23 SB 103/AP
S. B. 103
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Senate Bill 103
By: Senators Goodman of the 8th, Burns of the 23rd, Anderson of the 24th, Merritt of the
9th, Anderson of the 43rd and others
AS PASSED
A BILL TO BE ENTITLED
AN ACT
To amend Article 5 of Chapter 12 of Title 44 of the Official Code of Georgia Annotated,
1
relating to disposition of unclaimed property, so as to provide for the handling of certain2
wills and trusts; to provide for definitions; to revise provisions relating to the disposition of3
unclaimed property; to revise provisions regarding to the filing of claims relating to4
unclaimed property; to provide for forms; to provide for addendum; to provide for5
maintenance and retention of records; to provide for administrative expenses of the6
commissioner; to provide for registration of a claimant's designated representative; to provide7
for hearings and appeals; to provide for agreements for recovery and purchase; to provide for8
confidentiality; to provide a downloadable data base for account information; to provide for9
the denial, suspension, or cancellation of registration; to provide for construction; to provide10
for related matters; to provide for an effective date; to repeal conflicting laws; and for other11
purposes.12
BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:13 23 SB 103/AP
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SECTION 1.
14
Article 5 of Chapter 12 of Title 44 of the Official Code of Georgia Annotated, relating to15
disposition of unclaimed property, is amended by revising paragraph (16) and adding new16
paragraphs to Code Section 44-12-192, relating to definitions, to read as follows:17
"(3.1) 'Claimant' means the person on whose behalf a claim is filed.
18
(3.2) 'Claimant's designated representative' means a person who has successfully19
registered with the commissioner pursuant to Code Section 44-12-239 to file unclaimed20
property claim on behalf of a claimant."21
"(4.1) 'Department' means the Department of Revenue."22
"(14.1) 'Selling claimant' means a claimant who has agreed to sell their interest in23
unclaimed property in the custody of the department."24
"(16) 'Utility' means a person who owns or operates for public use any plant, equipment,25
property, franchise, or license for the transmission of communications or the production,26
storage, transmission, sale, delivery, or furnishing of electricity, water, steam, or gas27
'Unclaimed Property Agreement Addendum' means an addendum to accompany claims28
as provided in Code Section 44-12-224.29
(17) 'Unclaimed Property Purchase Agreement' means an agreement between a selling30
claimant and a claimant's designated representative wherein the selling claimant agrees31
to sell their interest in unclaimed property to the selling claimant's designated32
representative.33
(18) 'Unclaimed Property Recovery Agreement' means an agreement between a claimant34
and claimant's designated representative for the recovery of unclaimed property in the35
custody of the department.36
(19) 'Utility' means a person that owns or operates for public use any plant, equipment,37
property, franchise, or license for the transmission of communications or the production,38
storage, transmission, sale, delivery, or furnishing of electricity, water, steam, or gas."39 23 SB 103/AP
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SECTION 2.
40
Said article is further amended by revising Code Section 44-12-209, relating to rent due on41
safe-deposit boxes, notice of opening of box and sealing of contents when contents deemed42
abandoned, and delivery to commissioner, as follows:43
"44-12-209.44
(a) If the rental due on a safe-deposit box has not been paid for one year, the lessor shall45
send a notice by registered mail or statutory overnight delivery to the last known address46
of the lessee stating that the safe-deposit box will be opened and its contents stored at the47
expense of the lessee unless payment of the rental is made within 30 days. If the rental is48
not paid within 30 days from the mailing of the notice, the holder shall provide written49
notification to the commissioner of the drilling date not less than 30 days prior to this time.50
The commissioner may designate a representative to be present during the opening of the51
safe-deposit box. The safe-deposit box shall be opened in the presence of an officer of the52
lessor. The contents shall be sealed in a package by the officer who shall write on the53
outside the name of the lessee and the date of the opening. If a will, codicil, trust
54
instrument, or amendment to a trust instrument is among the contents of a safe-deposit box,55
the officer shall remove such document from the safe-deposit box for separate cataloging56
and packaging. The officer shall execute a certificate reciting the name of the lessee, the57
date of the opening of the safe-deposit box, and a list of its contents. A separate certificate58
shall be executed for any will, codicil, trust instrument, or amendment to a trust instrument,59
which shall be packaged separately but shall be transmitted along with the package60
containing the remainder of the contents of the safe-deposit box. The certificate or61
certificates shall be included in the package or packages and a copy of the certificate shall62
be sent by registered mail or statutory overnight delivery to the last known address of the63
lessee. The package or packages shall then be placed in the general vaults of the lessor at64
a rental not exceeding the rental previously charged for the safe-deposit box.65 23 SB 103/AP
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(b) If the contents of the safe-deposit box have not been claimed within two years of the
66
mailing of the certificate, the lessor may send a further notice to the last known address of67
the lessee stating that, unless the accumulated charges are paid within 30 days, the contents68
of the safe-deposit box will be delivered to the commissioner as abandoned property under69
the provisions of Code Section 44-12-214.70
(c) The lessor shall submit to the commissioner a verified inventory of all of the contents71
of the safe-deposit box upon delivery of the contents of the safe-deposit box or such part72
thereof as shall be required by the commissioner under Code Section 44-12-214, but the73
lessor shall not deduct from any cash of the lessee in the safe-deposit box an amount equal74
to accumulated charges for rental but shall submit to the commissioner a verified statement75
of such charges and deductions. If there is no cash, or insufficient cash to pay accumulated76
charges, in the safe-deposit box, the commissioner shall remit to the lessor the charges or77
