BILL REQ. #:  H-1121.1 

Read first time 02/04/2003.   Referred to Committee on Finance.

     AN ACT Relating to fees for locating unclaimed property; and amending RCW 63.29.350 and 63.29.180.

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

Sec. 1   RCW 63.29.350 and 1983 c 179 s 35 are each amended to read as follows:
     (1) It is unlawful for any person to seek or receive from any person or contract with any person for any fee or compensation for locating or purporting to locate any property which he or she knows has been reported or paid or delivered to the department of revenue pursuant to this chapter in excess of:
     (a) Five percent of the property's value ((thereof returned to such owner)) during the twenty-four month period beginning when the property is paid or delivered to the department; or
     (b) Twenty percent of the property's value for the period beginning twenty-four months after the property is paid or delivered to the department.
     (2) Any person violating this section is guilty of a misdemeanor and shall be fined not less than the amount of the fee or charge he or she has sought or received or contracted for, and not more than ten times such amount, or imprisoned for not more than thirty days, or both.

Sec. 2   RCW 63.29.180 and 1993 c 498 s 9 are each amended to read as follows:
     (1) The department shall cause a notice to be published not later than September 1, immediately following the report required by RCW 63.29.170 at least once a week for two consecutive weeks in a newspaper of general circulation in the county of this state in which is located the last known address of any person to be named in the notice. If no address is listed or the address is outside this state, the notice must be published in the county in which the holder of the property has its principal place of business within this state.
     (2) The published notice must be entitled "Notice of Names of Persons Appearing to be Owners of Abandoned Property" and contain:
     (a) The names in alphabetical order and last known address, if any, of persons listed in the report and entitled to notice within the county as specified in subsection (1) of this section; and
     (b) A statement that information concerning the property and the name and last known address of the holder may be obtained by any person possessing an interest in the property by addressing an inquiry to the department.
     (3) The department is not required to disclose specific fund amounts in the notice, except disclosure as to whether an unclaimed fund amount is above five thousand dollars, and if below five thousand dollars, if it is above seventy-five dollars. The department is not required to publish in the notice any items of less than seventy-five dollars unless the department considers their publication to be in the public interest.
     (4) Not later than September 1, immediately following the report required by RCW 63.29.170, the department shall mail a notice to each person whose last known address is listed in the report and who appears to be entitled to property of the value of seventy-five dollars or more presumed abandoned under this chapter and any beneficiary of a life or endowment insurance policy or annuity contract for whom the department has a last known address.
     (5) The mailed notice must contain:
     (a) A statement that, according to a report filed with the department, property is being held to which the addressee appears entitled; and
     (b) The name and last known address of the person holding the property and any necessary information regarding the changes of name and last known address of the holder.
     (6) This section is not applicable to sums payable on travelers checks, money orders, and other written instruments presumed abandoned under RCW 63.29.040.