447.581. Agreements to locate or reveal whereabouts of property--requirements for validity--agreements to pay or assist in recovery of property, requirements for enforceability--registration of recove
Agreements to locate or reveal whereabouts of property--requirementsfor validity--agreements to pay or assist in recovery of property,requirements for enforceability--registration of recoveryrepresentative, requirements--suspension of registration, hearing,disclosure of information.
447.581. 1. No agreement entered into after a report isfiled is valid if any person undertakes thereby to locate orreveal the whereabouts of property included in that report for afee or compensation, unless the agreement discloses the natureand value of the property, is in writing, duly signed andacknowledged by the property owner.
2. Any agreement to pay compensation to recover or assistin the recovery of property reported or delivered to thetreasurer under the provisions of sections 447.500 to 447.595which is made within twelve months after the date of payment ordelivery to the treasurer is unenforceable. Any agreement to paycompensation to recover or assist in the recovery of propertyreported or delivered to the treasurer which is made more thantwelve months, but less than twenty-four months, after the dateof payment or delivery to the treasurer shall be invalid if thecompensation for recovery is greater than ten percent of theproperty at issue. Any agreement to pay compensation to recoveror assist in the recovery of property reported or delivered tothe treasurer which is made more than twenty-four months, butless than thirty-six months, after the date of payment ordelivery to the treasurer shall be invalid if the compensationfor recovery is greater than fifteen percent of the property atissue. Any agreement to pay compensation to recover or assist inthe recovery of property reported or delivered to the treasurerwhich is made more than thirty-six months after the date ofpayment or delivery to the treasurer shall be invalid if thecompensation for recovery is greater than twenty percent of theproperty at issue.
3. Except as provided in subsection 7 of this section, anyperson who enters into an agreement to recover or perform in arepresentative capacity to assist in the recovery of propertyreported or delivered to the treasurer under sections 447.500 to447.595, for compensation, shall register with the treasurerprior to submitting a claim to the treasurer for recovery of suchproperty. Any claim filed by a person acting in a representativecapacity for the recovery of property reported or delivered tothe treasurer under sections 447.500 to 447.595, forcompensation, shall be invalid unless the person is registeredwith the treasurer in accordance with this section. Every personwho registers with the treasurer in accordance with this sectionshall certify compliance and good standing with the tax, businessregistration and other regulatory requirements of the state ofMissouri. To remain registered a person must annually recertifycompliance with such requirements.
4. The treasurer may require such additional informationfrom persons wishing to register in accordance with theprovisions of this section as the treasurer reasonably believesto be necessary to protect the rightful owners of propertypresumed abandoned and the citizens of the state of Missouri,generally.
5. If the treasurer receives information, directly orindirectly, which gives the treasurer reason to believe that aperson registered in accordance with the provisions of thissection to recover or perform in a representative capacity toassist in the recovery of property reported or delivered to thetreasurer, for compensation, has violated the provisions ofsections 447.500 to 447.595, or any other provision of law, thetreasurer may suspend the registration of such person. In such acase, the treasurer shall notify the person in writing of thegrounds for the proposed suspension of registration and providethe person an opportunity to respond to the allegations inwriting or, upon request, through a hearing conducted inaccordance with the provisions of chapter 536, RSMo. For goodcause shown, the treasurer may refrain from acting on any claimfiled by such a person pending determination of theappropriateness of suspending such a person's registration.Suspension of a person's registration by the treasurer shall notbe a prerequisite nor a substitute for any other civil orcriminal causes of action to which such person may otherwise besubject, but is in addition to such possible remedies. Anyinformation obtained or compiled by the treasurer in determiningwhether to register or suspend such a person's registration maybe disclosed to appropriate law enforcement agencies, in anyinvestigation, action or proceeding, civil, criminal or mixed,brought by a governmental agency to enforce the laws of thisstate, and except for the treasurer's office work product, uponcourt order in any action or proceeding where such information ismaterial to an issue in the action or proceeding.
6. Any person whose registration has been suspended orwhich has lapsed pursuant to this section may thereafter seek toreregister in accordance with the provisions of this section.
7. Subsection 1 of this section shall not apply to anyagreement made by any person, including personal representatives,guardians, trustee, and others in a representative capacity, withanother to discover property in which such person has an interestfor a fixed fee or hourly or daily rate, not contingent upon thediscovery of property or the value of property discovered;provided, however, that any agreement entered into under thissubsection for the purpose of evading the provisions ofsubsection 1 of this section shall be invalid and unenforceable.
8. Nothing in this section shall be construed to prevent anowner from asserting, at any time, that any agreement to locateor reveal the whereabouts of properties is based on an excessiveor unjust consideration.
(L. 1986 H.B. 1547, A.L. 1994 S.B. 757)Effective 7-1-94