Bill Summary for H 733 (2011-2012)

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Bill: MODIFY PROPERTY FINDER PROVISIONS (NEW).

Summary date: 

Jun 3 2011

Bill Information:

View NCGA Bill Details2011-2012 Session
House Bill 733 (Public) Filed Wednesday, April 6, 2011
TO PROVIDE THAT MULTIPLE PAYEE CHECKS MAY BE PRESUMED ABANDONED WITH RESPECT TO AN OWNER NOT CLAIMING THE CHECK WITHIN THREE YEARS AND TO LIMIT THE SCOPE OF THE REGULATION OF PROPERTY FINDER AGREEMENTS TO ONLY THOSE AGREEMENTS THAT INVOLVE PROPERTY THAT IS PRESUMED ABANDONED.
Intro. by Jordan, Starnes, Stevens.

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Bill summary

House committee substitute makes the following changes to 1st edition. Enacts new GS 75-43 prohibiting any agreement to reunite a consumer with property that has not yet escheated to the state under GS Chapter 116B from including total fees and costs that exceed 35% of the value of the property, or from offering to reunite the owner with property held by a state agency. Makes an agreement in violation of the statute void and unenforceable, and makes a violation an unfair trade practice. Provides that the statute does not apply to agreements to recover property presumed abandoned under GS 116B-78. Effective October 1, 2011.
Deletes amendments made to GS 116B-53(c) in previous edition. Makes a conforming change. Makes amendments to GS 116B-78 (concerning property that is presumed abandoned) effective when the act becomes law (was, effective October 1, 2011).
Changes the title to AN ACT TO LIMIT THE FEE THAT CAN BE CHARGED TO LOCATE PROPERTY THAT HAS NOT YET ESCHEATED TO THE STATE, TO PREVENT AGREEMENTS TO LOCATE PROPERTY THAT IS BOTH HELD BY A STATE AGENCY AND HAS NOT YET ESCHEATED TO THE STATE, AND TO CLARIFY THE APPLICABILITY OF AGREEMENTS TO LOCATE ESCHEATED PROPERTY.