California

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There is a lot of  information regarding becoming a California unclaimed money finder, so I am going to break it down as simply as possible.

California has over  $9 billion being held for over 48 million owners.

California also is one of the most “finder friendly” states around once you follow their guideline, so it’s definitely an excellent opportunity to make money.

California will even send your commission directly to you!

The two main laws to remember in California are:

  • You cannot charge more than a 10% fee, and
  • Money has to have been held by the State of California for at least 12 months

That’s it! It’s as simple as that.

California does have a large California Unclaimed Property Law and Regulations document that you can access here, but the two rules I just stated are all you really need to know.

There is more information that I will present below, but it’s just regarding the standards that California set to keep things uniform and make things as easy as possible for you and for them.

There are certain guidelines that you must follow as a finder in California. Before you can find money or enter into any agreements with any potential owners, the State requires certain documentation in hard copy.

They are:

  • A list of employees authorized to represent your business by contacting the state or potential owners either by letters (snail mail), e-mail, or telephone.
  •  The list should include the physical address for the business, the mailing address for the business, and the e-mail addresses of all employees.
  • Copies of photo identification of all employees (drivers license, passport, etc.)A copy of a document showing the social security number to be used for claim payment or a document showing the tax id number for your business.
  • A list of all telephone, cellular, and fax numbers for your business.

All of this can be found in the State of California Unclaimed Property Investigator Handbook. California calls unclaimed money finders “investigators”, but it’s the same thing. They used to charge $50 for the handbook, but stopped a couple of years ago. Maybe one day they’ll stop charging $150 for their California unclaimed money finder list!

Besides the main points above, California does have some specific suggestions on how they prefer to do things, including using their own Standard Investigator Agreement.

Please go to California’s Frequently Asked Questions for more information.

 

 

 

Please click here if you are interested in becoming a California Unclaimed Money Finder.

Colorado

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You can charge up to 10% as a Colorado Unclaimed Money Finder.

Colorado’s Unclaimed Money Finder Laws are pretty simple and straightforward.

They are summarized here:

  • In Colorado, a contract to pay compensation for locating or assisting in the recovery of unclaimed funds is not enforceable for the first 24 months after the date the payment of delivery is made to the Treasury.
  • Any agreement to pay compensation to recover or assist in the recovery of property reported which is entered into more than 24 months after the date of payment or delivery is made to the Treasury, is enforceable. The set forth agreement must be in writing and signed by the owner of the property; must describe the property and must set forth the nature of the services to be provided.
  • The contract between the owner/heir and the finder is required to state that the apparent owner may directly file a claim for property with the administrator of a state’s Unclaimed Property Act, who in Colorado is the State Treasurer, with being charged a fee by the administrator.

If you’re feeling ambitious, you can read the entire Colorado Unclaimed Property Act here.

Colorado Unclaimed Money Finder Lists

Unclaimed Property & Estates of Deceased Owners

The State of Colorado has one list available that includes the items above, and is $305.00, which includes shipping. All discs will be mailed/delivered once payment is received. The office accepts cashier’s checks or money orders only. Checks should be made payable to: “Colorado Unclaimed Property Division”, 200 E. Colfax Ave. Room 141, Denver CO 80203-1722

Unclaimed Property Finder List Description

The Unclaimed Property Finder list is updated annually and is available on compact disk. Owners with names are listed on the compact disk listed alphabetically by the owner’s name or business name. The list has properties greater than 24 months per statute CRS 38-13-1302.

Amounts less than $500.00 are removed from the list. The list consists of the owner’s name, last known owner’s city/state, name of the institution that remitted the funds, the type of property, the year reported, the range of reported fund amount as shown online (for example, “Greater than $250”).

The division will no longer provide specific dollar amounts on the finder list. This change has been made to be consistent with what individual owners are seeing online compared to what the finder list provides. The list will be defaulted to the highest range- Greater than $250- in the dollar range for all listed properties.

Claims are processed by the Treasurer’s office. The Treasury will require documentation of ownership and/or heirship, proof of identification and a notarized signature from the owner or heir. The type of documentation will vary depending on the type of claim (i.e. owner, heir, business and the type of property).

A warrant will be issued to the owner or heir of the unclaimed property only after proof of ownership and, where appropriate, heirship has been established. The Treasury will only pay the owner or heir of the unclaimed funds. The law requires the Treasury to pay the rightful owner or his/her heir(s) and to obtain authentic and verified signatures from those individuals. A finder or locator must obtain information from his or her client about the progress of the claim in process. The Treasury will inform a third party or locator the status of the claim (CRS 38-13-1303) no further information will be provided other than to the rightful owner or heir.

With 500,000 residents owed more than $50 million dollars, the Colorado Treasury can’t return all of this money themselves.

 

 

 

Click here if you’re interested in becoming a Colorado Unclaimed Money Finder

Wyoming

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You can set the fee at whatever you would like as a Wyoming unclaimed money finder.

However, I don’t suggest that you go crazy and charge something like 50% because it may be difficult to get clients.

 

If you want to try 25-30% and have them negotiate down to something like 20%, I think that is fair for both parties.

We’re happy charging our normal 10% fee.

Wyoming calls unclaimed money finders “asset finders” and has several provisions in place for them:

Statute 34-24-136 deems agreements to pay asset finders unenforceable if made within twenty-four (24) months after the date payment or delivery is made from the holder to the State of Wyoming.

Also, agreements to pay asset finders after the twenty-four month period must be in writing to be enforceable.

Finders do not need to be registered with the State.

The State will work with the finder if they submit a signed and limited power of attorney agreement with the owner.

Checks will only be issued in the name of the owners and sent to the owners.

Wyoming Unclaimed Property maintains two separate lists.  The first identifies all properties values at $50 or more.  It is available for inspection in the Unclaimed Property Office during regular business hours.

The second list contains properties more than 24 months old.  That list is available as a searchable database accessible through Excel and be purchased for $1000.

Information may be limited based on what was provided to the State, but if available the lists will include the owners name(s), last known address, holder name, property type, report year, and property amount.

You can purchase the list by sending a certified check, written out to Wyoming Treasure’s Office, to:

Wyoming State Treasurer
Unclaimed Property Division
122 W. 25th St., STE E300
Cheyene, WY  82002

 

 

If you are interested in becoming a Wyoming unclaimed money finder please click here for more information.