balance due, up to the value of the property in the safe-deposit box delivered to him
the78
commissioner, less any costs or expenses of sale; but, if the charges or balance due exceeds79
the value of such property, the commissioner shall remit only the value of the property, less80
costs or expenses of sale. Any accumulated charges for safe-deposit box rental paid by the81
commissioner to the lessor shall be deducted from the value of the property of the lessee82
delivered to the commissioner.83
(d) On and after January 1, 1991, a A copy of this Code section shall be printed on every84
contract for rental of a safe-deposit box.85
(e) If, after July 1, 2024, a will, codicil, trust instrument, or amendment to a trust86
instrument is separately packaged and transmitted along with the contents of a safe-deposit87
box or other safekeeping repository and delivered to the commissioner, the commissioner88
shall:89
(1) Retain each original will, codicil, trust instrument, or amendment to a trust90
instrument; provided, however, that, upon request, the commissioner shall:91 23 SB 103/AP
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(A) Deliver any will, codicil, trust instrument, or amendment to a trust instrument to92
the testator or settlor upon the presentation to the commissioner of satisfactory93
competent evidence of the identity of such testator or settlor;94
(B) Deliver any will or codicil of a deceased testator to the probate court having95
jurisdiction of such testator's estate in the same circumstances under which a financial96
institution would deliver such will or codicil to such probate court pursuant to97
paragraph (1) of subsection (a) of Code Section 7-1-356 upon the presentation to the98
commissioner of satisfactory competent evidence of the death of the testator;99
(C) Permit the removal of such will, codicil, trust instrument, or amendment to a trust100
instrument in the same circumstances under which a financial institution would permit101
the removal thereof pursuant to subsection (d) of Code Section 7-1-356; and102
(D) Deliver any trust instrument or amendment to a trust instrument to the trustee of103
the trust upon the presentation to the commissioner of satisfactory competent evidence104
of the death of the settlor, satisfactory competent evidence of the identity of the trustee,105
and a certification of trust by the trustee made under oath and containing all of the106
information set forth in paragraph (3) of subsection (b) of Code Section 53-12-280;107
(2) Upon request and upon payment of reasonable charges therefor, provide a true and108
correct photostatic or certified copy of:109
(A) Any will or codicil to any person upon the presentation to the commissioner of110
satisfactory competent evidence of the death of the testator and satisfactory competent111
evidence of the identity of such person showing that, with respect to such will or112
codicil, such person is an interested person within the meaning of subsection (a) of113
Code Section 53-5-2 or is a registered claimant's designated representative pursuant to114
Code Section 44-12-239; and115
(B) Any trust instrument or amendment to a trust instrument to any person upon the116
presentation to the commissioner of satisfactory competent evidence of the death of the117
settlor and satisfactory competent evidence of the identity of such person showing that,118 23 SB 103/AP
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with respect to such trust or amendment, such person is a trustee, trust director, or119
qualified beneficiary, as such terms are defined in Code Sections 53-12-2120
and 53-12-500, or is a registered claimant's designated representative pursuant to Code121
Section 44-12-239; and122
(3) Have no duty to open any safe-deposit box to retrieve any will, codicil, trust,123
instrument, or amendment to a trust instrument contained therein."124
SECTION 3.125
Said article is further amended by revising Code Section 44-12-217, relating to sale or126
destruction of property, as follows:127
"44-12-217.128
(a) Except as otherwise provided in subsection (b) of this Code section, All all abandoned129
property, other than money delivered to the commissioner under this article, shall, within130
three years after the delivery, be sold by him the commissioner to the highest bidder at131
public sale in whatever city in the state affords, in his or her judgment, the most favorable132
market for the property involved. The commissioner may decline the highest bid and133
reoffer the property for sale if, in the commissioner's sole judgment, he the commissioner134
considers the price bid insufficient. He The commissioner need not offer any property for135
sale if, in his or her opinion, the probable cost of the sale exceeds the value of the property.136
(b) Any tangible personal property sold pursuant to this article at a sale conducted at a137
specific, physical location held under this Code section shall be preceded by a single138
publication of notice thereof at least three weeks in advance of the sale in a newspaper of139
general circulation in the county where the property is to be sold. Where such tangible140
personal property is sold online or through any other means not associated with a specific,141
physical location, such sale shall be preceded by notice published on the department's142
website.143 23 SB 103/AP
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(b.1)(1) Securities listed on an established stock exchange shall be sold at prices144
prevailing at the time of sale on the exchange. Other securities may be sold over the145
counter at prices prevailing at the time of sale or by any other method the commissioner146
deems advisable. The commissioner may authorize the agent or broker acting on behalf147
of the commissioner to deduct fees from the proceeds of such sales at a rate agreed upon148
in advance by the agent or broker and the commissioner.149
(2) After July 1, 2024, and unless the commissioner deems it to be in the public interest150
to do otherwise, all securities presumed unclaimed and delivered to the department may151
be sold upon receipt without further notification obligations. Any person making a claim152
pursuant to this article shall be entitled to receive either the securities delivered to the153
department by the holder, if they still remain in the hands of the department, or the154
proceeds received from sale, but no person shall have any claim under this article against155
the state, the holder, any transfer agent, any registrar, or any other person acting for or on156
behalf of a holder for any appreciation in the value of the property occurring after157
