The terms for becoming an Arkansas Unclaimed Money Finder are pretty simple. They only have a couple of requirements that matter:
1. You cannot charge more than 10% of the amount of money found.
2. The money must be held for at least twenty-four months before you can contact an owner and charge a fee for locating the money.
With $170 million worth of unclaimed money being held in Arkansas, at 10%, that is $17 million up for grabs!
Here are the complete terms regarding finders from the Arkansas Unclaimed Property Act:
8-28-225.Agreement to locate property.
(a) An agreement by an owner, the primary purpose of which is to locate, deliver, recover, or assist in the recovery of property that is presumed abandoned is void and unenforceable if it was entered into during the period commencing on the date the property was presumed abandoned and extending to a time that is twenty-four (24) months after the date the property is paid or delivered to the administrator. This subsection does not apply to an owner’s agreement with an attorney to file a claim as to identified property or contest the administrator’s denial of a claim.
(b) An agreement by an owner, the primary purpose of which is to locate, deliver, recover, or assist in the recovery of property is enforceable only if the agreement is in writing, provides for a fee of not more than ten percent (10%) of the recovery, clearly sets forth the nature of the property and the services to be rendered, is signed by the apparent owner, and states the value of the property before and after the fee or other compensation has been deducted.
(c) If an agreement covered by this section applies to mineral proceeds and the agreement contains a provision to pay compensation that includes a portion of the underlying minerals or any mineral proceeds not then presumed abandoned, the provision is void and unenforceable.
(d) An agreement covered by this section which provides for compensation that is unconscionable is unenforceable except by the owner. An owner who has agreed to pay compensation that is unconscionable, or the administrator on behalf of the owner, may maintain an action to reduce the compensation to a conscionable amount. The court may award reasonable attorney’s fees to an owner who prevails in the action.
(e) This section does not preclude an owner from asserting that an agreement covered by this section is invalid on grounds other than unconscionable compensation.
Click here to view the complete Arkansas Unclaimed Property Act
The following question is found on the Arkansas’ unclaimed money site frequently asked question page
Should an Owner Hire an Unclaimed Money Finder?
This is their answer:
We encourage owners to contact the Unclaimed Property Division directly to search for funds before signing a contract with a finder. The Unclaimed Property Division will refund only to the owner or their heirs and will pay no claim where an Arkansas Unclaimed Money Finder is charging a fee in excess of 10%.
We strongly discourage revealing information about an owner’s account to a finder or third-party agent to protect the integrity of the account.
But if the person does not know they have money being held for them, don’t you think it would be a good thing to use an unclaimed money finder?
Oh yeah, that’s a good point!
I added that last section! But it’s true! Anyone looking for unclaimed money in Arkansas would already know if they had money coming to them and wouldn’t need an unclaimed money finder. There are plenty of people out there that don’t know though!
This is such an easy business and this is where you come in.
This business is about getting a list of unclaimed money, using the search tools found on the internet to locate people, and then contacting them and helping to return their money.
There really isn’t much more involved.
If you are interested in becoming an unclaimed money finder, please click here
Hello, Can claims be submitted electronically to Arkansas?
Is there an expiration on when Unclaimed Property is lost and claimed by the government?
Property is usually considered unclaimed after a period of time when there has been no activity on an account. The average time period of inactivity before it is turned over is three years. Once it is turned over to the unclaimed property department it is held in perpetuity. It will be there until someone claims it.
Does Arkansas pay the owner and the claimant has to pay the finder? Do you know off hand which states pay the finder directly?
Stacy, yes, the claimant needs to pay the finder. The only state that I am aware of that pays the claimant directly is California. If anyone knows anything different, please let me know.
Florida also pays claimant and the finder, but you have to have a PI license.
Florida also pays claimant and the finder, but you have to have a PI license.
