{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/55.1-2542.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/55.1-2542.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/55.1-2542.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/55.1-2542.html"}],"law_id":62395,"edition_id":1,"section_id":62395,"structure_id":12710,"section_number":"55.1-2542","catch_line":"Agreements to locate reported property; penalty","history":"1981, c. 47, \u00a7 55-210.27:1; 1988, c. 378; 2019, c. 712.","full_text":"A\n\nIt is unlawful for any person to seek or receive from another person or contract with another person for a fee or compensation for locating property that he knows has been reported or paid or delivered to the administrator pursuant to this chapter prior to 36 months after the date of delivery of the property by the holder to the administrator as required by this chapter.B\n\nNo agreement entered into after 36 months from the required date of delivery of the property by the holder to the administrator 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. 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.C\n\nState warrants that may be issued in payment and redemption of previously abandoned property or the liquidation proceeds of previously abandoned property may be issued in the discretion of the administrator directly to the person entitled to the money as the owner, heir, or legatee, or as fiduciary of the estate of the deceased owner, heir, or legatee, and not to a named attorney-in-fact, agent, or assignee or any other person regardless of a written instruction to the contrary. The administrator need not recognize nor is the administrator bound by any terms of a purported power of attorney or assignment that may be presented as having been executed by a person as the purported owner, heir, legatee, or fiduciary of the estate of a deceased owner of such abandoned property.D\n\nA person who violates subsection A or B is guilty of a misdemeanor, punishable by a fine not to exceed $1,000.","order_by":null,"text":{"0":{"id":227548,"text":"It is unlawful for any person to seek or receive from another person or contract with another person for a fee or compensation for locating property that he knows has been reported or paid or delivered to the administrator pursuant to this chapter prior to 36 months after the date of delivery of the property by the holder to the administrator as required by this chapter.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":227549,"text":"No agreement entered into after 36 months from the required date of delivery of the property by the holder to the administrator 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. 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.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":227550,"text":"State warrants that may be issued in payment and redemption of previously abandoned property or the liquidation proceeds of previously abandoned property may be issued in the discretion of the administrator directly to the person entitled to the money as the owner, heir, or legatee, or as fiduciary of the estate of the deceased owner, heir, or legatee, and not to a named attorney-in-fact, agent, or assignee or any other person regardless of a written instruction to the contrary. The administrator need not recognize nor is the administrator bound by any terms of a purported power of attorney or assignment that may be presented as having been executed by a person as the purported owner, heir, legatee, or fiduciary of the estate of a deceased owner of such abandoned property.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":227551,"text":"A person who violates subsection A or B is guilty of a misdemeanor, punishable by a fine not to exceed $1,000.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C"}},"ancestry":[{"id":12710,"edition_id":1,"name":"Procedural and Administrative Matters","identifier":"3","label":"article","depth":4,"order_by":1,"parent_id":12709,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":248045,"object_type":"structure","relational_id":12710,"identifier":"3","token":"55.1\/V\/25\/3","url":"\/55.1\/V\/25\/3\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12709,"edition_id":1,"name":"Virginia Disposition Of Unclaimed Property Act","identifier":"25","label":"chapter","depth":3,"order_by":1,"parent_id":12708,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":247943,"object_type":"structure","relational_id":12709,"identifier":"25","token":"55.1\/V\/25","url":"\/55.1\/V\/25\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12708,"edition_id":1,"name":"Miscellaneous","identifier":"V","label":"subtitle","depth":2,"order_by":1,"parent_id":12707,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":247771,"object_type":"structure","relational_id":12708,"identifier":"V","token":"55.1\/V","url":"\/55.1\/V\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12707,"edition_id":1,"name":"Property and Conveyances","identifier":"55.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":244769,"object_type":"structure","relational_id":12707,"identifier":"55.1","token":"55.1","url":"\/55.