delivery by the holder to the department.158
(3) Certificates for unclaimed stock or other equity interest of business associations that159
cannot be canceled and are registered in the department's name or that cannot be readily160
liquidated and converted into the currency of the United States may be sold for the value161
of the certificate, if any, in accordance with paragraph (1) of this subsection or may be162
destroyed in accordance with subsection (d) of this Code section.163
(c) At any sale conducted by the commissioner pursuant to this article, the purchaser shall164
receive title to the property purchased free from all claims of the owner or prior holder165
thereof and of all persons claiming through or under them. The commissioner shall execute166
all documents necessary to complete the transfer of title.167
(d) If the commissioner determines after investigation that any property delivered under168
this article has insubstantial commercial value of less than $100.00, he or she may destroy169
or otherwise dispose of the property at any time. No action or proceeding may be170 23 SB 103/AP
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maintained against the state or any officer or against any holder for or on account of any
171
action taken by the commissioner pursuant to this subsection."172
SECTION 4.173
Said article is further amended by revising Code Section 44-12-218, relating to disposition174
of funds received as proceeds of sales and administrative expenses, as follows:175
"44-12-218.176
All funds received under this article, including the proceeds from the sale of abandoned177
property under Code Section 44-12-217, shall be deposited by the commissioner in the178
general fund; provided, however, that the commissioner may deduct and retain
moneys179
necessary to cover properly administer this article, including, but not limited to, the costs180
of personnel and the direct administrative expenses required to identify, locate, secure, and181
transmit abandoned property prior to depositing such funds; provided, further, that such182
administrative expenses shall not be less than 1 percent of the funds deposited annually.183
Before making a deposit he or she shall record the name and last known address of each184
person appearing from the holders' reports to be entitled to the abandoned property and of185
the name and last known address of each insured person or annuitant and, with respect to186
each policy or contract listed in the report of an insurance corporation company, its187
number, the name of the corporation, and the amount due."188
SECTION 5.189
Said article is further amended by revising Code Section 44-12-220, relating to claims for190
property paid or delivered to commissioner, procedure, and destruction of records after seven191
years, as follows:192
"44-12-220.193
(a) A person, excluding another state, claiming other than a state, but including a194
registered claimant's designated representative, who claims an interest in any property paid195 23 SB 103/AP
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or delivered to the commissioner may file with him the commissioner a claim on a form196
prescribed by him the commissioner and verified by the claimant or the claimant's197
designated representative. Except as provided in subsection (g) of Code Section198
44-12-224, failure to use the claim form prescribed by the commissioner shall void the199
claim. The claim form shall require information the commissioner believes to be200
reasonably necessary to administer the requirements of this article, including, but not201
limited to:202
(1) A legible copy of the claimant's valid driver's license;203
(2) If the claimant has not been issued a valid driver's license at the time of the original204
claim form is filed, a legible copy of a photographic identification of the claimant issued205
by the United States or a state or territory of the United States, a valid passport or national206
identification card issued by a foreign nation, or other evidence deemed acceptable by the207
commissioner; and208
(3) For claims submitted by a registered claimant's designated representative, a duly209
executed copy of the Unclaimed Property Recovery Agreement or the Unclaimed210
Property Purchase Agreement, as applicable, and as further described in this Code211
section.212
(b) The commissioner shall consider each claim within 90 days after it is filed and give213
written notice to the claimant and, if the person is utilizing the services of a designated214
representative, to the claimant's designated representative if the claim is denied in whole215
or in part. The notice may be given by mailing it to the claimant's designated216
representative, if any, and to the claimant's last address, if any, as stated in the claim as the217
address to which notices are to be sent. If no address for notices is stated in the claim, the218
notice may be mailed to the last address, if any, of the claimant as stated in the claim. No219
notice of denial need be given if the claim fails to state either the last address to which220
notices are to be sent or the address of the claimant, or if the claim is deemed void pursuant221
to subsection (a) of this Code section.222 23 SB 103/AP
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(c) If a claim submitted by the claimant is allowed approved, the commissioner shall pay223
over or deliver to the claimant the property or the amount the commissioner actually224
received or the net proceeds if it has been sold by the commissioner. The owner is not225
entitled to receive income or other increments accruing after remittance to the226
commissioner.227
(d) The commissioner may, after seven years following the receipt of property, destroy228
such records related to the property as deemed necessary; and after said seven-year period229
any claim relating to such property must be fully substantiated by a claimant, without230
recourse to such records.231
(1) If a claim submitted by a claimant's designated representative is approved, the232
commissioner shall pay over or deliver to the claimant the balance remaining after233
deduction and payment of the amount due to the claimant's designated representative by234
the commissioner; provided, however, that any payments made directly to the claimant's235
designated representative shall be made only pursuant to the terms of the Unclaimed236
Property Recovery Agreement or Unclaimed Property Purchase Agreement, including237
those permitted by subsection (g) of Code Section 44-12-224, that have been submitted238
with the claim and only if the claimant's designated representative is registered pursuant239
