Provides conditions which persons paid to recover or assist in recovering reported property must comply with.
Impact
The legislation aims to safeguard the interests of property owners by ensuring that any agreements to recover unclaimed property, once outside the 24-month window, must include specific stipulations. Fees are capped at ten percent of the property value, written agreements are mandatory, and owners must be informed that they can retrieve their property for free from the general treasurer. This change is intended to prevent exploitative practices in the recovery of unclaimed properties, thereby enhancing transparency and accountability.
Summary
Bill S2896 introduces amendments to the General Laws related to probate practice and procedure, specifically concerning unclaimed intangible and tangible property. The bill establishes conditions that individuals paid to locate or assist in the recovery of reported property must adhere to. Under the new guidelines, agreements made within 24 months after payment or delivery of the property will be unenforceable, emphasizing the importance of ensuring fair practices in property recovery.
Contention
Some notable points of contention may arise surrounding the enforceability of recovery agreements and the implications for professional property locators. While the bill seeks to protect property owners, there could be concerns about how these restrictions will affect the efficiency and operations of legitimate recovery businesses. Stakeholders may debate the balance between consumer protection and the operational capabilities of recovery agents, with potential calls for adjustments to the fee structure or enforcement mechanisms in future legislative discussions.