(1) In this subchapter, “locator service” means a person who locates, delivers, recovers, or assists in the location, delivery, and recovery of property held by the administrator. (2) An agreement by an apparent owner and locator service is enforceable under this chapter only if the agreement complies with all of the following: (a) It is in a written, valid contract that clearly states the nature of the property and the services to be provided. (b) It is signed by the apparent owner or by an agent of the apparent owner. (c) It states the amount or value of the property reasonably expected to be recovered, computed before and after a deduction for any fee or other compensation paid to the locator service. (d) It includes a clear and prominent statement of the fee or other compensation to be paid to the locator service, which may not exceed 10 percent of the actual amount or value of the property recovered. (e) It includes a clear and prominent statement disclosing the name and address of the holder and whether the property has been paid or delivered to the administrator. (f) It includes a clear and prominent statement that the owner may file a claim with the administrator without the assistance of a locator service.
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