to Code Section 44-12-239.240
(2) The commissioner is authorized to make distribution of the property or money in241
accordance with the Unclaimed Property Recovery Agreement or Unclaimed Property242
Purchase Agreement. The Unclaimed Property Recovery Agreement or Unclaimed243
Property Purchase Agreement shall be executed by the claimant or selling claimant and244
shall be filed with the commissioner along with the claim.245
(3) Payments of fees and costs to the claimant and the claimant's designated246
representative authorized under an Unclaimed Property Recovery Agreement for247
approved claims shall be made by paper check or other means approved by the248
commissioner on such periodic schedule as the department may define; provided,249 23 SB 103/AP
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however, payment for approved claims shall be made to both the claimant and the250
claimant's representative within 60 days of approval.251
(4) This Code section shall not apply to actions that are subject to Code Section252
44-12-211.1 and subsection (c) of Code Section 48-4-5.253
(e) The contents of safe-deposit boxes shall be delivered directly to the claimant and not254
to the claimant's designated representative. Any lien owed to the lessor of the safe-deposit255
box shall be deducted from the value of the contents of the safe-deposit box pursuant to256
Code Section 44-12-216.257
(f) The owner of any property delivered to the commissioner pursuant to this article shall258
not be entitled to receive income or other increments on account of such property that259
accrues after such property is delivered to the commissioner.260
(g) When the department receives conflicting claims for the same unclaimed property261
account or accounts, the property shall be remitted in accordance with the following,262
notwithstanding the withdrawal of a claim:263
(1) Preference shall be given to the person submitting the first claim received by the264
Unclaimed Property Division that is complete or made complete. A claim is complete265
when entitlement to the unclaimed property has been established;266
(2) When a claimant's claim and a claimant's designated representative's claim are267
received by the Unclaimed Property Division on the same day and both claims are268
complete, the claimant shall be given preference;269
(3) If a buyer's claim and a claimant's claim or a claimant's designated representative's270
claim are received by the Unclaimed Property Division on the same day and all claims271
are complete, the buyer shall be given preference;272
(4) If more than one buyer's claim received by the Unclaimed Property Division is273
complete or made complete on the same day, the buyer that demonstrates that its274
agreement complies with this article and was executed first shall receive preference;275 23 SB 103/AP
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(5) If more than one claim by a claimant's designated representative received by the276
Unclaimed Property Division is complete or made complete the same day, the claimant's277
designated representative that has agreed to receive the lowest fee shall be given278
preference. If two or more such claimant's designated representatives are charging the279
same lowest fee, the claimant's designated representative that demonstrates its agreement280
complies with this article and was executed first shall be given preference; and281
(6) Nothing in this subsection shall extinguish, impair, or affect any private right of282
action that one person may have against another for breach of contract, tort, or other283
statutory or common-law cause of action; provided, however the department shall not be284
liable to any person for acting in conformance with this article and its rules and285
regulations.286
(h) The commissioner shall maintain an electronic copy of all records related to the287
property received by the commissioner. Each certified electronic copy of a document that288
is stored pursuant to this subsection shall be deemed an original pursuant to Chapter 10 of289
Title 24. Such records shall be retained pursuant to the departmental retention schedules,290
which shall provide for a retention period of no less than ten years."291
SECTION 6.292
Said article is further amended by revising Code Section 44-12-221, relating to judicial293
review of decision of commissioner, as follows:294
"44-12-221.295
Any person aggrieved by a decision of the commissioner to approve or deny a claim or296
whose claim the commissioner has failed to act upon within 90 days after the filing of the297
claim may appeal such decision or lack of decision, either of which shall be deemed the298
final agency decision, to the Superior Court of Fulton County. The proceeding shall be299
brought within 90 days after the decision of the commissioner or within 180 days of the300
filing of the claim if the commissioner fails to act. The appeal shall be tried de novo301 23 SB 103/AP
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without a jury. The record on appeal shall be limited to the documents or evidence302
admitted at any hearing before the commissioner; provided, however, that the court may303
allow a party to supplement the record for good cause."304
SECTION 7.305
Said article is further amended by revising Code Section 44-12-222, relating to determination306
of claim and hearing, as follows:307
"44-12-222.308
(a) The commissioner shall consider any claim filed under this article, and in rendering a309
determination on the merits of any such claim, shall rely on the applicable statutes,310
regulations, and relevant court decisions and may hold a hearing and receive evidence311
concerning it. If a hearing is held, he shall prepare a finding and a decision in writing on312
each claim filed, stating the substance of any evidence heard by him and the reasons for his313
decision. The decision shall be a public record.314
(b) If the claim is allowed, the commissioner shall make payment forthwith. The claim315
shall be paid without deduction for costs of notice In his or her sole discretion, the316
commissioner may hold a hearing and receive evidence concerning any unclaimed property317
claim filed under this article. If a hearing is held, the commissioner, or his or her318
designated representative, shall consider evidence that would be admissible in contested319
cases under Chapter 13 of Title 50, the 'Georgia Administrative Procedure Act.' In any320
proceeding for determination of a claim to property, the burden shall be upon the claimant,321
or the claimant's agent, including a claimant's designated representative, to establish322
