase424
475	463		Agreement shall be void in the absence of a duly executed Unclaimed Property425
476	464		Agreement Addendum. A signature that complies with Code Section 10-12-17 shall be426
477	465		sufficient so long as the signatory uses an electronic signature product and protocol427
478	466		authorized by the department.428
479	467		(4) The commissioner may file an interpleader action in the Superior Court of Fulton429
480	468		County if either the claimant or the claimant's designated representative indicate on the430
481	469		Unclaimed Property Agreement Addendum that a dispute exists regarding the terms and431
482	470		conditions added to the Unclaimed Property Recovery Agreement or the Unclaimed432
483		-	Property Purchase Agreement. Appropriate notice of the interpleader action shall be433 23 ~~SB 103/AP~~
484		-	S. B. 103
	471	+	Property Purchase Agreement. Appropriate notice of the interpleader action shall be433 23 LC 55 0085S
	472	+	S. B. 103 (SUB)
485	473		- 18 -
486	474		provided to the claimant and the claimant's designated representative. The cost of the434
487	475		interpleader action shall be divided between the claimant and the claimant's designated435
488	476		representative.436
489	477		(5) Except as provided in this article, Unclaimed Property Recovery Agreements and437
490	478		Unclaimed Property Purchase Agreements authorized by this subsection shall be deemed438
491	479		the same as those without additional terms and conditions.439
492	480		(h) The department shall not be administratively, civilly, or criminally liable for any440
493	481		property or funds distributed pursuant to this Code section, provided such distribution is441
494	482		made in good faith."442
495	483		SECTION 9.443
496	484		Said article is further amended by revising Code Section 44-12-228, relating to maintenance444
497	485		and retention of records, as follow:445
498	486		"44-12-228.446
499	487		(a) Every financial institution, banking organization, and business association and all other447
500	488		holders required to file a report under Code Section 44-12-214 shall retain all books,448
501	489		records, and documents necessary to establish the accuracy and compliance of such report449
502	490		for ten years after the property becomes reportable, except to the extent that shorter time450
503	491		is provided in accordance with Article 5 of Chapter 18 of Title 50, the 'Georgia Records451
504	492		Act,' or in subsection (b) of this Code section or by rule of the commissioner. As to any452
505	493		property for which it has obtained the last known address of the owner, the holder shall453
506	494		maintain a record of the name and last known address of the owner for the same ten-year454
507	495		period.455
508	496		(b) Any business associations that sell in this state their traveler's checks, money orders,456
509	497		or other similar written instruments, other than third-party bank checks on which the457
510		-	business association is directly liable, or that provides such instruments to others for sale458 23 ~~SB 103/AP~~
511		-	S. B. 103
	498	+	business association is directly liable, or that provides such instruments to others for sale458 23 LC 55 0085S
	499	+	S. B. 103 (SUB)
512	500		- 19 -
513		-	in this state shall maintain a record of those instruments while they remain outstanding,
514		-	459
	501	+	in this state shall maintain a record of those instruments while they remain outstanding,459
515	502		indicating the state and date of issue for three years after the date the property is reportable.460
516		-	(c) Every claimant's designated representative and buyer of unclaimed property shall keep
517		-	461
	503	+	(c) Every claimant's designated representative and buyer of unclaimed property shall keep461
518	504		and use in his or her business such books, accounts, and records of the business conducted462
519	505		under this article to enable the department to determine whether such person is in463
520	506		compliance with this article and the rules adopted by the department under this article.464
521	507		Every claimant's designated representative and buyer of unclaimed property shall preserve465
522	508		such books, accounts, and records, including every Unclaimed Property Recovery466
523	509		Agreement or Unclaimed Property Purchase Agreement between the owner and such467
524	510		claimant's representative or buyer, for at least three years after the date of the initial468
525	511		agreement.469
526	512		(d) Upon request by the department, a claimant's designated representative or buyer of470
527	513		unclaimed property shall provide all books, accounts, and records maintained in471
528	514		compliance with subsection (c) of this Code section to the department for examination.472
529	515		(e) Electronic documents shall satisfy the requirements of this Code section.473
530	516		SECTION 10.474
531	517		Said article is further amended by revising Code Section 44-12-229, relating to475
532	518		commissioner may compel filing of report and may examine records and failure to maintain476
533	519		records, to read as follows:477
534	520		"44-12-229.478
535	521		(a) The department may make investigations and examinations of claims, reports, and479
536	522		other records as it deems necessary to administer and enforce the provisions of this article.480
537	523		(b) The commissioner may require any person who has not filed a report to file a verified481