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":53937,"structure_id":12710,"section_number":"55.1-2524","catch_line":"Report and remittance to be made by holder of funds or property presumed abandoned; holder to exercise due diligence to locate owner","url":"\/55.1-2524\/","token":"55.1\/V\/25\/3\/55.1-2524","metadata":false},{"id":73610,"structure_id":12710,"section_number":"55.1-2525","catch_line":"Notices to be published by administrator","url":"\/55.1-2525\/","token":"55.1\/V\/25\/3\/55.1-2525","metadata":false},{"id":66200,"structure_id":12710,"section_number":"55.1-2526","catch_line":"Holder relieved of liability for property paid or delivered to administrator; payment to owner by holder; proceedings against prior holder; notice to administrator and Attorney General; reimbursement of holder","url":"\/55.1-2526\/","token":"55.1\/V\/25\/3\/55.1-2526","metadata":false},{"id":63169,"structure_id":12710,"section_number":"55.1-2527","catch_line":"Crediting of dividends, interest, or increments to owner's account","url":"\/55.1-2527\/","token":"55.1\/V\/25\/3\/55.1-2527","metadata":false},{"id":66817,"structure_id":12710,"section_number":"55.1-2528","catch_line":"Periods of limitation","url":"\/55.1-2528\/","token":"55.1\/V\/25\/3\/55.1-2528","metadata":false},{"id":81656,"structure_id":12710,"section_number":"55.1-2529","catch_line":"Sale of abandoned property by administrator","url":"\/55.1-2529\/","token":"55.1\/V\/25\/3\/55.1-2529","metadata":false},{"id":71834,"structure_id":12710,"section_number":"55.1-2530","catch_line":"Securities received in name of owner","url":"\/55.1-2530\/","token":"55.1\/V\/25\/3\/55.1-2530","metadata":false},{"id":55939,"structure_id":12710,"section_number":"55.1-2531","catch_line":"Disposition of funds received under chapter; records to be kept by administrator","url":"\/55.1-2531\/","token":"55.1\/V\/25\/3\/55.1-2531","metadata":false},{"id":60102,"structure_id":12710,"section_number":"55.1-2532","catch_line":"Filing claim to property or proceeds of sale of such property","url":"\/55.1-2532\/","token":"55.1\/V\/25\/3\/55.1-2532","metadata":false},{"id":71685,"structure_id":12710,"section_number":"55.1-2533","catch_line":"Consideration of and hearing on claim by administrator; payment; interest","url":"\/55.1-2533\/","token":"55.1\/V\/25\/3\/55.1-2533","metadata":false},{"id":76385,"structure_id":12710,"section_number":"55.1-2534","catch_line":"Judicial review of decision of administrator","url":"\/55.1-2534\/","token":"55.1\/V\/25\/3\/55.1-2534","metadata":false},{"id":83185,"structure_id":12710,"section_number":"55.1-2535","catch_line":"Election of administrator not to receive property or to postpone taking possession of funds","url":"\/55.1-2535\/","token":"55.1\/V\/25\/3\/55.1-2535","metadata":false},{"id":72223,"structure_id":12710,"section_number":"55.1-2536","catch_line":"Requests for verified reports and examinations of records","url":"\/55.1-2536\/","token":"55.1\/V\/25\/3\/55.1-2536","metadata":false},{"id":65026,"structure_id":12710,"section_number":"55.1-2537","catch_line":"Retention of records","url":"\/55.1-2537\/","token":"55.1\/V\/25\/3\/55.1-2537","metadata":false},{"id":80599,"structure_id":12710,"section_number":"55.1-2538","catch_line":"Confidentiality of information and records","url":"\/55.1-2538\/","token":"55.1\/V\/25\/3\/55.1-2538","metadata":false},{"id":79673,"structure_id":12710,"section_number":"55.1-2539","catch_line":"Enforcement of chapter","url":"\/55.1-2539\/","token":"55.1\/V\/25\/3\/55.1-2539","metadata":false},{"id":55112,"structure_id":12710,"section_number":"55.1-2540","catch_line":"Interest and penalties","url":"\/55.1-2540\/","token":"55.1\/V\/25\/3\/55.1-2540","metadata":false},{"id":81697,"structure_id":12710,"section_number":"55.1-2541","catch_line":"Determinations; appeal procedures; regulations of administrator","url":"\/55.1-2541\/","token":"55.1\/V\/25\/3\/55.1-2541","metadata":false},{"id":62395,"structure_id":12710,"section_number":"55.1-2542","catch_line":"Agreements to locate reported property; penalty","url":"\/55.1-2542\/","token":"55.1\/V\/25\/3\/55.1-2542","metadata":false},{"id":64814,"structure_id":12710,"section_number":"55.1-2543","catch_line":"Property presumed abandoned or escheated under laws of another state","url":"\/55.1-2543\/","token":"55.1\/V\/25\/3\/55.1-2543","metadata":false},{"id":80911,"structure_id":12710,"section_number":"55.1-2544","catch_line":"Property held or payable pursuant to Title 51.1","url":"\/55.1-2544\/","token":"55.1\/V\/25\/3\/55.1-2544","metadata":false},{"id":68580,"structure_id":12710,"section_number":"55.1-2545","catch_line":"Construction of chapter","url":"\/55.1-2545\/","token":"55.1\/V\/25\/3\/55.1-2545","metadata":false}],"previous_section":{"id":81697,"structure_id":12710,"section_number":"55.1-2541","catch_line":"Determinations; appeal procedures; regulations of administrator","url":"\/55.1-2541\/","token":"55.1\/V\/25\/3\/55.1-2541","metadata":false},"next_section":{"id":64814,"structure_id":12710,"section_number":"55.1-2543","catch_line":"Property presumed abandoned or escheated under laws of another state","url":"\/55.1-2543\/","token":"55.1\/V\/25\/3\/55.1-2543","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/55.1-2542\/","history_text":"

