You can charge up to 15% as a New York State unclaimed money finder. 

However, New York State does not give the dollar amounts on their list so you do not know how much anyone is entitled to.

 

If you live in New York State and want to be an unclaimed money finder, it’s probably best to search in other states. 

The State Comptroller’s Office of Unclaimed Funds requires Abandoned Property Location Service Providers to:

1. Have direct contact with the account owner, or the account owners duly appointed representative.

2. Have written agreement permitting the service provider to act on the client’s behalf (see sample Letter of Authorization and Fee Agreement). The agreement must be signed and notarized by the rightful owner.  The agreement must also disclose the following statement in a clear and conspicuous manner, and in at least twelve-point boldface type:

“Abandoned funds held by the State can be obtained directly from the Office of the State Comptroller by the owner (or authorized estate representative) of such funds without paying a fee.  These funds are held indefinitely by the Office of the State Comptroller at

800-221-9311 or www.osc.state.ny.us .

The agreement must disclose the nature of the unclaimed property and indicate the percentage of the fee to be charged.

3. The maximum fee allowable is 15% of the funds required. 

For more information, go to Requirements and Procedures for “Abandoned Property Location Services”

 

You can request of List of Potential Unclaimed Funds Owners here.

For more on New York State unclaimed money finder law go to: http://www.osc.state.ny.us/ouf/finder_information.htm.

 

4.   The finder must send:

·             An original signed agreement. (the Claimant should sign two originals –  one for the Office of Unclaimed Funds and one for the finder.)

·             A claim form or letter indicating the complete name, address, and account number as it appears on the list. 

·             The current name and address of the claimant.

 New York State will send the check in the claimants name to you, the finder.   Here is an example:

Please click here to learn more about becoming an unclaimed money finder.

You can charge 10% as a Washington DC unclaimed money finder.

Most people wouldn’t think to work as a finder in Washington DC  because they would usually be counting the fifty states and would  probably leave Washington DC out of their thought process.

However, just like all the fifty states, Washington DC does have  it’s own treasury department and does maintain it’s own unclaimed money  department withing the treasury.

As for becoming a finder in Washington DC, here are only a couple of rules that you need to follow:

1. No agreement or contract with a person for a fee or compensation  to locate, deliver, recover, or assist in the recovery of property  reported under § 41-117, entered into within 7 months after the date payment or delivery is required under § 41-119, is valid.

2. No agreement entered into after 7 months from the date of  delivery of the property by the holder to the Mayor is valid if a person thereby undertakes to locate property included in a report for a fee or other compensation exceeding 10 percent of the value of the  recoverable property unless the agreement is in writing and signed by  the owner and discloses the nature and value of the property and the  name and address of the holder of the property as such facts have been  reported.

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.

To sum it up, you cannot have an agreement to locate money if the  money has not been held for at least seven months, and you cannot charge more than 10% commission.

Seven months is good as far as money being held is concerned.  Most states make you wait at least twenty-four months.

As with most states, you also need to disclose the nature of the  property being held and it’s value, as well as the holder of the  unclaimed money.

Please click on the following link if you would like to view the complete Washington DC Unclaimed Money Law

 

 

 

 

 

Please click here if you are interested in becoming a Washington DC unclaimed money finder.

With over a $1.4 billion and almost five million accounts, you can do very well as a Ohio unclaimed money finder.

The one thing bad about becoming an unclaimed money finder in Ohio is the hoops you have to jump through to become one.

It’s not as complicated and time consuming as becoming a private investigator (usually three years), but it is time consuming as the staff is shorthanded and it takes a while for them to do what they need to do on their end.

Nothing against the staff at all, they are actually excellent,  they just have a lot to do. Plus they probably get many inquiries from people looking to become finders that don’t pursue it.

This way, you have to be persistent and they know you are serious.

They are actually a very finder friendly state once you follow their rules on becoming a finder and then follow the laws they have in place.

When you apply to be a finder in Ohio, you are first sent a packet that includes:
1. Application for Finders Certificate of Registration
2. Acknowledgement of Finder’s Ethical Obligations
3. Criminal background check instructions
4. Ohio Finder Law Highlights
5. Copy of Finder related provisions
6. Sample Finder Agreement
7. Information on the DVD of Unclaimed Funds Accounts

You must agree and sign off on all of the finder requirements. These need to be notarized.

Regarding the criminal background check, you also need to get fingerprinted for the state. That is something you have to pay for yourself. That was $60 for me.

If you don’t live in Ohio, as I don’t, you also need a federal background check (FBI), which means you need to be fingerprinted for that (another $60).

You also need to include two letters of reference (recommendation) from two non-relatives, plus a color picture of yourself.

Once they have reviewed everything, they send you a certificate with your finder number. That number needs to go on any agreements you submit. It also helps to show any potential clients that you are legitimate.

You can then purchase the unclaimed money list on DVD and get started.

You can charge up to 10% as an unclaimed money finder.

You can read the complete  Ohio Unclaimed Money Law here.

 

 

 

Take a look at this list of Ohio unclaimed money finders.  Do you think you would want to become an unclaimed money finder?  If so, please click here for more information.