moneyfinderbiz — Page 14

Alaska

May 21, 2013 By moneyfinderbiz 6 Comments

Did you know that Alaska has a page on their site dedicated to unclaimed money finders?

They call them “fee finders”. Fee finders help locate people owed unclaimed money and help them get the money back. In return they charge a commission (fee) based on the amount of money that they got back

In Alaska you can charge up to 20% commission if the amount is $500 or less. If it is more than $500 you can charge up to 10%.

Before you read the laws below, let me just show you how easy it is to become an unclaimed money finder in Alaska!

Alaska is a great state to work with because most people don’t even think it exists as far as unclaimed money is concerned because it is so far away. However, it is as close as a phone call or a stamp on a letter. It’s so simple to find unclaimed money in Alaska, I can show you in just a few easy steps!

First, you need to go to the Alaska Unclaimed Property page.

Second, click on the Fee Finder Information link.

Third, At the bottom of the page you will see this information:

Periodically, the State of Alaska compiles a list of unclaimed property with a value of $100 or more. The list is available at no charge and may be requested by sending an email to ucproperty@alaska.gov. The following information must be included in your request:

Name
Business Name
Address
Phone Number
Acknowledgement of Alaska’s Unclaimed Property Act provisions surrounding a fee finder’s contract conditions and allowable fees.

Fourth, once you get the list, pick any property on the list that you may want to help return to the rightful owner.

Fifth, Now go to www.missingmoney.com , type in the first name, the last name, and AK (for the state of Alaska) and see if that property is listed.

Sixth, compare the property number on the missing money page to the property number on the Alaska Fee Finder spreadsheet.

If the numbers match, you know that that money has not been claimed yet and you can go after it!

Now just use the methods in the Ultimate Guide To Your Successful Unclaimed Money Finder Business to locate the owner, call them (or send them a letter) and help them collect their unclaimed money (and you collect your fee)!

You can see how in just a few easy steps you can locate unclaimed money, verify that it has not been claimed yet, and help the owner collect it while collecting your fee. This is one of the easiest and greatest businesses to get into!

Alaska Fee Finder Agreements

The State of Alaska’s Unclaimed Property Act has a provision that addresses fee finders’ contract conditions and allowable fees. A contract must be in writing, not exceed six months, specify fees to be charged, state the nature and value of property and the value of the owner’s share after the fee is deducted. The fee or compensation must not exceed the limitations below.

A contract that does not meet the statutory guidelines is unenforceable.

Fee Finder Limitations

The fee or compensation must not exceed the following:

* Property equal to or greater than $500 can not be charged a fee in excess of 10% * Property less than $500 can not be charged a fee in excess of 20%

A contract that exceeds the above limits is unenforceable.

Any collection and payment disputes are limited to the contractual parties.

List for Fee Finders

Periodically, the State of Alaska compiles a list of unclaimed property with a value of $100 or more. The list is available at no charge. You can click here to get the latest list.

The Department of Revenue works directly with the owner(s) to process their claim. The owner may be asked to provide various information such as current and former addresses, phone number, birth date, etc.

Fee Finder Claims

The Department of Revenue works directly with the owner to process their claim. The Department will not disclose nor discuss a claim with a fee finder. Misrepresenting, or impersonating an owner will not be tolerated.

Sec. 11.56.210. Unsworn falsification.

(a) A person commits the crime of unsworn falsification if, with the intent to mislead a public servant in the performance of a duty, the person submits a false written or recorded statement which the person does not believe to be true
(1) in an application for a benefit; or
(2) on a form bearing notice, authorized by law, that false statements made in it are punishable.
(b) Unsworn falsification is a class A misdemeanor.

This isn’t to say that Alaska still isn’t a bad state to make money in. You can still make money but the staff isn’t going to give you information so you will have to rely on your claimant to give you information.

Believe or not, but most people are honest and they are happy that you are not scamming them and they actually got their money, so there shouldn’t be an issue there.

If you would like more information on becoming an Alaska unclaimed money finder please click here

Vermont

May 17, 2013 By moneyfinderbiz Leave a Comment

A Vermont unclaimed money finder must post a bond of not less than $10,000.

For a laid back state, that’s a pretty strict requirement.

This is “to insure the Treasurer’s Office against any fraudulent or mistaken claims that may arise as a result of an heir finder’s representation of an owner.”

Other than that, it is pretty much the same as any other state.

Vermont has 200,000 accounts in their data base worth more than $48 million. The average account is $625. If you recovered a few of those a day, that can add up to some nice money.

