A person helping a potential claimant recover certain property may not charge more than 10% of the recovered value, plus necessary attorney’s fees, and some mineral-proceeds payments are excluded.
Sec. 74.507. ASSISTANCE OF CLAIMANT; FEE FOR RECOVERY. (a) A person who informs a potential claimant that the claimant may be entitled to claim property that is reportable to the comptroller under this chapter, that has been reported to the comptroller, or that is in the possession of the comptroller may not contract for or receive from the claimant for services an amount that exceeds 10 percent of the value of the property recovered, plus reasonable attorney's fees necessary to pursue the claim. If the property involved is mineral proceeds, the amount for services may not include a portion of the underlying minerals or any production payment, overriding royalty, or similar payment. (b) The person who informs a potential claimant and by contract or other written agreement is to receive a percentage of the value of the property may not file or receive a form to claim on behalf of a claimant. (c) An agreement to assist a claimant in the recovery of property that is reportable to the comptroller, that has been reported to the comptroller, or that is in the possession of the comptroller under this chapter is enforceable only if the agreement: (1) clearly states the nature of the property and the services to be provided; (2) is signed by or on behalf of the claimant; and (3) states the amount or value of the property reasonably expected to be recovered, computed before and after a fee or other compensation has been deducted. Added by Acts 1985, 69th Leg., ch. 230, Sec. 17, eff. Sept. 1, 1985. Amended by Acts 1987, 70th Leg., ch. 426, Sec. 5, eff. Sept. 1, 1987; Acts 1993, 73rd Leg., ch. 36, Sec. 3.09, eff. Sept. 1, 1993; Acts 1997, 75th Leg., ch. 1037, Sec. 31, eff. Sept. 1, 1997; Acts 1997, 75th Leg., ch. 1423, Sec. 16.29, eff. Sept. 1, 1997; Acts 1999, 76th Leg., ch. 1208, Sec. 4, eff. Sept. 1, 1999. Amended by: Acts 2021, 87th Leg., R.S., Ch. 52 (H.B. 1514), Sec. 14, eff. May 18, 2021. Acts 2021, 87th Leg., R.S., Ch. 52 (H.B. 1514), Sec. 15, eff. May 18, 2021.