(1) All agreements to pay compensation to recover or assist in the recovery of property reported under section 38-13-110 entered into within twenty-four months after the date payment or delivery is made under section 38-13-112 are unenforceable.

(2) Any agreement to pay compensation to recover or assist in the recovery of property reported under section 38-13-110 entered into more than twenty-four months, but less than thirty-six months, after the date payment or delivery is made under section 38-13-112 is enforceable if:

(a) The agreement is in writing and signed by the owner of the property;

(b) The agreement describes the property to be recovered;

(c) The agreement sets forth the nature of the services to be provided; and

(d) The compensation to be paid under the terms of the agreement is not in excess of twenty percent of the market value of the recoverable property.

(3) Any agreement to pay compensation to recover or assist in the recovery of property reported under section 38-13-110 entered into thirty-six months or more after the date payment or delivery is made under section 38-13-112 is enforceable if:

(a) The agreement is in writing and signed by the owner of the property;

(b) The agreement describes the property to be recovered;

(c) The agreement sets forth the nature of the services to be provided; and

(d) The compensation to be paid under the terms of the agreement is not in excess of thirty percent of the market value of the recoverable property.

(4) Nothing in subsections (2) and (3) of this section shall be construed to prohibit an owner from asserting, at any time, that a written, signed agreement to recover or assist in the recovery of property is based on excessive or unjust consideration.

(5) The restrictions on agreements to pay compensation to recover or assist in the recovery of property set forth in this section shall not apply to any agreement to pay compensation to recover or assist in the recovery of property reported under section 38-13-110 if such property has a total value of less than one thousand dollars.

(6) This section does not apply to agreements to recover or assist in recovering unclaimed overbids transferred to the administrator under section 38-38-111.