(a) All asset locators seeking to interact with the Administrator on behalf of apparent owners shall first register with Administrator on forms prescribed by the Administrator. Registration information shall include an asset locator’s previous business experience and whether the asset locator has a criminal record. In order to obtain and maintain registered status, all asset locators shall post a performance bond of not less than $10,000.00 to insure the Administrator against any fraudulent or mistaken claims that may arise as a result of an asset locator’s representation of an apparent owner. A copy of any agreement, or contract, between an asset locator and an apparent owner shall be filed with the Administrator, together with a signed by the apparent owner and notarized “notice to claimant” form, as prescribed by the Administrator, describing the rights of the apparent owner under this subchapter.
(b) An owner may not assign his or her rights, or property interests, under this chapter to an asset locator. No power of attorney containing provisions contrary to this section shall be enforceable.