The Treasury Department Division of Unclaimed Property does not regulate who can be an unclaimed money finder in Tennessee.
Unfortunately, the Treasury Department doesn’t make decisions on unclaimed money finders.
That is handled by the State of Tennessee Department of Commerce and Insurance administers the Tennessee Private Investigation and Polygraph Commission.
The Tennessee Private Investigation and Polygraph Commission has ruled that an unclaimed money finder must be a licensed private investigator.
If you are not a licensed private investigator you will need to contact their office at (615) 741-4827 or http://www.tennessee.gov/commerce/boards/pi/index.shtml
However, just because you live in Tennessee, it doesn’t mean you can’t become an unclaimed money finder for other states.
It’s a great business that not too many people are aware of. There are millions of people owed billions of dollars in just about every state in the United States.
Take a look at the unclaimed money state laws page and then click on any of the states listed there. You will see an excellent opportunity to make money with this unique business.
If you are interested in becoming a Tennessee unclaimed money finder, or if you are already one, then the information below is for you.
Unclaimed Money Finders Fees and Contracts
Once you have located someone whose name is listed as having unclaimed property, a contract should be executed between yourself and that person.
The contract must state that the Tennessee unclaimed money finder will charge no more than 10% of the value of property recovered or $50, whichever is greater. All contracts must be approved by the Unclaimed Property Division as stated in TCA 66-29-122.
Submitting a Claim
Once you locate the owner you are not to imply or infer that you are an employee of the Division of Unclaimed Property or contracted to work with the Division of Unclaimed Property.
Before you submit the claim to the Division of Unclaimed Property there are several items that are required before they will pay a claim.
Listed below are the items we will need with every claim:
- Documentation that you are a licensed private investigator with Tennessee Private Investigation and Polygraph Commission.
- A contract signed by both the claimant and the finder. It must list the owner/claimant’s phone number and address as well as the finders phone number and address.
- The contract must list the amount the finder is charging the owner with the dollar amount as well as the percentage.
- A claim form must be signed and notarized by the owner/claimant. The address on the claim form is where we will mail the check. All payments will be made directly to the owner/claimant and it is the Tennessee unclaimed money finders responsibility to collect their fee from the owner/claimant.
- The owner/claimant must provide some documentation of their address on the claim form where the check will be sent. (Examples include a copy of a bill or drivers license)The owner/claimant must provide a copy of identification. (Examples include a copy of driver’s license or voter’s registration card)
- The owner/claimant must provide documentation of their social security number. (Examples include a copy of their social security card or a payroll stub with their social security number on it)
- Documentation the funds being held belong to the claimant.
If you would like to learn more about becoming an Tennessee Unclaimed Money Finder please click here