| || |
DIGEST OF INTRODUCED BILL
Unclaimed property. Excludes from the definition of "property" in the unclaimed property law an outstanding check or credit, a credit balance, or a purchase price rebate issued during the ordinary course of business, except insofar as such an item is held by a financial institution. Reduces to five years the statute of limitations on the commencement of an action by the attorney general to recover disputed unclaimed property. Withdraws the authority of the attorney general to enter into contingency fee agreements with third parties for recovery of unclaimed property.