Michigan

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Charge Whatever You Want!

I was only able to find one law regarding working as a Michigan Unclaimed Money Finder:

UNIFORM UNCLAIMED PROPERTY ACT (EXCERPT)Act 29 of 1995

567.256 Agreement to compensate for recovery of property; enforcement.

Sec. 36.

An agreement to pay compensation to recover or assist in the recovery of property reported under section 18, made within 24 months after the date payment or delivery is made under section 20, is unenforceable.

History: 1995, Act 29, Eff. Mar. 28, 1996

Click here if you want to see the complete Act.

This means you can basically charge whatever fee you want for any unclaimed money that you recover.  However, like I always say, there is not point in going crazy or getting greedy.  You always come in at a higher amount, just to negotiate down to something higher than you would have charged originally.

The below question is found on the FAQ page on the Michigan unclaimed money site:

Should an owner hire a Michigan unclaimed money finder?

Answer:

We encourage owners to contact the Michigan Unclaimed Money Division directly to search for funds before signing a contract with a  Michigan unclaimed money finder. The Unclaimed Property Division will refund only to the owner or their heirs, not the Michigan unclaimed money finder.

Here is my interpretation of the question and answer:


Regarding Michigan unclaimed money finders, what happens if I have unclaimed money being held for me but do not know about it?

Well, you will never get your money because there are millions of people owed money and our staff is only a handful of people.  We can only contact so many people in a day and we really do not have any incentive to contact you at all.  We get paid whether you get your money or not. So, if you do not know if money if being held in your name, you better hope a Michigan unclaimed money finder contacts you to let you know.

Detective

If you would like to learn more about becoming a Michigan Unclaimed Money Finder please click here.




California FAQ

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California PierBelow you will find the most common California Unclaimed Money Finder FAQ’s:

 

Am I required to be licensed?

No. California Law does not require you to be licensed.

Do I need to notify you that I am a California Unclaimed Money Finder or run a Finder Service?

California strongly encourages you to contact the State Controller’s office if you are an unclaimed money finder or run an unclaimed money finder service. When you notify them, they will send you a copy of their
Standard Investigator Agreement which they highly recommend you use, filing instructions, and a supply of unclaimed money finder claim forms. Using their material and following their instructions for unclaimed money finder claims will help ensure that your claims are processed in a timely manner.

Do I need to notify you when I hire or terminate the employment or staff?

Yes. California asks that you notify them of all changes to your business. This includes notifying them of staffing changes and providing them with the identification and contact information of all persons authorized to represent your business.

Do I need to register my business with the California Secretary of State?

Yes. If you are operating under a business name, you need to register with the
California Secretary of State

Does the State Controller’s Office provide training on becoming a Finder?

No. The State Controller’s Office does not offer training for Finders.The
Investigators Handbook
has been prepared by our office for investigators to use as a reference.

Will I receive a letter that identifies me as an “official California unclaimed money finder” with the California State Controller’s Office?

No. California retains your Finder information in their records to allow them to better serve you and your claimant(s). You will receive a letter from them confirming that they received and processed your information.

Will the California State Controller’s Office issue me a “finder number”?

No. The California State Controller’s Office does not issue “finder numbers”

Are there restrictions on what I can charge a client?

Yes. It is against the law for Finders to charge a fee greater than 10% of the value of the property that is returned to the owner or their heirs. This fee includes all services connected to returning property to an owner.

There is no fee restriction for a County Probated Estate claim. For more information, refer to the Estates of Deceased Persons Escheated Funds from County Treasurer Offices in the
Investigator Handbook

Can I create my own Agreement?

California strongly recommend you use their
Standard Investigator Agreement. This agreement is designed to meet all legal requirements. If you create your own agreement, it MUST meet all of the same legal requirements.

California is not able to process claim packages for Finders whose Finder Agreements are not in compliance with the law. Non-standardized agreements cause delays in the evaluation process because they must ensure the non-standardized agreement conforms with the
California Code of Civil Procedure.

If your Finder Agreement does not meet all legal requirements as determined in the law, your investigator agreement will be rejected and the claim packages will be returned to you.

Does the Standard Finder Agreement form need to be notarized?

No. You are not required to notarize the Standard Investigator Agreement. California requires valid signed documentation that your client has agreed to allow you to submit their claim on their behalf.

However, Claim Affirmation Forms may need to be notarized depending on the value and type of property.

Click here if you are interested in becoming a California unclaimed money finder.

Alaska

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Alaska Unclaimed FundsDid 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