H1126 - 2026 Department of State Treasurer Administrative/Technical/Clarifying Changes. (SL 2026-50)

• Authorizes the State Treasurer to pay vendor auditors on a contingency fee basis.
• Expands the definition of "property finder" to include individuals and business entities that primarily seek to locate, deliver, recover, or assist in the recovery of property that is distributable to the owner or presumed abandoned.
• Requires holders of property to file a report in an electronic format provided by the State Treasurer for all property with a value over $25 and for certain (i) securities or equity interests, (ii) debts of business associations, and (iii) sums owed by a business association to its shareholders and other interested parties regardless of the value of the property. Such holders of property are further required to respond to a request for further information by the State Treasurer.
• Requires holders of property that is presumed abandoned with a value of $25 or more to provide written notice to the apparent owner.  
• Requires business entities who hold abandoned property claimed by an apparent owner to certify whether property held by a claimant is owned by the claimant if requested by the State Treasurer. The certification is binding on the owner.

The portion of this Part requiring holders of property to provide notice to apparent owners becomes effective December 1, 2026, the remainder of the Part became effective July 7, 2026.