(a) (1) An agreement to locate, deliver, recover, or assist in the recovery of property reported under Section 1530 is invalid if either of the following apply:

(A) The agreement is entered into between the date a report is filed under subdivision (d) of Section 1530 and the date the property is paid or delivered under Section 1532.

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(B) The agreement requires the owner to pay a fee or compensation prior to approval of the claim and payment of the recovered property to the owner by the Controller.

(2) An agreement to locate, deliver, recover, or assist in the recovery of property reported under Section 1530 made after payment or delivery under Section 1532 is valid if it meets all of the following requirements:

(A) The agreement is in writing and includes a disclosure of the nature and value of the property, that the Controller is in possession of the property, and the address where the owner can directly claim the property from the Controller.

(B) The agreement is signed by the owner after receipt of the disclosure described in subparagraph (A).

(C) The fee or compensation agreed upon is not in excess of 10 percent of the recovered property.

(3) This subdivision shall not 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.

(b) Notwithstanding any other provision of law, records of the Controller’s office pertaining to unclaimed property are not available for public inspection or copying until after publication of notice of the property or, if publication of notice of the property is not required, until one year after delivery of the property to the Controller.

(Amended by Stats. 2022, Ch. 282, Sec. 5. (AB 2280) Effective January 1, 2023.)