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.
Hi Mark,
I’m wondering if you can tell me the easiest was of downloading the Ca list every week? My understanding is that it comes out on Thursdays but there are 77 million + records and I am having trouble figuring out the best way to isolate the new list. Any tips would be so appreciated! Thanks!
Anna,
It sounds like you are asking if there is a way to differentiate between what has already been on the list and what has just been added. Unfortunately, I do not know of any easy way to do that. If you do a search engine search for the term “how to compare different spreadsheets”, you do get a few options so you may want to take a look at that. There are so many names on the list, I don’t think it is necessary to worry about it week to week!
Do I need to obtain any license to be a finder in California but I do not live in California?
Even if you do not live in California, you still need to follow the rules for California. This means you need to register with the States unclaimed money department. This can be found in their Investigators Handbook (see link on this page). There is no special license needed though.
Thank you so much, BTW your guidebook is very helpful and full of informations. I’m so glad I found your website from searching for more info about Bdiamond ?
California is the only state that pays you directly, let me know if I’m wrong.
There are certain states, such as Utah, that will send a check to you if a power of attorney is signed. However, Utah does not have a list for finders. Other states, such as New York, will send the check to the finder, but it is in the claimant’s name. California is the best state to work with in regard to having a separate check sent to the finder and one to the claimant.
Question? I have a claim in Ca. The heir is in Oragon. The papers must be notarized. Is my only choice to get a mobile notary in Oragon? Is that going to be acceptable in Ca.
Yes, that will be acceptable in CA.
Hi Mark ~ I found your website doing a search of reviews on another company (BDiamond) who is selling information similar to what you are; for a whole lot more. I was almost persuaded to invest in that opportunity after listening to their webinar, but boy am I glad I didn’t!
I spent quite a bit of money investing in opportunities (the latest was an online store), only to find that after the initial investment, a whole lot more was needed to get things started, and of course they don’t tell you that. Also, the online selling market is fierce! I’m not really a social media person, so having to post daily on Instagram, FB and Twitter to compete with people who were basically selling the same things, got to be a bit too much for me. After 2 years and investing over $10,000 in stuff that was supposed to increase sales, I made $0. 🙁
So, here we are today with me willing to try one more thing. After reading over your website several times, I decided to purchase your training manual. I am very appreciate of your upfront information about everything. I figured if it doesn’t work for me, I can live with losing less than a $100 investment, which nowadays is basically the cost of a family meal via Uber.
.
After making the purchase, I downloaded the Guide and took the weekend to read ALL of it; including clicking on the links and making notes for myself. When I realized I already had pretty much what I needed to get started (Business name, bank account, phone number, letterhead, etc.) I was excited. While I do have a website already, I decided to go ahead and pay for the “company” one to be built, that was suggested in your Guide. I also went ahead and made templates (on my letterhead) of all of the letters in your Document Library so I would have them ready when I start, and I did a custom date sort in Excel on the two states you freely started us off with.
With time and effort, I do believe this one will be a winner for me, so I’m hoping to come back here soon (maybe in a couple months) with some good news.
Thank you for making this opportunity affordable. 🙂
Juanita,
First off, thank you for your purchase(s).
I think you can definitely be successful at this!
This is not a difficult business. There are billions of dollars in unclaimed funds being held in millions of accounts for millions of people and businesses. They are not hiding or don’t want their funds, they just don’t know about them!
So, it is just a matter of getting the lists, finding the people, and getting them to agree to let you help them.
For that reason, I cannot see charging a crazy amount for the information. Plus, I was once in a similar situation when I was looking to start a business. I wanted a business that was easy to get into and didn’t cost a lot to get started, and finding unclaimed funds was perfect for that ( I have to remind my wife of that when she sees what other people are charging for similar businesses and she knows the amount of work I put into this, but I’d rather undersell and overdeliver!).
Also, i wanted to address the document library. That is there and a great resource, but I feel the best and fastest way to contact the most people is by calling them directly first. This may be intimidating for some people, but once you start and get over your fears, you realize it is nothing to worry about. It is a numbers game, and the more people you contact, the more people you will get to sign up with you. You will get rejected and you will get no’s, no matter what you do. The thing to do is keep track of your calls, keep track of your no’s and of your yes’s. Eventually you will have an idea of how many no’s it takes to get to a yes.
