(1) "Finder" means an individual, company or corporation that locates owners of abandoned property and assists them in retrieving it for a fee or commission.

 

(2) "Payee" means a person to whom or to whose order a bill, note, check, or money order is made payable.

(3) "Remitter" means the purchaser of a check, money order, or cashier's check.

(4) "Holders" means an entity required to report and deliver unclaimed property under the act.

(5) "Memorandum" means but is not limited to:

(a) A confirmation letter or card signed by the owner;

(b) A personal letter of inquiry from the owner;

(c) A note in the file that the owner has discussed the account or property with the holder or an employee of the holder by telephone;

(d) A note in the file that the owner personally came in

and discussed the account or property with the holder or an

employee of the holder; or

(e) Communication in writing or verbal communication (evidenced by a note in the file) from the owner to a banking or financial organization concerning another relationship with the organization, including a loan payment or discussion concerning another account, as long as the organization sends regular statements to the owner concerning the subject property or account.

(6) "Unconscionable fee" means the fee or compensation paid to a finder by the owner that exceeds 15% of the value of the property paid or delivered to the administrator.