(a) No agreement or contract with a person for a fee or compensation to locate, deliver, recover, or assist in the recovery of property reported under § 41-117, entered into within 7 months after the date payment or delivery is required under § 41-119, is valid.

(b) No agreement entered into after 7 months from the date of delivery of the property by the holder to the Mayor is valid if a person thereby undertakes to locate property included in a report for a fee or other compensation exceeding 10 percent of the value of the recoverable property unless the agreement is in writing and signed by the owner and discloses the nature and value of the property and the name and address of the holder of the property as such facts have been reported. Nothing in this section shall be construed to prevent an owner from asserting at any time that an agreement to locate property is based upon an excessive or unjust consideration.

CREDIT(S)

(Mar. 5, 1981, D.C. Law 3-160, § 137, 27 DCR 5150.)

HISTORICAL AND STATUTORY NOTES

Prior Codifications
1981 Ed., § 42-237.
Legislative History of Laws
For legislative history of D.C. Law 3-160, see Historical and Statutory Notes following § 41-101.
Uniform Law
This section is based upon § 35 of the Uniform Unclaimed Property Act (1981 Act). See 8B Uniform Laws Annotated, Master Edition, or ULA Database on WESTLAW.

(a) No agreement or contract with a person for a fee or compensation to locate, deliver, recover, or assist in the recovery of property reported under § 41-117, entered into within 7 months after the date payment or delivery is required under § 41-119, is valid.

(b) No agreement entered into after 7 months from the date of delivery of the property by the holder to the Mayor is valid if a person thereby undertakes to locate property included in a report for a fee or other compensation exceeding 10 percent of the value of the recoverable property unless the agreement is in writing and signed by the owner and discloses the nature and value of the property and the name and address of the holder of the property as such facts have been reported. Nothing in this section shall be construed to prevent an owner from asserting at any time that an agreement to locate property is based upon an excessive or unjust consideration.

CREDIT(S)

(Mar. 5, 1981, D.C. Law 3-160, § 137, 27 DCR 5150.)

HISTORICAL AND STATUTORY NOTES

Prior Codifications
1981 Ed., § 42-237.
Legislative History of Laws
For legislative history of D.C. Law 3-160, see Historical and Statutory Notes following § 41-101.
Uniform Law
This section is based upon § 35 of the Uniform Unclaimed Property Act (1981 Act). See 8B Uniform Laws Annotated, Master Edition, or ULA Database on WESTLAW.