After speaking with you and corresponding with you, I think you have a really upbeat personality and I think that will work very well in calling people!
Thank you again and I wish you the best!
Hi,
I have 2 Questions:
1. In California the unclaimed money more than $1,000 the claim needs to be notarized, how to have the claimant do this including notarization fee they charge. What is your suggestion how you would handle this?
2. Is there a way to find out the claim I’m working on no body else already is ?
And thankyou so much before hand…..
Getting the form notarized should not be an issue if they want the money, especially if it is over $1000. If there is any issue with that you can offer to pay for the notary fee. As for working on a claim that nobody else is working on, if you search for the property online and it is still showing there, chances are nobody is working on it. There are so many accounts that the chances of you working on something that someone else is working on is very slim.
I live in Georgia, am I allowed to become an unclaimed money finder in California if I don’t live in California? And if so, am I under California’s rules and guidelines or Georgia’s?
Yes, if you are in Georgia, you can become an unclaimed money finder in Califorina.
You do have to follow the rules and guidelines for California, not Georgia.
You always need to follow the laws of the state you are searching in, not the state you live in (if they are different).
Hi
I’m Kly ( new fund finder), i would like to know. How can I claim money on behalf of someone’s family who has died in 2015 but
Did not leave a will for inheritance. They have living relatives 1 brother and 1 sister in another state. The money is in a checking account. The state is california. What paperwork and procedures do I use?
The best thing to do is go to the state first and see what they would require.
Hi Mark,
I was wondering if you could send me a example of the California investigator agreement form (FILLED OUT) that I can use as a reference because I am unsure on where some of the information should go. Please help. Thank you.
Dennis,
I’m just seeing this now. Did I email you an example?
Hi,
I’m interested in becoming a California investigator. I just heard about this and I’m very interested. Could you also email me a copy of the California Investigator agreement? By the way, I think what you are doing here is great!!
thanks,
Cesario
You can access all of the forms here:
https://www.sco.ca.gov/upd_msg.html
Hi Sir,
I am Cold Caller, recently i worked for Funds locator in CA i found this job very interesting. I already have an idea about this work from Skiptracing to Retrieving money.
I want to work for you if possible.
Hi Mark,
Great ebook! Thank you for putting it all together so that it is easy to understand. I just wondered how long it takes to hear back from the Contoller’s Office after you have sent in all of the information that they require.
I know the current crisis puts a bit of a damper on things, especially for government workers. I’m just really eager to get things going and wasn’t sure about the time frame.
Hi Mark,
Quick question, do I have to own a business to be a finder? I’m plan on doing it on my own but don’t have or own a business.
Dennis,
You don’t have to have a business, but it does help as far as getting paid. You can register a business name at the county clerks office for a small fee and that allows you to get a business checking account. You should speak to an accountant though.
HI Mark
i see the list for California on the government website for free. is there another more accurate list that i would need to pay for that cost $150? or are they the same list?
No, the $150 fee was old. The list is free now!
Hi Mark,
I have been considering starting a money finder biz in California. I recently talked to a friend who was approached by a company which had found about $600,000 worth of stock that belonged to a relative who died about fifteen years ago. They told him it would take about 100 hours of their time to process the claim for him. That seems extremely high. Based on the research I have done, it seems as though it would only take a few hours, less than ten. Am I missing something?
I’m not sure why they’re saying it would take that long, but more importantly, I’m wondering why they are even mentioning that. I hope they are not charging by the hour or for the job. As a finder you get paid a percentage of what you get back with no up front fees. If there is anything else involved, then stay away.
If they have already found the stock and they know, or have an idea of who it should go to, then yes, I do not think it should take that long. Once they have the documents signed and send it in to the state, the state will tell them what else, if anything they would need. But no, I don’t think it would be that long and even if it did, so what, they would still only be entitled to their percentage.
Hi.