entitlement to the property by a preponderance of evidence.323
(c) If a hearing is held, the commissioner, or his or her designated representative, shall324
prepare a finding and a decision in writing on each claim filed, stating the substance of any325
evidence heard by him or her and the reasons for his or her decision. The decision shall326
be a public record and deemed the final agency decision.327 23 SB 103/AP
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(d) If the claim is approved, the commissioner shall make payment pursuant to paragraph328
(2) of subsection (d) of Code Section 44-12-220. Claims shall be paid without deduction329
for costs of notice."330
SECTION 8.331
Said article is further amended by revising Code Section 44-12-224, relating to agreement332
and fees for recovery or assistance in recovery of property reported and delivered to333
commissioner, as follows:334
"44-12-224.335
(a) All agreements to pay compensation to recover or assist in the recovery of property336
reported and delivered to the commissioner under this article shall be unenforceable for 24337
months after the date of payment or the delivery of property to the commissioner.338
(b) The fees charged by any person, firm, or corporation to recover or assist in the339
recovery for and on behalf of a claimant of property reported and delivered to the340
commissioner under this article shall not exceed 10 percent of the value of the property341
recovered. All funds or property located by a person to be compensated by the payment342
of such a fee shall be paid or delivered directly to the owner and may not be paid or343
delivered to the person to receive the fee whether pursuant to a duly executed power of344
attorney or otherwise.345
(a) To protect the interests of owners of unclaimed property, the commissioner shall346
develop and publish a form entitled 'Unclaimed Property Recovery Agreement,' and a form347
entitled 'Unclaimed Property Purchase Agreement.'348
(b) A claimant's designated representative shall use the Unclaimed Property Recovery349
Agreement or Unclaimed Property Purchase Agreement to file a claim with the350
commissioner. Except as provided in subsection (g) of this Code section, the failure of a351
claimant's designated representative to use such agreement or agreements as required by352
this subsection shall void the claimant's designated representative's claim.353 23 SB 103/AP
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(c) The Unclaimed Property Recovery Agreement and the Unclaimed Property Purchase354
Agreement shall include and disclose the following:355
(1) The total dollar amount of unclaimed property accounts claimed or sold if the356
information provided by the holder contains the value of the unclaimed property;357
(2) If the information provided by the holder contains the value of the unclaimed358
property, the total percentage of all authorized fees and costs to be paid to the claimant's359
designated representative or the percentage of the value of the property to be paid as net360
gain to the selling claimant's designated representative;361
(3) If the information provided by the holder contains the value of the unclaimed362
property, the total dollar amount to be deducted and received from the claimant as fees363
and costs by the claimant's designated representative or the total net dollar amount to be364
received by the selling claimant's designated representative. If the information provided365
by the holder does not contain the value of the unclaimed property, then the form shall366
require the claimant's designated representative to identify the percentage of the net value367
of the claim that is due to the claimant's designated representative;368
(4) If the information provided by the holder contains the value of the unclaimed369
property, the net dollar amount to be received by the claimant or the seller;370
(5) For each account claimed, the unclaimed property account number;371
(6) The name, address, email address, phone number, and registration identification372
number of the claimant's designated representative;373
(7) The manual signature of the claimant or seller and the date signed, affixed on the374
agreement by the claimant or seller; provided, however, that a signature that complies375
with Code Section 10-12-17 shall be sufficient so long as any electronic signature uses376
an electronic signature product and protocol authorized by the department; and377
(8) The social security number or taxpayer identification number of the claimant or378
seller, if a number has been issued to the claimant or seller.379 23 SB 103/AP
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(d)(1) The total fees and costs under an Unclaimed Property Recovery Agreement may380
not exceed 30 percent of the claimed amount or the unclaimed property's value,381
whichever is lower. If the total fees and costs exceed 30 percent, the fees and costs shall382
be reduced to 30 percent and the net balance shall be remitted directly by the383
commissioner to the claimant. Such 30 percent compensation limit shall not apply:384
(A) If a judicial order, judgment, or decree to document entitlement is required; or385
(B) To Unclaimed Property Purchase Agreements.386
(2) For an Unclaimed Property Purchase Agreement form, proof that the purchaser has387
made payment shall be filed with the department along with the claim. If proof of388
payment is not provided, the claim is void. Proof may be demonstrated by a receipt389
signed by claimant and claimant's designated representative, if any; a copy of check390
issued; bank wire confirmation; or other information provided by the department's rules391
and regulation.392
(e) A claimant may revoke an Unclaimed Property Recovery Agreement or an Unclaimed393
Property Purchase Agreement for any reason permitted by law. If a claimant's designated394
representative files a claim with the department, a claimant's designated representative shall395
inform the department in the event the claimant successfully and effectively revokes the396
relevant Unclaimed Property Recovery Agreement or Unclaimed Property Purchase397
Agreement.398
(f) The Unclaimed Property Recovery Agreement and the Unclaimed Property Purchase399
Agreement may not create an assignment of any portion of unclaimed property held by the400
department other than that property described in a duly executed Unclaimed Property401
Purchase Agreement.402
(g)(1) When a claimant's designated representative submits a claim for which the total403
known value of the claimant's unclaimed property in the custody of the department404
exceeds $2,000.00, the claimant's designated representative may add terms and conditions405
