2023 CODE OF GEORGIA › Title 44 - PROPERTY (§§ 44-1-1 — 44-17-7) › Chapter 12 - RIGHTS IN PERSONALTY (§§ 44-12-1 — 44-12-322) › Article 5 - DISPOSITION OF UNCLAIMED PROPERTY (§§ 44-12-190 — 44-12-239.2) › Section 44-12-224 - [Unclaimed property recovery agreement; unclaimed property purchase agreement]

(a)
To protect the interests of owners of unclaimed property, the commissioner shall develop and publish a form entitled "Unclaimed Property Recovery Agreement," and a form entitled 'Unclaimed Property Purchase Agreement.'
(b)
A claimant's designated representative shall use the Unclaimed Property Recovery Agreement or Unclaimed Property Purchase Agreement to file a claim with the commissioner. Except as provided in subsection (g) of this Code section, the failure of a claimant's designated representative to use such agreement or agreements as required by this subsection shall void the claimant's designated representative's claim.
(c)
The Unclaimed Property Recovery Agreement and the Unclaimed Property Purchase Agreement shall include and disclose the following:
(1)
The total dollar amount of unclaimed property accounts claimed or sold if the information provided by the holder contains the value of the unclaimed property;
(2)
If the information provided by the holder contains the value of the unclaimed property, the total percentage of all authorized fees and costs to be paid to the claimant's designated representative or the percentage of the value of the property to be paid as net gain to the selling claimant's designated representative;
(3)
If the information provided by the holder contains the value of the unclaimed property, the total dollar amount to be deducted and received from the claimant as fees and costs by the claimant's designated representative or the total net dollar amount to be received by the selling claimant's designated representative. If the information provided by the holder does not contain the value of the unclaimed property, then the form shall require the claimant's designated representative to identify the percentage of the net value of the claim that is due to the claimant's designated representative;
(4)
If the information provided by the holder contains the value of the unclaimed property, the net dollar amount to be received by the claimant or the seller;
(5)
For each account claimed, the unclaimed property account number;
(6)
The name, address, email address, phone number, and registration identification number of the claimant's designated representative;
(7)
The manual signature of the claimant or seller and the date signed, affixed on the agreement by the claimant or seller; provided, however, that a signature that complies with Code Section
10-12-17
shall be sufficient so long as any electronic signature uses an electronic signature product and protocol authorized by the department; and
(8)
The social security number or taxpayer identification number of the claimant or seller, if a number has been issued to the claimant or seller.
(d)
(1)
The total fees and costs under an Unclaimed Property Recovery Agreement may not exceed 30 percent of the claimed amount or the unclaimed property's value, whichever is lower. If the total fees and costs exceed 30 percent, the fees and costs shall be reduced to 30 percent and the net balance shall be remitted directly by the commissioner to the claimant. Such 30 percent compensation limit shall not apply:
(A)
If a judicial order, judgment, or decree to document entitlement is required; or
(B)
To Unclaimed Property Purchase Agreements.
(2)
For an Unclaimed Property Purchase Agreement form, proof that the purchaser has made payment shall be filed with the department along with the claim. If proof of payment is not provided, the claim is void. Proof may be demonstrated by a receipt signed by claimant and claimant's designated representative, if any; a copy of check issued; bank wire confirmation; or other information provided by the department's rules and regulation.
(e)
A claimant may revoke an Unclaimed Property Recovery Agreement or an Unclaimed Property Purchase Agreement for any reason permitted by law. If a claimant's designated representative files a claim with the department, a claimant's designated representative shall inform the department in the event the claimant successfully and effectively revokes the relevant Unclaimed Property Recovery Agreement or Unclaimed Property Purchase Agreement.
(f)
The Unclaimed Property Recovery Agreement and the Unclaimed Property Purchase Agreement may not create an assignment of any portion of unclaimed property held by the department other than that property described in a duly executed Unclaimed Property Purchase Agreement.
(g)
(1)
When a claimant's designated representative submits a claim for which the total known value of the claimant's unclaimed property in the custody of the department exceeds $2,000.00, the claimant's designated representative may add terms and conditions to the Unclaimed Property Recovery Agreement or to an Unclaimed Property Purchase Agreement in accordance with the process outlined in this subsection, so long as the additional terms and conditions are:
(A)
Not inconsistent with the requirements of this Code section;
(B)
Printed in at least ten-point font; and
(C)
Located after or below the terms of the Unclaimed Property Recovery Agreement or the Unclaimed Property Purchase Agreement as published by the commissioner pursuant to this Code section.
(2)
The commissioner shall develop and publish an Unclaimed Property Agreement Addendum form for use by a claimant and claimant's designated representative to indicate whether they dispute or agree with the terms and conditions added to the Unclaimed Property Recovery Agreement or the Unclaimed Property Purchase Agreement pursuant to this subsection. The Unclaimed Property Agreement Addendum form shall be published online and shall be downloadable.
(3)
For claims made under this subsection, the Unclaimed Property Agreement Addendum shall be completed, signed by both the claimant and the claimant's designated representative, and filed with the Unclaimed Property Recovery Agreement or the Unclaimed Property Purchase Agreement. Any terms and conditions added to an Unclaimed Property Recovery Agreement or the Unclaimed Property Purchase Agreement shall be void in the absence of a duly executed Unclaimed Property Agreement Addendum. A signature that complies with Code Section
10-12-17
shall be sufficient so long as the signatory uses an electronic signature product and protocol authorized by the department.
(4)
The commissioner may file an interpleader action in the Superior Court of Fulton County if either the claimant or the claimant's designated representative indicate on the Unclaimed Property Agreement Addendum that a dispute exists regarding the terms and conditions added to the Unclaimed Property Recovery Agreement or the Unclaimed Property Purchase Agreement. Appropriate notice of the interpleader action shall be provided to the claimant and the claimant's designated representative. The cost of the interpleader action shall be divided between the claimant and the claimant's designated representative.
(5)
Except as provided in this article, Unclaimed Property Recovery Agreements and Unclaimed Property Purchase Agreements authorized by this subsection shall be deemed the same as those without additional terms and conditions.
(h)
The department shall not be administratively, civilly, or criminally liable for any property or funds distributed pursuant to this Code section, provided such distribution is made in good faith.
Amended by 2023 Ga. Laws 81,§ 8, eff. 7/1/2024.