I have experience working as a money finder through a company in Florida, but I want to start my own business in California while living in Florida. Are probate laws different in California? In Florida, if the claimant is deceased and the money amount is over $10,000, probate must be done. If the claimant is alive, no probate is needed. Also, the heirs go in this order..spouse. If spouse has died, then the children are entitled. If any of the children have died, then their spouses or children are entitled to their portion of the money. Next would be the parents if they are alive. If not, then the siblings or the siblings heirs (their spouses or children) and so on. Would this be the same process as California’s laws? Thank you. I ordered your tutorial and wonder how long it takes to get the link, as I am very motivated to get started.
Please take a look at the California Investigators Handbook for information.
Please refer to the California Probate Code section 13051 and 13006 for more information.
Lastly, you can ask the State directly if you still have questions.
I see someone asked about using an attorney. I’m not planning to do that but does Arkansas require a notary for the fee agreement? Also, can I use digital signatures?
Carole,
I haven’t seen anything in regards to a notary, but some states require that over a certain amount, so you might want to check with them directly on that and the digital signature question.
Does the state of arkansas require you to be a private investigator? or do you just have to register with the state?
No, you do not need to be a private investigator in Arkansas. I’m not even sure you need to register with the state. You might want to contact them directly on that.
I understand the finder fee is 10%. But if you are using an attorney is it 10% to the finder and additional fee to the attorney? Or is it 10% total including the finder and the attorney?
Rachal,
What are you using the attorney for? If it’s your attorney, it will most likely be him/her wanting a fee, plus 10% to the finder. If the attorney is associated with the finder, it should only be the 10%.
I had signed up for a course that provides an attorney to handle the paperwork. I believed this would give me the most credibility just starting out.
Rachal,
If the law is setting the limit at 10% then you can only charge the claimant 10%. Any attorney fees on your end would need to be taken care of by you.
Don’t buy this guy’s lists. You can search for your state’s unclaimed property through their government websites. The sites are secured and you can find your own name for free where they don’t charge you any fees to get you money that is already your’s.
John,
I’m not selling any lists, the State of Arkansas is, as well as California, Massachusetts, New York, Ohio, etc.
If you look around this site, you will see there are plenty of places to do free searches and if you click on a state, there are links taking you to that states free search.
Penny (below) was asking if Arkansas had a list so she could be a finder for people in Arkansas, not to look for her own name.
Millions of people out there are unaware that they can do a free search. That’s why there are billions of dollars being held and more and more is added every year.
Finders just make these people aware that money is being held and help to get it back for a small percentage.
The people we get money back for are very grateful because if we hadn’t gotten involved they would still have no idea that money was being held for them.
Does Arkansas have a list that you can buy?
Penny,
Yes, the list from Arkansas is $25.
From their information on finders, which you can access here, https://www.ark.org/rosterdl/index.php?agency=auditor_unclprop… it is required by law to make available a list containing the names and last-known addresses (if available) of those persons who may be entitled to unclaimed funds more than 24 months old. The list will indicate the nature of the property, and when and by whom the property was reported, the amounts held for the individual owner or owners, and if available, the last known address.
The Finder File is a zipped, pipe-delimited text file that is updated as of midnight on the first of each month. The file is approximately 11 Mb (compressed). The user is responsible for unzipping the file and any manipulation of the data. The text files include the following fields: owner of property, address, city, state, zip, holder, description, and amount. The files may be purchased using a Visa, Mastercard, or Discover and the finder cost is $25.”
Is there a certain contract that you have to use for the state of Arkansas and do you have to be licensed there ?
You do not need to be licensed in Arkansas. They are a good state to work in and their list is $25. We use a simple agreement there that basically says we’ll try to get the money back from them, if we do we’ll charge 10% and if we don’t there is no fee. It is three or four sentences. We do ask for it to be notarized.
Curious.. why do you ask that it be notarized if that is not required? I really like all the great info on your site. I will very likely buy your book.
We ask for it to be notarized for our own protection so we’re not processing a claim for someone that is not entitled to it.