The below information comes directly from the state on becoming a Vermont unclaimed money finder in Vermont:

What is a Vermont unclaimed money finder?

An unclaimed money finder is someone who charges a fee for locating an heir. Often the heir finder identifies abandoned or unclaimed property, locates the rightful owner or heir, and then wants to sign an agreement for a percentage of the property returned to the owner.

There is no charge to the owner for the recovery of funds directly through the State Treasurer’s Office. The Unclaimed Property Division encourages people who are considering entering into an agreement with an heir finder to consult with their local Better Business Bureau about the person or agency in question before signing any agreement. Abandoned property is never sent to a third person, it is always sent to the owner or rightful heir.

Requirements for Unclaimed Money Finders in Vermont

In order to obtain and maintain registered status, all asset locators must post a performance bond of not less than $10,000 to insure the Treasurer’s Office against any fraudulent or mistaken claims that may arise as a result of an heir finder’s representation of an owner.

A copy of any agreement, or contract, between an asset locator and an owner shall be filed with the Treasurer’s Office, together with a signed by the owner and notarized “notice to claimant” form, as prescribed by the Treasurer, describing the rights of the owner under this section.

An agreement between an owner and an asset locator, the primary purpose of which is to locate, deliver, recover or assist in the recovery of property that is presumed abandoned, shall be 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 24 months after the date the property is paid or delivered to the treasurer.

This subsection shall not apply to an agreement between an owner and a Vermont licensed attorney to file a claim as to identified property or contest the treasurer’s denial of a claim.

An agreement between an owner and an asset locator, the primary purpose of which is to locate, deliver, recover or assist in the recovery of property that is presumed abandoned, shall be enforceable only if the agreement is in writing in a form acceptable to the Treasurer, 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.

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.

An agreement between an owner and an asset locator, the primary purpose of which is to locate, deliver, recover or assist in the recovery of property that is presumed abandoned and that provides for compensation that exceeds 10 percent of the value of the unclaimed property, shall be unenforceable.

This section does not preclude an owner from asserting that an agreement covered by this section is invalid on grounds other than excessive compensation.

No claim form may be sent to an asset locator without the prior written permission of the owner, or the owner’s legal representative.

Payments of all claims made to an owner who has been assisted by an asset locator shall be made to the owner, and not to the asset locator. An owner may not assign his or her rights, or property interests, under this chapter to an asset locator.

Think you would like to make some extra money as a unclaimed money finder? Please click on the opportunity to learn how.

Virginia

May 13, 2013 By moneyfinderbiz 4 Comments

You can charge 10% commission as a Virginia unclaimed money finder.

There are a few rules you must value, listed below:

1. It is unlawful for any person to seek or receive from another person or contract with another person for a fee or compensation for locating property which he knows has been reported or paid or delivered to the State Treasurer prior to thirty-six months after the date of delivery of the property by the holder to the State Treasurer.

2. No agreement entered into after thirty-six months from the required date of delivery of the property by the holder to the State Treasurer is valid if a person thereby undertakes to locate property included in a report for a fee or other compensation exceeding ten percent of the value of the recoverable property.

Nothing in this section shall be construed to prevent an owner from asserting at any time that an agreement to locate property is based upon an excessive or unjust consideration.

3. State warrants that may be issued in payment and redemption of previously abandoned property or the liquidation proceeds of previously abandoned property may be issued in the discretion of the State Treasurer directly to the person or persons entitled to the money as the owner, heir, legatee, or as fiduciary of the estate of the deceased owner, heir or legatee, and not to a named attorney-in-fact, agent, assignee, or any other person regardless of a written instruction to the contrary.

The State Treasurer need not recognize nor is the State Treasurer bound by any terms of a purported power of attorney or assignment that may be presented as having been executed by a person as the purported owner, heir, legatee or fiduciary of the estate of a deceased owner of such abandoned property.

4. A person who violates any of the above rules shall be guilty of a misdemeanor, punishable by a fine not to exceed $1,000.

So, that is basically it. You cannot locate money that has not been held by the state for at least thirty-six months and you cannot charge more than ten percent fee.

Also, the state will send a check to the owner of the Virginia unclaimed money and not to the finder.

Please click on the link to see the complete Virginia Unclaimed Money Code.

Virginia has collected over $1 billion since 1961. The amount continues to grow.

One in seven people in Virgina have unclaimed money coming to them.

That’s a lot of money and a lot of people to give it back to.

Please click here if you would like to learn more about becoming a Virginia unclaimed money finder.