The amended law would require payment to be made directly to the client, with fees withheld and forwarded to the locator service separately. Requiring disclosure concerning where the unclaimed property is held. Currently, locators do not have to tell clients where the unclaimed property is being held. Under the new bill, the finder must inform the client that the property is held by DBF, the person or business that held the property prior to the property being declared unclaimed, the value and type of property, and several other facts regarding the account. DBF's Unclaimed Property Bureau safeguards unclaimed money and property that it receives from banks, insurance companies, investment firms, and other businesses as mandated by law.
Unclaimed money is deposited into a state school fund, and is used exclusively for public education.
There is, however, no statute of limitations for recovery of property.