I was gong to outsource contacting the claimants on my behalf to a virtual assistant. Will I need to disclose their info to the state as if they are and employee?
I would say yes. California wants you to give them a list of all of your employees that will be working on unclaimed funds. I don’t think it matters to them whether the employee is a 1099 or a W-9. You may want to contact them directly to be sure.
Hello, I cannot find the list of the unclaimed prpoerty owners to purchase that you refrecned for $150. I did find a free download on CA’s website, but the addresses are not current of course.
Could you share a link to the list please? And, are the addresses updated on the list?
Thank you
Michael,
I know I answered this already by email, but I’m answering here as well as this information could be useful to other people as well. The list used to be $150 but California made it a free download now. You can access it here:
https://www.sco.ca.gov/upd_download_property_records.html
The addresses are the last known address of the claimant. If you go through the list and do searches, you will find many addresses are still current. From experience, I think the majority of addresses are current, but I haven’t gone through every single one of them (millions of accounts!) so I don’t want to state that as a fact.
Hi!
I recently purchased your training manual and am working through it. I also reviewed the linked California unclaimed property list, just for fun.
What if a finder discovers that California is holding unclaimed property for an individual who now lives in another state? I believe I located a holder of California unclaimed property who now lives in Minnesota. Which state’s regulations apply in this case?
Thanks in advance!
Susan,
First off, thank you for your purchase.
If the funds are held in California, you need to follow the laws for California.
You always need to follow the laws for the state that the funds are being held in, regardless of where the person(s) or business is located.
do you have to put there ssn on the paperwork? I think people would have a hard time sharing that information.
Matt,
Yes, you do have to have it on the paperwork. If someone does have a problem with that you can send them the agreement and letter first.
Then, when you have that back, you can fill out the paperwork for them, leave the ssn, blank, and send the paperwork to them along with an envelope addressed to the state.
You can instruct them to fill in the ssn, sign the paperwork and put it in the envelope and send it to the state themselves.
This way, they know only the state is getting that information (and the state does need that, there is no way around it), and you’re still covered because you have your signed agreement.
Hope this helps.
How do u get paid
Usually sending out an invoice. Some states such as California will send a check directly to you with your share separated. Other states will send a check to you but it will be in the claimants name. For instance, New York will send it in the claimants name but to the finder. If you have a good relationship with your bank you may be able to deposit it and send the claimant their share.
“Money has to have been held by the State of California for at least 12 months” before you can claim it?
Could you please explain into more detail that statement?
Emilio,
The State is giving the owner 12 months to claim it. It’s kind of like a grace period for finders to stay away. After the 12 months, the owner can still claim it themselves, but not finders can contact him/her. Finders are not allowed to contact the owner and charge a fee if the funds have not been held for at least 12 months. Does this make sense now?
Hi i live in Georgia and would like to extend my unclaimed money finder business to California do i need to follow their protocol and use California investigators form or can i use my Finders fee agreement.
Thank you
Ebon,
You need to follow the rules of California and use their investigators forms. Also, you need to register with them before you can submit anything.
Register with them in what like do I have to register my LLC as in California and we also have to use California form when we do every paperwork right
I live in California. I’m going to start up an unclaimed money business. I’m just not sure if I should open a corporation, LLC or go sole proprietorship. I will be the only person working on these accounts. Maybe in the future I can hire people. What do you recommend? Also what time of bank account would I need to open with the business account?
Thanks for your help.
Rebecca,
When I first started, all I did was go to the county clerks office and registered my business as a sole proprietor. This was the cheapest option and also gave me the certificate I needed to open up a business checking account.
When the business grew, and also I had some assets I wanted to protect, I went to an accountant who formed an “S” corporation.
I’m not an accountant, so you may want to speak with one first, but that is what I recommend doing. I definitely recommend getting a business bank account though because besides keeping your business and personal separate, it also looks more professional.
Good luck!
Hi,
I would like to become a money finder.
Can you help me?
Thanks.
Frank,
Yes, go to http://moneyfinderbiz.com/unclaimed-money-finder/ so you can take the first step in getting started.