This law was first created in 1981. The record of its establishment is cataloged in chapter 47 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1981 \u201cActs\u201d aren\u2019t available online. It has been modified 2 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1988, chapter 378; in 2019, chapter 712<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":248119,"object_type":"law","relational_id":62395,"identifier":"55.1-2542","token":"55.1\/V\/25\/3\/55.1-2542","url":"\/55.1-2542\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/55.1-2542\/","token":"55.1\/V\/25\/3\/55.1-2542","dublin_core":{"Title":"Agreements to locate reported property; penalty","Type":"Text","Format":"text\/html","Identifier":"\u00a7 55.1-2542","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> It is unlawful for any person<\/span> to seek or receive from another person<\/span> or contract<\/span> with another person<\/span> for a fee or compensation for locating property that he knows has been reported or paid or delivered to the administrator<\/span> pursuant to this chapter prior to 36 months after the date of delivery of the property by the holder<\/span> to the administrator<\/span> as required by this chapter. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> No agreement entered into after 36 months from the required date of delivery of the property by the holder<\/span> to the administrator<\/span> is valid if a person<\/span> 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. Nothing in this section shall be construed to prevent an owner<\/span> from asserting at any time that an agreement to locate property is based upon an excessive or unjust consideration. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> State warrants that may be issued in payment and redemption<\/span> of previously abandoned property or the liquidation<\/span> proceeds of previously abandoned property may be issued in the discretion of the administrator<\/span> directly to the person<\/span> entitled to the money as the owner<\/span>, heir, or legatee, or as fiduciary of the estate of the deceased owner<\/span>, heir, or legatee, and not to a named attorney-in-fact<\/span><\/span>, agent, or assignee or any other person<\/span> regardless of a written instruction to the contrary. The administrator<\/span> need not recognize nor is the administrator<\/span> bound by any terms of a purported power of attorney<\/span> or assignment that may be presented as having been executed by a person<\/span> as the purported owner<\/span>, heir, legatee, or fiduciary of the estate of a deceased owner<\/span> of such abandoned property. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> A person<\/span> who violates subsection A or B is guilty of a misdemeanor<\/span>, punishable by a fine not to exceed $1,000. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nAGREEMENTS TO LOCATE REPORTED PROPERTY; PENALTY (\u00a7 55.1-2542)\n\nA. It is unlawful for any person to seek or receive from another person or\ncontract with another person for a fee or compensation for locating property\nthat he knows has been reported or paid or delivered to the administrator\npursuant to this chapter prior to 36 months after the date of delivery of the\nproperty by the holder to the administrator as required by this chapter.\n\nB. No agreement entered into after 36 months from the required date of delivery\nof the property by the holder to the administrator is valid if a person thereby\nundertakes to locate property included in a report for a fee or other\ncompensation exceeding 10 percent of the value of the recoverable property.\nNothing in this section shall be construed to prevent an owner from asserting at\nany time that an agreement to locate property is based upon an excessive or\nunjust consideration.\n\nC. State warrants that may be issued in payment and redemption of previously\nabandoned property or the liquidation proceeds of previously abandoned property\nmay be issued in the discretion of the administrator directly to the person\nentitled to the money as the owner, heir, or legatee, or as fiduciary of the\nestate of the deceased owner, heir, or legatee, and not to a named\nattorney-in-fact, agent, or assignee or any other person regardless of a written\ninstruction to the contrary. The administrator need not recognize nor is the\nadministrator bound by any terms of a purported power of attorney or assignment\nthat may be presented as having been executed by a person as the purported\nowner, heir, legatee, or fiduciary of the estate of a deceased owner of such\nabandoned property.\n\nD. A person who violates subsection A or B is guilty of a misdemeanor,\npunishable by a fine not to exceed $1,000.\n\nHISTORY: 1981, c. 47, \u00a7 55-210.27:1; 1988, c. 378; 2019, c. 712.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}