to the Unclaimed Property Recovery Agreement or to an Unclaimed Property Purchase406 23 SB 103/AP
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Agreement in accordance with the process outlined in this subsection, so long as the407
additional terms and conditions are:408
(A) Not inconsistent with the requirements of this Code section;409
(B) Printed in at least ten-point font; and410
(C) Located after or below the terms of the Unclaimed Property Recovery Agreement411
or the Unclaimed Property Purchase Agreement as published by the commissioner412
pursuant to this Code section.413
(2) The commissioner shall develop and publish an Unclaimed Property Agreement414
Addendum form for use by a claimant and claimant's designated representative to indicate415
whether they dispute or agree with the terms and conditions added to the Unclaimed416
Property Recovery Agreement or the Unclaimed Property Purchase Agreement pursuant417
to this subsection. The Unclaimed Property Agreement Addendum form shall be418
published online and shall be downloadable.419
(3) For claims made under this subsection, the Unclaimed Property Agreement420
Addendum shall be completed, signed by both the claimant and the claimant's designated421
representative, and filed with the Unclaimed Property Recovery Agreement or the422
Unclaimed Property Purchase Agreement. Any terms and conditions added to an423
Unclaimed Property Recovery Agreement or the Unclaimed Property Purchase424
Agreement shall be void in the absence of a duly executed Unclaimed Property425
Agreement Addendum. A signature that complies with Code Section 10-12-17 shall be426
sufficient so long as the signatory uses an electronic signature product and protocol427
authorized by the department.428
(4) The commissioner may file an interpleader action in the Superior Court of Fulton429
County if either the claimant or the claimant's designated representative indicate on the430
Unclaimed Property Agreement Addendum that a dispute exists regarding the terms and431
conditions added to the Unclaimed Property Recovery Agreement or the Unclaimed432
Property Purchase Agreement. Appropriate notice of the interpleader action shall be433 23 SB 103/AP
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provided to the claimant and the claimant's designated representative. The cost of the434
interpleader action shall be divided between the claimant and the claimant's designated435
representative.436
(5) Except as provided in this article, Unclaimed Property Recovery Agreements and437
Unclaimed Property Purchase Agreements authorized by this subsection shall be deemed438
the same as those without additional terms and conditions.439
(h) The department shall not be administratively, civilly, or criminally liable for any440
property or funds distributed pursuant to this Code section, provided such distribution is441
made in good faith."442
SECTION 9.443
Said article is further amended by revising Code Section 44-12-228, relating to maintenance444
and retention of records, as follow:445
"44-12-228.446
(a) Every financial institution, banking organization, and business association and all other447
holders required to file a report under Code Section 44-12-214 shall retain all books,448
records, and documents necessary to establish the accuracy and compliance of such report449
for ten years after the property becomes reportable, except to the extent that shorter time450
is provided in accordance with Article 5 of Chapter 18 of Title 50, the 'Georgia Records451
Act,' or in subsection (b) of this Code section or by rule of the commissioner. As to any452
property for which it has obtained the last known address of the owner, the holder shall453
maintain a record of the name and last known address of the owner for the same ten-year454
period.455
(b) Any business associations that sell in this state their traveler's checks, money orders,456
or other similar written instruments, other than third-party bank checks on which the457
business association is directly liable, or that provides such instruments to others for sale458 23 SB 103/AP
S. B. 103
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in this state shall maintain a record of those instruments while they remain outstanding,
459
indicating the state and date of issue for three years after the date the property is reportable.460
(c) Every claimant's designated representative and buyer of unclaimed property shall keep
461
and use in his or her business such books, accounts, and records of the business conducted462
under this article to enable the department to determine whether such person is in463
compliance with this article and the rules adopted by the department under this article.464
Every claimant's designated representative and buyer of unclaimed property shall preserve465
such books, accounts, and records, including every Unclaimed Property Recovery466
Agreement or Unclaimed Property Purchase Agreement between the owner and such467
claimant's representative or buyer, for at least three years after the date of the initial468
agreement.469
(d) Upon request by the department, a claimant's designated representative or buyer of470
unclaimed property shall provide all books, accounts, and records maintained in471
compliance with subsection (c) of this Code section to the department for examination.472
(e) Electronic documents shall satisfy the requirements of this Code section.473
SECTION 10.474
Said article is further amended by revising Code Section 44-12-229, relating to475
commissioner may compel filing of report and may examine records and failure to maintain476
records, to read as follows:477
"44-12-229.478
(a) The department may make investigations and examinations of claims, reports, and479
other records as it deems necessary to administer and enforce the provisions of this article.480
(b) The commissioner may require any person who has not filed a report to file a verified481
report stating whether or not the person is holding any unclaimed property reportable or482
deliverable under this article.483 23 SB 103/AP
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(b)(c) The commissioner may at reasonable times and upon reasonable notice examine the484
records of any person to determine whether the person has complied with the provisions485
of this article. The commissioner may conduct the examination even if the person believes486
it is not in possession of any property reportable or deliverable under this article.487
(c)(d) If a holder fails to maintain the records required by Code Section 44-12-228 and the488
records of the holder available for the periods subject to this article are insufficient to489
