In disposition of abandoned and unclaimed property, further providing for report of property subject to custody and control of the Commonwealth under this article, for certificate of finder registration, for notice and publication of lists of property subject to custody and control of the Commonwealth under this article and for penalties.
SB1201 amends Pennsylvania’s Fiscal Code provisions governing abandoned and unclaimed property, with a focus on the people and businesses that help locate and recover such property for owners. The bill tightens the rules for “finders” by lowering the maximum contingency fee from 15% to 10%, requiring more detailed disclosures in finder agreements, and adding a mandatory federal criminal history background check, ethics compliance statement, and additional disqualifying offenses. It also extends the finder registration period from two years to five years.
The bill also changes the state’s notice requirements for abandoned property. Published notices would have to tell owners how to claim property through the State Treasurer at no charge, and the Treasury Department would be required to post a sample finder agreement on its website. Finally, the bill increases penalties for violations of the finder-registration and agreement rules, raising the first-offense fine to $10,000, the second-offense fine to $15,000, and making a third or subsequent offense a third-degree felony with a fine up to $100,000.
SB1201 would directly amend sections of The Fiscal Code related to abandoned and unclaimed property administration, affecting the State Treasurer, property holders, and third-party finders who assist owners in recovering property. It would impose stricter licensing and background-check requirements on finders, cap their compensation at a lower percentage, require more consumer disclosures, and increase civil/criminal consequences for noncompliance. It would also expand public notice obligations and make the free state-claim process more visible to owners.
No committee transcript or vote record was provided, so there is no documented floor or committee sentiment to summarize. Based on the bill text alone, the measure appears oriented toward consumer protection and oversight, suggesting support from lawmakers concerned about abusive or opaque finder practices. The absence of recorded debate means there is no evidence here of formal opposition or amendment-driven compromise.
The likely points of contention are the tighter regulation of finders and the increased penalties. Finder businesses may object to the reduced fee cap, the added cost and administrative burden of federal background checks, the longer list of disqualifying offenses, and the higher fines and felony exposure for violations. Supporters would likely emphasize owner protection, transparency, and preventing fraud or exploitation in the abandoned-property recovery process. Another possible issue is whether the new requirements could reduce the availability of legitimate finders, especially smaller operators.