538	524		report stating whether or not the person is holding any unclaimed property reportable or482
539		-	deliverable under this article.483 23 ~~SB 103/AP~~
540		-	S. B. 103
	525	+	deliverable under this article.483 23 LC 55 0085S
	526	+	S. B. 103 (SUB)
541	527		- 20 -
542	528		(b)(c) The commissioner may at reasonable times and upon reasonable notice examine the484
543	529		records of any person to determine whether the person has complied with the provisions485
544	530		of this article. The commissioner may conduct the examination even if the person believes486
545	531		it is not in possession of any property reportable or deliverable under this article.487
546	532		(c)(d) If a holder fails to maintain the records required by Code Section 44-12-228 and the488
547	533		records of the holder available for the periods subject to this article are insufficient to489
548	534		permit the preparation of a report, the holder shall be required to report and pay such490
549	535		amounts as may reasonably be estimated from any available records."491
550	536		SECTION 11.492
551	537		Said article is further amended by adding new Code sections to read as follows:493
552	538		"44-12-239.494
553	539		(a) In order to file claims as a claimant's designated representative, receive a distribution495
554	540		of fees and costs from the department, or obtain information pertaining to unclaimed496
555	541		property held by the department, a claimant's designated representative shall register with497
556	542		the department by paying a $1,200.00 registration fee and completing a form published by498
557	543		the department soliciting the information the commissioner deems reasonably necessary499
558	544		to administer the requirements of this article, including, but not limited to:500
559	545		(1) The business address and telephone number of the registrant and, if applicable, the501
560	546		registrant's employer;502
561	547		(2) The tax identification number of the registrant and, if applicable, the registrant's503
562	548		employer;504
563	549		(3) A legible copy of the registrant's current driver's license showing the full name and505
564	550		current address of such person. If a current driver's license is not available, another form506
565	551		of photo identification as prescribed by the commissioner shall be filed with the507
566		-	department;508 23 ~~SB 103/AP~~
567		-	S. B. 103
	552	+	department;508 23 LC 55 0085S
	553	+	S. B. 103 (SUB)
568	554		- 21 -
569	555		(4) The names of agents or employees, if any, who are designated to submit claims on509
570	556		behalf of the registrant, together with a legible copy of their driver's license showing their510
571	557		full name and address or other form of photo identification as prescribed by the511
572	558		commissioner; and512
573	559		(5) Sufficient information to enable the department to disburse fee payments to the513
574	560		registrant.514
575	561		(b) Registrants shall submit to a background check for all employees designated to submit515
576	562		or process claims on behalf of the registrant.516
577	563		(c) The knowing submission of false information by any registrant pursuant to this article517
578	564		may be punishable by law, including as a false statement prohibited under Code Section518
579	565		16-10-20.519
580	566		(d) A claimant's designated representative is ineligible for registration if, within the520
581	567		immediately preceding 20 years, the designated representative, or such designated521
582	568		representative's officer, owner, or employee designated to act on behalf of the522
583	569		representative, was convicted of a misdemeanor or felony involving dishonesty, deceit, or523
584	570		fraud, or adjudications of responsibility in civil actions pertaining to breach of fiduciary524
585	571		duties.525
586	572		(e) If a material change in the status of a registration occurs, a registrant shall, within 30526
587	573		days, provide the department with the updated documentation and information in writing.527
588	574		Material changes include, but are not limited to a designated agent or employee ceasing to528
589	575		act on behalf of the designating person; changes in any of the contact information provided529
590	576		pursuant to this Code section; any criminal convictions for crimes, whether felonies or530
591	577		misdemeanors, involving dishonesty, deceit, or fraud; or adjudications of responsibility in531
592	578		civil actions pertaining to breach of fiduciary duties. Failure to comply with this subsection532
593	579		shall result in immediate revocation of the registration as a claimant's designated533
594		-	representative.534 23 ~~SB 103/AP~~
595		-	S. B. 103
	580	+	representative.534 23 LC 55 0085S
	581	+	S. B. 103 (SUB)
596	582		- 22 -
597	583		(f) Any solicitation from a claimant's designated representative to an owner or apparent535
598	584		owner of unclaimed property shall include the following notice in all capital letters in at536
599	585		least 12 point type or in a font larger than the font utilized in the solicitation, whichever is537
600	586		larger: 'THIS IS A SOLICITATION. THIS IS NOT A BILL OR OFFICIAL538
601	587		GOVERNMENT DOCUMENT AND HAS NOT BEEN SENT BY THE STATE OF539
602	588		GEORGIA. YOU ARE NOT REQUIRED TO USE THE SERVICES OFFERED IN THIS540
603	589		SOLICITATION.'541
604	590		(g) A claimant's designated representative may not register under or use a business name542
