Posted: | February 19, 2014 10:36 AM |
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From: | Senator Vincent J. Hughes |
To: | All Senate members |
Subject: | Registration for Finders of Unclaimed Property |
In the near future, I will introduce legislation that would require persons who act as a third party finder for unclaimed property to be registered with the Department of Treasury. Currently there is no law regulating persons who hold themselves out as finders of property. There are no penalties or repercussions for finders who charge more than the statutorily mandated fee or if the finder has been found to issue fraudulent documentation. I am proposing legislation that would require any person who is not a lawyer to register with the Treasury to become a finder. Further a finder, who charges excessive fees, falsifies documents or refuses to transfer ownership of the property to the lawful owner may be subject to fine, prosecuted and have their registration revoked. If you have questions about this legislation contact my office at 7-7112 or email Charles Duncan of my office at cduncan@pasenate.com. |
Introduced as SB1294