1Establishing a registry of third-party asset finders; imposing
2duties on the State Treasury; and providing for penalties.

3The General Assembly of the Commonwealth of Pennsylvania
4hereby enacts as follows:

5Section 1. Short title.

6This act shall be known and may be cited as the Third-Party
7Asset Finder Registration Act.

8Section 2. Definitions.

9The following words and phrases when used in this act shall
10have the meanings given to them in this section unless the
11context clearly indicates otherwise:

12"State Treasury." The State Treasury of the Commonwealth.

13"Third-party asset finder." A person that, for a fee or
14percentage of the recovered property, claims property held by
15the State Treasury on behalf of the rightful property owner.

16Section 3. Procedures for registration of third-party asset
17finder.

18(a) Registry.--The State Treasury shall establish and

1maintain a registry of third-party asset finders approved to
2provide asset finding services to all classes of customers. In
3order to be included in the registry, a third-party asset finder
4must meet experience and other qualifications determined by the
5State Treasury.

6(b) Application.--The State Treasury shall develop an
7application form for annual registration under subsection (a). A
8registrant shall pay an application fee of $1,000 annually.

9(c) Regulations.--The State Treasury shall have the
10authority to promulgate rules and regulations in order to carry
11out its duties in accordance with this act.

12Section 4. Penalties.

13A person who violates any provision of this act commits a
14summary offense and shall be subject upon conviction to a fine
15of not more than $2,500 for the first offense or to imprisonment
16for not more than 90 days, or both. Subsequent violations will
17result in a fine of not more than $5,000 for each offense or to
18imprisonment for not more than 90 days, or both.

19Section 5. Effective date.

20This act shall take effect in 60 days.