MISSISSIPPI LEGISLATURE

1999 Regular Session

To: Banks and Banking

By: Representative Frierson

AN ACT TO AMEND SECTION 89-12-25, MISSISSIPPI CODE OF 1972, TO REVISE REQUIREMENTS REGARDING AGREEMENTS TO LOCATE PROPERTY; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. Section 89-12-25, Mississippi Code of 1972, is amended as follows:

89-12-25. (1) It is unlawful for a person to seek to receive from another person or contract with a person for a fee or compensation for locating property which he knows has been reported, paid or delivered to the Treasurer pursuant to the provisions of this act prior to seven (7) months after the date of payment or delivery of the property by the holder to the Treasurer as required by Section 89-12-29.

(2) The Treasurer shall approve all contracts entered into between two (2) or more persons whereby one (1) party to the contract agrees to furnish the other party with information concerning property reported to the Treasurer under this chapter. The agreed upon fee in such contracts shall not exceed ten percent (10%) of the value of the recoverable property or Fifty Dollars ($50.00), whichever is greater. Nothing in this section shall be construed to prevent an owner from asserting at any time that an agreement to locate property is based upon an excessive or unjust consideration. The Treasurer shall issue two (2) separate checks whenever a contract exists between the owner of unclaimed property and another party. Claimants with multiple unclaimed properties may file a combined claim using one (1) MS FORM UP-3 fm and attachment pages listing the additional property information.

SECTION 2. This act shall take effect and be in force from and after July 1, 1999.