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    INTRODUCTION

    ## Legislative bill overview

    This bill aims to amend the Georgia code relating to the disposition of unclaimed property. Key changes include:

    - Providing for separate handling of wills, codicils, and trust documents found in safe deposit boxes. The commissioner must retain original copies and allow access in certain circumstances.

    - Removing the requirement to give notice before selling abandoned securities. Allows securities to be sold upon receipt after July 2024.

    - Placing caps and disclosure requirements on fees charged by "claimant's designated representatives" to assist in recovering unclaimed property. Represents a shift in regulation of this industry.

    - Requiring registration, background checks, and ethics rules for claimant's designated representatives. Gives the commissioner authority to take disciplinary action.

    - Allowing additional terms to be added to recovery agreements over $2000 if certain formatting and disclosure requirements are met. Provides a process for resolving disputes over additional terms.

    - Providing registered representatives with access to an unclaimed property database to identify accounts to solicit. Places confidentiality requirements on information received.

    ## Why is this important

    This bill modernizes Georgia's unclaimed property laws to adapt to current industry practices regarding third party claims services. It aims to provide consumer protections for owners seeking to claim property while allowing the industry to operate. The handling of wills and trusts also has significant impacts for estates and inheritance.

    ## Potential points of contention


    • Caps on fees for claimant's representatives may reduce services offered to owners.

    • Allowing additional terms over $2000 could still enable questionable practices, despite added procedural protections.

    • Full database access raises confidentiality issues - representatives may try to claim accounts without owner consent.

    STATUS

    almost 2 years ago -

    Passed

    Thanks!