H. B. No. 161 As Introduced

As Introduced

130th General Assembly

Regular Session

2013-2014

H. B. No. 161

Representative Williams

A BILL

To amend sections 169.13 and 169.14 of the Revised

Code regarding payment to a registered finder of

unclaimed funds.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO:

Section 1. That sections 169.13 and 169.14 of the Revised	4
Code be amended to read as follows:	5

Sec. 169.13. (A)(1) All agreements to pay a fee,	6
compensation, commission, or other remuneration to locate,	7
deliver, recover, or assist in the recovery of unclaimed funds	8
reported under section 169.03 of the Revised Code, entered into	9
within two years immediately after the date a report is filed	10
under division (C) of section 169.03 of the Revised Code, are	11
invalid.	12

(2) A person interested in entering into an agreement to	13
locate, deliver, recover, or assist in the recovery of unclaimed	14
funds for remuneration shall not initiate any contact with an	15
owner during the two-year period immediately after the date a	16
report is filed under division (C) of section 169.03 of the	17
Revised Code. Failure to comply with this requirement is grounds	18
for the invalidation of any such agreement between the person and	19
the owner.	20

(B) An agreement entered into any time after such two-year	21
period is valid only if all of the following conditions are met:	22

(1) The aggregate fee, compensation, commission, or other	23
remuneration agreed upon is not in excess of ten per cent of the	24
amount recovered and paid to the owner by the director of budget	25
and management;	26

(2) The agreement is in writing, signed by the owner, and	27
notarized and discloses all of the following items:	28

(a) The name, address, and telephone number of the owner, as	29
shown by the records of the person or entity in possession of the	30
unclaimed funds or contents of a safe deposit box;	31

(b) The name, address, and telephone number of the owner if	32
the owner's name, address, or telephone number are different from	33
the name, address, or telephone number of the owner as shown by	34
the records of the person or entity in possession of the unclaimed	35
funds or contents of a safe deposit box;	36

(c) The nature and value of the unclaimed funds or contents	37
of a safe deposit box;	38

(d) The amount the owner will receive after the fee or	39
compensation has been subtracted;	40

(e) The name and address of the person or entity in	41
possession of the unclaimed funds or contents of a safe deposit	42
box;	43

(f) That the ~~auditor of state~~director of commerce will ~~pay~~	44
~~the~~direct the director of budget and management to pay from the	45
unclaimed funds any legal amount specified in the agreement to	46
compensate a person registered under section 169.16 of the Revised	47
Code for services performed pursuant to the agreement, will pay	48
the amount directly to the registrant, less any fee established	49
pursuant to division (D) of section 169.14 of the Revised Code,	50
and will pay any remaining unclaimed funds directly to the owner,	51
or the director of commerce shall deliver the contents of a safe	52
deposit box directly to the owner;	53

(g) That the person agreeing to locate, deliver, recover, or	54
assist in the recovery of the unclaimed funds or contents of a	55
safe deposit box is not an employee or agent of the director of	56
commerce;	57

(h) That the director of commerce is not a party to the	58
agreement;	59

(i) That the person agreeing to locate, deliver, recover, or	60
assist in the recovery of the unclaimed funds or contents of a	61
safe deposit box holds a valid certificate of registration issued	62
by the director under section 169.16 of the Revised Code;	63

(j) The number designated on that certificate of registration	64
and the date the certificate of registration expires.	65

(3) No agreement described in division (B)(2) of this section	66
shall include a power of attorney for the payment of the unclaimed	67
funds or delivery of the contents of a safe deposit box to any	68
person other than the owner of the unclaimed funds or contents of	69
a safe deposit box.	70

(4) If the agreement involves recovery of the contents of a	71
safe deposit box, the agreement stipulates that the person	72
receiving any fee, compensation, commission, or other remuneration	73
for engaging in any activity for the purpose of locating,	74
delivering, recovering, or assisting in the recovery of unclaimed	75
funds or other items stored in a safe deposit box on behalf of any	76
other person shall do all of the following:	77

(a) Make arrangements to have an appraiser and the director	78
of commerce view the contents of the safe deposit box together, at	79
a time mutually agreeable to the appraiser and director;	80

