You can charge up to 10% as a Minnesota unclaimed money finder.
You must be a private investigator to locate people owed unclaimed money in Minnesota.
Minnesota is an excellent example of why you should always contact a state first before you start searching in it to locate unclaimed money.
Many states laws, codes, acts, etc., will tell you the rules you have to follow to search for unclaimed money for a fee, but they won’t tell you that you have to be a private investigator.
That you have to get from the State. It’s better to find out ahead of time then to actually by a list (yes some states will sell you a list without asking if you are a PI), go through the process of finding someone, getting an agreement signed, submitting it, and then having them tell you that you need to be a private investigator.
Regarding the rules in Minnesota, if you are a private investigator, there are a only a couple that you need to follow.
They are:
1. You cannot contact someone to locate money for them for a fee if the money has not been held for at least twenty-four months, and
2. You cannot charge more than 10% commission.
Click on the link to view the official Minnesota unclaimed money finder statute.
If you contact Minnesota they will send you information that shows that you need to be a private investigator to locate unclaimed money.
You can access that information here.
Along with that information, they also tell you that you can obtain the unclaimed money list from the Minnesota Bookstore.
The cd with the list on it costs $500 but it only gives amounts over $1000 which is great.
I don’t like to look for anything less than $1000 when I’m searching for money.
You can make that $500 back with one $5000 claim.
Speaking of private investigators in Minnesota, I know one that does quite well searching for unclaimed money.
She only became an investigator to search for money. She started off as an apprentice under another PI, and after three years became licensed herself.
The PI she worked under basically let her use his letterhead and information to submit search information and he shared in the commissions. It worked out for both of them.
Please click on the link to learn more about becoming a private investigator in Minnesota.
What if you do not want to become a private investigator?
Well, you can still search for unclaimed money, you just need to pick a different state to search in.
As I mention many times throughout the site, we are in New York but rarely search in New York because the list does not show the dollar amounts.
So, we look in other states. You can do the same.
Please click on the link if you are interested in becoming an unclaimed money finder.