605	591		that might lead a reasonable person to conclude that the representative, firm, or employer543
606	592		is an agent of the United States, or an agency thereof, or a state or an agency or political544
607	593		subdivision of a state.545
608	594		(h) Registration by a claimant's designated representative shall have a four-year term and546
609	595		may be renewed if the claimant's designated representative continues to meet the applicable547
610	596		criteria. Upon renewal, a claimant's designated representative shall pay a renewal fee of548
611	597		$1,200.00.549
612	598		(i) A duly registered claimant's designated representative is authorized to submit claims550
613	599		and respond to requests for additional information on behalf of a claimant and apparent551
614	600		owner, and to receive information related to accounts claimed directly from the552
615	601		commissioner.553
616	602		(j) Any decision by the commissioner or the commissioner's authorized agent to deny,554
617	603		suspend, revoke, or not renew a claimant's designated representative's registration shall set555
618	604		forth the basis for such action. An applicant for registration or renewal aggrieved by any556
619	605		decision of the commissioner or the commissioner's designated representative is entitled,557
620	606		upon request, to a hearing before the commissioner or the commissioner's designated558
621	607		representative. The request shall set forth with specificity the reasons for the request and559
622		-	the manner of relief sought.560 23 ~~SB 103/AP~~
623		-	S. B. 103
	608	+	the manner of relief sought.560 23 LC 55 0085S
	609	+	S. B. 103 (SUB)
624	610		- 23 -
625	611		(k) Hearings conducted under subsection (j) of this Code section shall be conducted under561
626	612		the terms and conditions of Chapter 13 of Title 50, the 'Georgia Administrative Procedure562
627	613		Act.'563
628	614		44-12-239.1.564
629	615		(a) The commissioner shall provide a registered claimant's designated representative with565
630	616		access to a downloadable or deliverable, searchable and sortable data base for all566
631	617		unclaimed accounts containing the following information, if provided by the holder:567
632	618		(1) Name of the apparent owner. If the property is from an insurance policy, the name568
633	619		of the insured and beneficiary, if applicable;569
634	620		(2) Last known address of the apparent owner. If the apparent owner is the insured under570
635	621		an insurance policy, the address of the beneficiary, if applicable;571
636	622		(3) Owner account relation utilized by the National Association of Unclaimed Property572
637	623		Administrators;573
638	624		(4) Amount of cash, if applicable;574
639	625		(5) For unliquidated securities or mutual funds account, the number of shares, the name575
640	626		of the issuer of the security or mutual funds account, and the Committee on Uniform576
641	627		Securities Identification Procedures number, if available;577
642	628		(6) For safe-deposit box contents, descriptions that are substantially similar to those578
643	629		utilized by the National Association of Unclaimed Property Administrators;579
644	630		(7) Property type descriptions that are substantially similar to those utilized by the580
645	631		National Association of Unclaimed Property Administrators;581
646	632		(8) Date of last activity;582
647	633		(9) Year property was reported to the commissioner; and583
648	634		(10) Holder's name and contact information.584
649	635		(b) A claimant's designated representative who receives unclaimed property information585
650		-	from the commissioner is prohibited from distributing such information except for the586 23 ~~SB 103/AP~~
651		-	S. B. 103
	636	+	from the commissioner is prohibited from distributing such information except for the586 23 LC 55 0085S
	637	+	S. B. 103 (SUB)
652	638		- 24 -
653	639		purpose of soliciting owners of unclaimed property to offer claim services. The587
654	640		commissioner may refer a suspected violation of this Code section to the Attorney General588
655	641		for prosecution.589
656	642		(c) Notwithstanding Code Section 44-12-225, information identified in subsection (a) of590
657	643		this Code section shall not be deemed confidential to registered claimant's designated591
658	644		representatives.592
659	645		44-12-239.2.593
660	646		(a) The following acts are violations of this article and shall constitute grounds for an594
661	647		administrative enforcement action by the department:595
662	648		(1) Failure to comply with any provision of this article, any rule or order adopted under596
663	649		this article, or any written agreement entered into with the department;597
664	650		(2) Fraud, misrepresentation, deceit, or gross negligence in any matter within the scope598
665	651		of this article;599
666	652		(3) Fraudulent misrepresentation, circumvention, or concealment of any matter required600
667	653		to be stated or furnished to an owner or apparent owner under this article, regardless of601
668	654		reliance by or damage to the owner or apparent owner;602
669	655		(4) Willful imposition of illegal or excessive charges in any unclaimed property603
670	656		transaction;604
671	657		(5) False, deceptive, or misleading solicitation or advertising within the scope of this605
672	658		article;606
673	659		(6) Failure to maintain, preserve, and keep available for examination all books, accounts,607