(b) State that the value of the property in the safe deposit	81
box is the amount established by the appraiser who viewed the safe	82
deposit box contents;	83

(c) Base the fee, compensation, commission, or other	84
remuneration for locating, delivering, recovering, or assisting in	85
the recovery of unclaimed funds or other items stored in a safe	86
deposit box on the appraised value established by the appraiser	87
who viewed the safe deposit box contents.	88

(C) No person shall receive a fee, compensation, commission,	89
or other remuneration, or engage in any activity for the purpose	90
of locating, delivering, recovering, or assisting in the recovery	91
of unclaimed funds or contents of a safe deposit box, under an	92
agreement that is invalid under this section.	93

(D) A person who receives any fee, compensation, commission,	94
or other remuneration for engaging in any activity for the purpose	95
of locating, delivering, recovering, or assisting in the recovery	96
of unclaimed funds or other items stored in a safe deposit box on	97
behalf of any other person cannot function as an appraiser of the	98
contents of the safe deposit box for purposes of division (B)(4)	99
of this section.	100

(E) The director of commerce shall not recognize or make any	101
delivery and the ~~auditor of state~~director of budget and	102
management shall not make any payment pursuant to any power of	103
attorney between an owner of the unclaimed funds or contents of a	104
safe deposit box and the person with whom the owner entered into	105
an agreement pursuant to division (B)(2) of this section to	106
locate, deliver, recover, or assist in the recovery of the	107
unclaimed funds or contents of a safe deposit box if that power of	108
attorney is entered into on or after ~~the effective date of this~~	109
~~amendment~~March 23, 2007, and that power of attorney specifically	110
provides for the payment of unclaimed funds or delivery of the	111
contents of a safe deposit box to any person other than the owner	112
of the unclaimed funds or contents of a safe deposit box. Nothing	113
in this section shall be construed as prohibiting the payment of	114
unclaimed funds or delivery of the contents of a safe deposit box	115
to the legal representative of the owner of the unclaimed funds or	116
contents of the safe deposit box. Notwithstanding the definition	117
of "owner" specified in division (C) of section 169.01 of the	118
Revised Code, for purposes of the payment of unclaimed funds or	119
delivery of the contents of the safe deposit box, a person with	120
whom an owner entered into an agreement under division (B)(2) of	121
this section is not a legal representative.	122

Sec. 169.14. (A) Each person that files a claim with the	123
director of commerce, pursuant to an agreement entered into under	124
division (B) of section 169.13 of the Revised Code, shall include	125
with that claim a copy of the agreement and the number designated	126
on the certificate of registration that is issued to the person	127
under section 169.16 of the Revised Code.	128

(B) The division of unclaimed funds shall not process any	129
claim described in division (A) of this section that does not	130
include the required certificate of registration number.	131

(C) The director of budget and management shall pay from the	132
unclaimed funds any legal amount specified in an agreement entered	133
into under division (B) of section 169.13 of the Revised Code to	134
compensate a person registered under section 169.16 of the Revised	135
Code for services performed pursuant to the agreement, shall pay	136
the amount directly to the registrant, less any fee established	137
pursuant to division (D) of this section, and shall pay any	138
remaining unclaimed funds directly to the owner.	139

(D) The director of commerce may establish a reasonable fee	140
for the processing and delivery of any payment made to a	141
registrant pursuant to an agreement under division (B) of section	142
169.13 of the Revised Code.	143

Section 2. That existing sections 169.13 and 169.14 of the	144
Revised Code are hereby repealed.	145

Section 3. Section 169.13 of the Revised Code is presented	146
in this act as a composite of the section as amended by both Am.	147
Sub. H.B. 699 and Am. Sub. S.B. 223 of the 126th General Assembly.	148
The General Assembly, applying the principle stated in division	149
(B) of section 1.52 of the Revised Code that amendments are to be	150
harmonized if reasonably capable of simultaneous operation, finds	151
that the composite is the resulting version of the section in	152
effect prior to the effective date of the section as presented in	153
this act.	154