permit the preparation of a report, the holder shall be required to report and pay such490
amounts as may reasonably be estimated from any available records."491
SECTION 11.492
Said article is further amended by adding new Code sections to read as follows:493
"44-12-239.494
(a) In order to file claims as a claimant's designated representative, receive a distribution495
of fees and costs from the department, or obtain information pertaining to unclaimed496
property held by the department, a claimant's designated representative shall register with497
the department by paying a $1,200.00 registration fee and completing a form published by498
the department soliciting the information the commissioner deems reasonably necessary499
to administer the requirements of this article, including, but not limited to:500
(1) The business address and telephone number of the registrant and, if applicable, the501
registrant's employer;502
(2) The tax identification number of the registrant and, if applicable, the registrant's503
employer;504
(3) A legible copy of the registrant's current driver's license showing the full name and505
current address of such person. If a current driver's license is not available, another form506
of photo identification as prescribed by the commissioner shall be filed with the507
department;508 23 SB 103/AP
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(4) The names of agents or employees, if any, who are designated to submit claims on509
behalf of the registrant, together with a legible copy of their driver's license showing their510
full name and address or other form of photo identification as prescribed by the511
commissioner; and512
(5) Sufficient information to enable the department to disburse fee payments to the513
registrant.514
(b) Registrants shall submit to a background check for all employees designated to submit515
or process claims on behalf of the registrant.516
(c) The knowing submission of false information by any registrant pursuant to this article517
may be punishable by law, including as a false statement prohibited under Code Section518
16-10-20.519
(d) A claimant's designated representative is ineligible for registration if, within the520
immediately preceding 20 years, the designated representative, or such designated521
representative's officer, owner, or employee designated to act on behalf of the522
representative, was convicted of a misdemeanor or felony involving dishonesty, deceit, or523
fraud, or adjudications of responsibility in civil actions pertaining to breach of fiduciary524
duties.525
(e) If a material change in the status of a registration occurs, a registrant shall, within 30526
days, provide the department with the updated documentation and information in writing.527
Material changes include, but are not limited to a designated agent or employee ceasing to528
act on behalf of the designating person; changes in any of the contact information provided529
pursuant to this Code section; any criminal convictions for crimes, whether felonies or530
misdemeanors, involving dishonesty, deceit, or fraud; or adjudications of responsibility in531
civil actions pertaining to breach of fiduciary duties. Failure to comply with this subsection532
shall result in immediate revocation of the registration as a claimant's designated533
representative.534 23 SB 103/AP
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(f) Any solicitation from a claimant's designated representative to an owner or apparent535
owner of unclaimed property shall include the following notice in all capital letters in at536
least 12 point type or in a font larger than the font utilized in the solicitation, whichever is537
larger: 'THIS IS A SOLICITATION. THIS IS NOT A BILL OR OFFICIAL538
GOVERNMENT DOCUMENT AND HAS NOT BEEN SENT BY THE STATE OF539
GEORGIA. YOU ARE NOT REQUIRED TO USE THE SERVICES OFFERED IN THIS540
SOLICITATION.'541
(g) A claimant's designated representative may not register under or use a business name542
that might lead a reasonable person to conclude that the representative, firm, or employer543
is an agent of the United States, or an agency thereof, or a state or an agency or political544
subdivision of a state.545
(h) Registration by a claimant's designated representative shall have a four-year term and546
may be renewed if the claimant's designated representative continues to meet the applicable547
criteria. Upon renewal, a claimant's designated representative shall pay a renewal fee of548
$1,200.00.549
(i) A duly registered claimant's designated representative is authorized to submit claims550
and respond to requests for additional information on behalf of a claimant and apparent551
owner, and to receive information related to accounts claimed directly from the552
commissioner.553
(j) Any decision by the commissioner or the commissioner's authorized agent to deny,554
suspend, revoke, or not renew a claimant's designated representative's registration shall set555
forth the basis for such action. An applicant for registration or renewal aggrieved by any556
decision of the commissioner or the commissioner's designated representative is entitled,557
upon request, to a hearing before the commissioner or the commissioner's designated558
representative. The request shall set forth with specificity the reasons for the request and559
the manner of relief sought.560 23 SB 103/AP
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(k) Hearings conducted under subsection (j) of this Code section shall be conducted under561
the terms and conditions of Chapter 13 of Title 50, the 'Georgia Administrative Procedure562
Act.'563
44-12-239.1.564
(a) The commissioner shall provide a registered claimant's designated representative with565
access to a downloadable or deliverable, searchable and sortable data base for all566
unclaimed accounts containing the following information, if provided by the holder:567
(1) Name of the apparent owner. If the property is from an insurance policy, the name568
of the insured and beneficiary, if applicable;569
(2) Last known address of the apparent owner. If the apparent owner is the insured under570
an insurance policy, the address of the beneficiary, if applicable;571
(3) Owner account relation utilized by the National Association of Unclaimed Property572
Administrators;573
(4) Amount of cash, if applicable;574
(5) For unliquidated securities or mutual funds account, the number of shares, the name575
of the issuer of the security or mutual funds account, and the Committee on Uniform576
Securities Identification Procedures number, if available;577
(6) For safe-deposit box contents, descriptions that are substantially similar to those578
