Reciprocity.
1. The Administrator may enter into an agreement to provide information needed to enable another state to determine the existence of unclaimed property to which it may be entitled if the other state agrees to provide this state with information needed to enable this state to determine the existence of unclaimed property to which this state may be entitled. The Administrator may, by regulation, require the reporting of information needed to enable him to comply with agreements made pursuant to this section and may, by regulation, prescribe the form, including verification, of the information to be reported and the times for filing the reports.
2. At the request of another state, the Attorney General of this state may bring an action in the name of the other state, in any court of competent jurisdiction of this state or federal court within this state, to enforce the unclaimed property laws of the other state against a holder in this state of property to which the other state is entitled, if:
(a) The courts of the other state cannot obtain jurisdiction over the holder;
(b) The other state has agreed to bring actions in the name of this state at the request of the Attorney General of this state to enforce the provisions of this chapter against any person in the other state believed by the Administrator to hold property to which this state is entitled, where the courts of this state cannot obtain jurisdiction over that person; and
(c) The other state has agreed to pay reasonable costs incurred by the Attorney General in bringing the action on its behalf.
3. If the Administrator believes that a person in another state holds property to which this state is entitled under this chapter and the courts of this state cannot obtain jurisdiction over that person, the Attorney General of this state may request an officer of the other state to bring an action in the name of this state to enforce the provisions of this chapter against that person. This state shall pay all reasonable costs incurred by the other state in any action brought under the authority of this section. The Administrator may agree to pay to the state, a political subdivision of the state, or an agency of either, which employs the officer bringing such an action a reward not to exceed 15 percent of the value, after deducting reasonable costs, of any property recovered for this state as a direct or indirect result of the action. Any costs or rewards paid pursuant to this section must be paid from the Abandoned Property Trust Fund and must not be deducted from the amount that is subject to be claimed by the owner in accordance with this chapter.
Last modified: February 27, 2006