| Chapter 093 |
| 2024 -- H 7569 Enacted 06/12/2024 |
| A N A C T |
| RELATING TO PROBATE PRACTICE AND PROCEDURE -- UNCLAIMED INTANGIBLE AND TANGIBLE PROPERTY |
Introduced By: Representative Alex S. Finkelman |
| Date Introduced: February 09, 2024 |
| It is enacted by the General Assembly as follows: |
| SECTION 1. Section 33-21.1-35 of the General Laws in Chapter 33-21.1 entitled |
| "Unclaimed Intangible and Tangible Property" is hereby amended to read as follows: |
| 33-21.1-35. Agreement to locate reported property. |
| (a) All agreements to pay compensation to recover or assist in the recovery of property |
| reported under § 33-21.1-17, made within twenty-four (24) months after the date payment or |
| delivery is made under § 33-21.1-19, are unenforceable. |
| (b) Agreements pursuant to subsection (a) of this section entered into any time after the |
| twenty-four-(24)month (24) period are valid only if: |
| (1) The aggregate fee, compensation, commission, or other remuneration agreed upon is |
| not more than ten percent (10%) of the value of the property; |
| (2) The agreement is in writing; |
| (3) The agreement clearly states that the property may be claimed by the apparent owner |
| from the general treasurer free of charge; |
| (4) The agreement is signed by the apparent owner; and |
| (5) The agreement clearly sets forth the nature and value of the property and the value of |
| the apparent owner's share after the fee or compensation has been deducted. |
| (c) Nothing in this section shall be construed to prevent an owner from asserting at any |
| time that an agreement to locate property is based upon excessive or unjust consideration. |
| SECTION 2. This act shall take effect upon passage. |
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| LC004581 |
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