utilized by the National Association of Unclaimed Property Administrators;579
(7) Property type descriptions that are substantially similar to those utilized by the580
National Association of Unclaimed Property Administrators;581
(8) Date of last activity;582
(9) Year property was reported to the commissioner; and583
(10) Holder's name and contact information.584
(b) A claimant's designated representative who receives unclaimed property information585
from the commissioner is prohibited from distributing such information except for the586 23 SB 103/AP
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purpose of soliciting owners of unclaimed property to offer claim services. The587
commissioner may refer a suspected violation of this Code section to the Attorney General588
for prosecution.589
(c) Notwithstanding Code Section 44-12-225, information identified in subsection (a) of590
this Code section shall not be deemed confidential to registered claimant's designated591
representatives.592
44-12-239.2.593
(a) The following acts are violations of this article and shall constitute grounds for an594
administrative enforcement action by the department:595
(1) Failure to comply with any provision of this article, any rule or order adopted under596
this article, or any written agreement entered into with the department;597
(2) Fraud, misrepresentation, deceit, or gross negligence in any matter within the scope598
of this article;599
(3) Fraudulent misrepresentation, circumvention, or concealment of any matter required600
to be stated or furnished to an owner or apparent owner under this article, regardless of601
reliance by or damage to the owner or apparent owner;602
(4) Willful imposition of illegal or excessive charges in any unclaimed property603
transaction;604
(5) False, deceptive, or misleading solicitation or advertising within the scope of this605
article;606
(6) Failure to maintain, preserve, and keep available for examination all books, accounts,607
or other documents required by this article, by any rule or order adopted under this608
article, or by any agreement entered into with the department under this article;609
(7) Refusal to permit inspection of books and records in an investigation or examination610
by the department or refusal to comply with a subpoena issued by the department under611
this article;612 23 SB 103/AP
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(8) Criminal conduct in the course of a person's business;613
(9) Failure to timely pay any fee or fine imposed or assessed under this article or any rule614
adopted under this article; 615
(10) Requesting or receiving compensation for notifying a person of his or her unclaimed616
property or assisting another person in filing a claim for unclaimed property, or entering617
into, or making a solicitation to enter into, an agreement to file a claim for unclaimed618
property owned by another, or a contract or agreement to purchase unclaimed property,619
unless such person is registered with the department under this article; provided,620
however, that this paragraph shall not apply to a person who has been granted a durable621
power of attorney to convey and receive all of the real and personal property of the622
owner, is the court appointed guardian of the owner, has been employed as an attorney623
or qualified representative to contest the department's denial of a claim, or has been624
employed as an attorney to probate the estate of the owner or an heir or legatee of the625
owner; 626
(11) Failure to authorize the release of records in the possession of a third party after627
being requested to do so by the department regarding a pending examination or628
investigation; and629
(12) Receipt or solicitation of consideration to be paid in advance of the approval of a630
claim under this article.631
(b) Upon a finding by the department that any person has committed any of the acts set632
forth in subsection (a) of this Code section, the department may enter an order:633
(1) Requiring such person to cease and desist or take corrective action as specified by the634
department;635
(2) Revoking a registration previously granted under this article during which time the636
registrant may not reapply for a registration under this article;637
(3) Placing a registrant on probation for a period and subject to such conditions as the638
department may specify;639 23 SB 103/AP
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(4) Placing permanent restrictions or conditions upon issuance or maintenance of a640
registration under this article;641
(5) Imposing an administrative fine not to exceed $2,000.00 for each such act which642
shall be retained by the department for purposes of administering this article; or643
(6) Prohibiting any person from being a director, officer, agent, employee, or ultimate644
equitable owner of a 10 percent or greater interest in an employer of a claimant's645
designated representative.646
(c) A claimant's designated representative is subject to the disciplinary actions specified647
in subsection (b) of this Code section for violations of subsection (a) of this Code section648
by an agent or employee of the registrant's employer if the registrant knew or should have649
known that such agent or employee was violating any provision of this article.650
(d) A person aggrieved by any enforcement action imposed by the department is entitled,651
upon request, to a hearing before the commissioner or the commissioner's designated652
representative which shall be conducted in accordance with Chapter 13 of Title 50, the653
'Georgia Administrative Procedure Act.' Such hearing request shall set forth with654
specificity the reasons for the request and the manner of relief sought.655
(e) The department may seek any appropriate civil legal remedy available to it by filing656
a civil action in a court of competent jurisdiction against any person who has, directly or657
through a claimant's representative, wrongfully submitted a claim as the ultimate owner of658
property and improperly received funds from the department in violation of this article.659
(f) In addition to any other powers conferred upon it to enforce and administer the660
provisions of this article, the commissioner may refer to the Attorney General for further661
investigation any conduct the commissioner believes, in the commissioner's sole discretion,662
may warrant civil or criminal enforcement."663
SECTION 12.664
This Act shall become effective on July 1, 2024.665 23 SB 103/AP
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SECTION 13.
666
All laws and parts of laws in conflict with this Act are repealed.667