(a) An agreement by an owner, the primary purpose of which is to locate, recover, or assist in the recovery of property that is presumed abandoned, is void and unenforceable if it was entered into during the period commencing on the date the property was presumed abandoned and extending to a time that is 24 months after the date the property is paid or delivered to the State Treasurer. This subsection does not apply to an owner’s agreement with an attorney to file a claim as to identified property or contest the State Treasurer’s denial of a claim. (b) An agreement by an owner or an apparent owner and a finder, the primary purpose of which is to locate, recover, or assist in the location or recovery of property held by the State Treasurer, is enforceable only if the agreement: (1) Is in writing; (2) Clearly sets forth the nature of the property and the services to be rendered; (3) States that the property is in the custody of the State of Alabama Treasurer’s Office and provides contact information for recovering the property; (4) States that the property may be recovered from the State Treasurer without the payment of a fee; (5) Is signed by the apparent owner and states the compensation fee percentage, compensation, commission, or other remuneration based on the value of the amount to be claimed; and (6) States any other compensation to be deducted. (c) In conjunction with the filing of any claim involving an agreement by an owner or apparent owner and a finder, the State Treasurer shall receive from the claimant a full and unredacted copy of the agreement signed by the owner or apparent owner and the finder. (d) If an agreement covered by this section applies to mineral proceeds and the agreement contains a provision to pay compensation that includes a portion of the underlying minerals or any mineral proceeds not then presumed abandoned, the provision is void and unenforceable. (e) Total compensation in an agreement covered by this section may not exceed 10 percent of the value of the amount claimed. The purchase, assignment, or other conveyance of unclaimed property to a finder, resulting in a net fee, compensation, commission, remuneration, or other profit to the finder in excess of 10 percent of the amount collected is prohibited. (f) This section shall not apply to asset purchase agreements involving assets of a business arising out of a bankruptcy proceeding under Title 11 of the U.S. Code or a corporate dissolution or similar proceeding under applicable state law, including receiverships for the benefit of creditors. (g) This section shall not limit the ability of the State Treasurer to request or receive additional documentation for the determination of whether the claimant is the owner of the property. (h) This section does not preclude an apparent owner or the State Treasurer from asserting that an agreement covered by this section is invalid on grounds other than the agreement provides for payment of compensation in excess of the amount authorized in subsection (e).
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