A Kentucky unclaimed money finder can charge a 10% fee.

The laws to become an unclaimed money finder in Kentucky are pretty straightforward:

There is no limit to the amount you can charge as a New Mexico Unclaimed Money Finder.

However, like I always say, you don’t have to go crazy charging a high commission, just something that is fair and reasonable.

In fact, New Mexico has a provision in their laws saying that an agreement to locate money is not enforceable if the amount being charged is “unconscionable”.

Just ask yourself, “would I be willing to pay this fee if someone told me I had money waiting for me?”

The laws regarding finding unclaimed money in New Mexico can be found in the Uniform Unclaimed Property Act, section 7-8A-25.

They are summarized here:

A. An agreement to locate unclaimed money is unenforceable if it was entered into less than forty-eight months after the date the property was considered abandoned.

B. An agreement to locate unclaimed money is enforceable only if the agreement is in writing, 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. An agreement covered by this section which provides for compensation that is unconscionable is unenforceable except by the owner.

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

If you want more information, you can read the complete New Mexico Uniform Unclaimed Property Act here.

Besides the agreement you sign with the owner, New Mexico also requires you to submit a New Mexico Locator Form. This is just to keep track of things in their office, but there is a note on the checklist to attach a copy of your agreement with the client, so make sure that has all of the correct information on it.

One of the things that stands out in New Mexico is that you cannot charge a fee to recover money unless it has been held for at least 48 months.

Most states have a provision for 24 months, not 48.  So, this money is really abandoned!  That should give you added incentive to go after it.

Check out the finder opportunity if you are interested in becoming a New Mexico unclaimed money finder.

You can charge up to 15% as a South Carolina unclaimed money finder.

However, they do not make it easy to search for South Carolina unclaimed money.

If you live in South Carolina and want to search as a finder, it is probably better to search for money in another state.

Please see the below information from the State Treasurer to see what I am referring to:

“S.C. Code of Laws §27-18-360 et. seq of the Uniform Unclaimed Property Act provides restrictions on agreements to assist in the recovery of property reported as abandoned.

The maximum fee that can be charged is 15% of the value of the property.

Additionally, agreements to assist in the recovery of property made within twenty-four months of the property being remitted to this office as unclaimed are unenforceable.

Please note that this section does not provide an exception to the Family Privacy Act requirements discussed below.

Under the provisions of the S.C. Code of Laws §27-18-240 et. seq of the Uniform Unclaimed Property Act, we are required to make the name and last known address of each person listed as the apparent owner of the property remitted to the State as unclaimed available for inspection during normal business hours.

If you choose to inspect the records at our office, please call (803) 737-4771 to make an appointment.

You can make a written request under the Freedom of Information Act for a c.d containing the names and last known addresses of the apparent owners of the funds being held by this office.

Please include a cashiers check or money order for $25, made payable to the State Treasurer’s Office, with your written request.

Please be aware that S.C. Code of Laws §30-2-10 et. seq. of the Family Privacy Protection Act prohibits the use of personal information obtained from a state agency for commercial purposes.

Commercial solicitation is defined as “contact by telephone, mail, or electronic mail for the purpose of selling or marketing a consumer product or service”.

Before we can release names and last known addresses of the apparent owners of property remitted to this office as unclaimed, we must have a reasonable assurance that these records will not be used for commercial purpose.

Therefore, if you choose to purchase the list, you will need to provide us with written assurance that the records will not be used for a commercial purpose.”

So, they are basically saying that you can purchase the list, but you can not use it to solicit anyone on it for commercial purposes.

This basically makes the list completely useless and there is no reason to get it for unclaimed money finder purposes.

If you want to read the complete Act please click on South Carolina Uniform Unclaimed Property Act.

However, you will not find the Family Privacy Act information in it.

That comes from the Treasurers Office themselves.

Some things just don’t make sense and are not worth fighting. You don’t have to limit yourself to only finding South Carolina unclaimed money.

There are plenty of finder friendly states that you can search in even if you live in South Carolina.

They are just a postage stamp or phone call away, and that is all you need for this business.

 

 

 

If you are interested, please click here for more information on becoming an unclaimed money finder.