674	660		or other documents required by this article, by any rule or order adopted under this608
675	661		article, or by any agreement entered into with the department under this article;609
676	662		(7) Refusal to permit inspection of books and records in an investigation or examination610
677	663		by the department or refusal to comply with a subpoena issued by the department under611
678		-	this article;612 23 ~~SB 103/AP~~
679		-	S. B. 103
	664	+	this article;612 23 LC 55 0085S
	665	+	S. B. 103 (SUB)
680	666		- 25 -
681	667		(8) Criminal conduct in the course of a person's business;613
682	668		(9) Failure to timely pay any fee or fine imposed or assessed under this article or any rule614
683	669		adopted under this article; 615
684	670		(10) Requesting or receiving compensation for notifying a person of his or her unclaimed616
685	671		property or assisting another person in filing a claim for unclaimed property, or entering617
686	672		into, or making a solicitation to enter into, an agreement to file a claim for unclaimed618
687	673		property owned by another, or a contract or agreement to purchase unclaimed property,619
688	674		unless such person is registered with the department under this article; provided,620
689	675		however, that this paragraph shall not apply to a person who has been granted a durable621
690	676		power of attorney to convey and receive all of the real and personal property of the622
691	677		owner, is the court appointed guardian of the owner, has been employed as an attorney623
692	678		or qualified representative to contest the department's denial of a claim, or has been624
693	679		employed as an attorney to probate the estate of the owner or an heir or legatee of the625
694	680		owner; 626
695	681		(11) Failure to authorize the release of records in the possession of a third party after627
696	682		being requested to do so by the department regarding a pending examination or628
697	683		investigation; and629
698	684		(12) Receipt or solicitation of consideration to be paid in advance of the approval of a630
699	685		claim under this article.631
700	686		(b) Upon a finding by the department that any person has committed any of the acts set632
701	687		forth in subsection (a) of this Code section, the department may enter an order:633
702	688		(1) Requiring such person to cease and desist or take corrective action as specified by the634
703	689		department;635
704	690		(2) Revoking a registration previously granted under this article during which time the636
705	691		registrant may not reapply for a registration under this article;637
706	692		(3) Placing a registrant on probation for a period and subject to such conditions as the638
707		-	department may specify;639 23 ~~SB 103/AP~~
708		-	S. B. 103
	693	+	department may specify;639 23 LC 55 0085S
	694	+	S. B. 103 (SUB)
709	695		- 26 -
710	696		(4) Placing permanent restrictions or conditions upon issuance or maintenance of a640
711	697		registration under this article;641
712	698		(5) Imposing an administrative fine not to exceed $2,000.00 for each such act which642
713	699		shall be retained by the department for purposes of administering this article; or643
714	700		(6) Prohibiting any person from being a director, officer, agent, employee, or ultimate644
715	701		equitable owner of a 10 percent or greater interest in an employer of a claimant's645
716	702		designated representative.646
717	703		(c) A claimant's designated representative is subject to the disciplinary actions specified647
718	704		in subsection (b) of this Code section for violations of subsection (a) of this Code section648
719	705		by an agent or employee of the registrant's employer if the registrant knew or should have649
720	706		known that such agent or employee was violating any provision of this article.650
721	707		(d) A person aggrieved by any enforcement action imposed by the department is entitled,651
722	708		upon request, to a hearing before the commissioner or the commissioner's designated652
723	709		representative which shall be conducted in accordance with Chapter 13 of Title 50, the653
724	710		'Georgia Administrative Procedure Act.' Such hearing request shall set forth with654
725	711		specificity the reasons for the request and the manner of relief sought.655
726	712		(e) The department may seek any appropriate civil legal remedy available to it by filing656
727	713		a civil action in a court of competent jurisdiction against any person who has, directly or657
728	714		through a claimant's representative, wrongfully submitted a claim as the ultimate owner of658
729	715		property and improperly received funds from the department in violation of this article.659
730	716		(f) In addition to any other powers conferred upon it to enforce and administer the660
731	717		provisions of this article, the commissioner may refer to the Attorney General for further661
732	718		investigation any conduct the commissioner believes, in the commissioner's sole discretion,662
733	719		may warrant civil or criminal enforcement."663
734	720		SECTION 12.664
735		-	This Act shall become effective on July 1, 2024.665 23 ~~SB 103/AP~~
736		-	S. B. 103
	721	+	This Act shall become effective on July 1, 2024.665 23 LC 55 0085S
	722	+	S. B. 103 (SUB)
737	723		- 27 -
738		-	SECTION 13.
739		-	666
	724	+	SECTION 13.666
740	725		All laws and parts of laws in conflict with this Act are repealed.667