§ 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-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.
History of Section.
P.L. 1986, ch. 500, § 3; P.L. 2024, ch. 93, § 1, effective June 12, 2024; P.L. 2024,
ch. 94, § 1, effective June 12, 2024.