A Vermont unclaimed money finder must post a bond of not less than $10,000.

For a laid back state, that’s a pretty strict requirement.

This is “to insure the Treasurer’s Office against any fraudulent or mistaken claims that may arise as a result of an heir finder’s representation of an owner.”

Other than that, it is pretty much the same as any other state.

Vermont has 200,000 accounts in their data base worth more than $48 million. The average account is $625. If you recovered a few of those a day, that can add up to some nice money.

The below information comes directly from the state on becoming a Vermont unclaimed money finder in Vermont:

What is a Vermont unclaimed money finder?

An unclaimed money finder is someone who charges a fee for locating an heir. Often the heir finder identifies abandoned or unclaimed property, locates the rightful owner or heir, and then wants to sign an agreement for a percentage of the property returned to the owner.

There is no charge to the owner for the recovery of funds directly through the State Treasurer’s Office. The Unclaimed Property Division encourages people who are considering entering into an agreement with an heir finder to consult with their local Better Business Bureau about the person or agency in question before signing any agreement. Abandoned property is never sent to a third person, it is always sent to the owner or rightful heir.

Requirements for Unclaimed Money Finders in Vermont

In order to obtain and maintain registered status, all asset locators must post a performance bond of not less than $10,000 to insure the Treasurer’s Office against any fraudulent or mistaken claims that may arise as a result of an heir finder’s representation of an owner.

A copy of any agreement, or contract, between an asset locator and an owner shall be filed with the Treasurer’s Office, together with a signed by the owner and notarized “notice to claimant” form, as prescribed by the Treasurer, describing the rights of the owner under this section.

An agreement between an owner and an asset locator, the primary purpose of which is to locate, deliver, recover or assist in the recovery of property that is presumed abandoned, shall be void and unenforceable if it was entered into during the period commencing on the date the property was presumed abandoned and extending to a time that is 24 months after the date the property is paid or delivered to the treasurer.

This subsection shall not apply to an agreement between an owner and a Vermont licensed attorney to file a claim as to identified property or contest the treasurer’s denial of a claim.

An agreement between an owner and an asset locator, the primary purpose of which is to locate, deliver, recover or assist in the recovery of property that is presumed abandoned, shall be enforceable only if the agreement is in writing in a form acceptable to the Treasurer, 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.

If an agreement covered by this section applies to mineral proceeds, and the agreement contains a provision to pay compensation that includes a portion of the underlying minerals or any mineral proceeds not then presumed abandoned, the provision is void and unenforceable.

An agreement between an owner and an asset locator, the primary purpose of which is to locate, deliver, recover or assist in the recovery of property that is presumed abandoned and that provides for compensation that exceeds 10 percent of the value of the unclaimed property, shall be unenforceable.

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

No claim form may be sent to an asset locator without the prior written permission of the owner, or the owner’s legal representative.

Payments of all claims made to an owner who has been assisted by an asset locator shall be made to the owner, and not to the asset locator. An owner may not assign his or her rights, or property interests, under this chapter to an asset locator.

Think you would like to make some extra money as a unclaimed money finder? Please click on the opportunity to learn how.

You can charge 10% commission as a Virginia unclaimed money finder.

There are a few rules you must value, listed below:

1. It is unlawful for any person to seek or receive from another person or contract with another person for a fee or compensation for locating property which he knows has been reported or paid or delivered to the State Treasurer prior to thirty-six months after the date of delivery of the property by the holder to the State Treasurer.

2. No agreement entered into after thirty-six months from the required date of delivery of the property by the holder to the State Treasurer is valid if a person thereby undertakes to locate property included in a report for a fee or other compensation exceeding ten percent of the value of the recoverable property.

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.

3. State warrants that may be issued in payment and redemption of previously abandoned property or the liquidation proceeds of previously abandoned property may be issued in the discretion of the State Treasurer directly to the person or persons entitled to the money as the owner, heir, legatee, or as fiduciary of the estate of the deceased owner, heir or legatee, and not to a named attorney-in-fact, agent, assignee, or any other person regardless of a written instruction to the contrary.

The State Treasurer need not recognize nor is the State Treasurer bound by any terms of a purported power of attorney or assignment that may be presented as having been executed by a person as the purported owner, heir, legatee or fiduciary of the estate of a deceased owner of such abandoned property.

4. A person who violates any of the above rules shall be guilty of a misdemeanor, punishable by a fine not to exceed $1,000.

So, that is basically it. You cannot locate money that has not been held by the state for at least thirty-six months and you cannot charge more than ten percent fee.

Also, the state will send a check to the owner of the Virginia unclaimed money and not to the finder.

Please click on the link to see the complete Virginia Unclaimed Money Code.

Virginia has collected over $1 billion since 1961. The amount continues to grow.

One in seven people in Virgina have unclaimed money coming to them.

That’s a lot of money and a lot of people to give it back to.

Please click here if you would like to learn more about becoming a Virginia unclaimed money finder.

It’s very easy to become a Massachusetts unclaimed money finder.

There are only two basic requirements:

Also, the Massachusetts unclaimed money list is only $10.

That is one of the lowest prices for any state list.

It’s difficult to determine how much money is being held by the Commonwealth of Massachusetts. Their website needs to be updated.

In 2005 they mention that they added $200 million to their abandoned property funds.

Regardless of not knowing the exact amount, at 10%, even $200 million leave $20,000 million up for grabs!
If you would like to get your hands on some of that money and are interested in becoming a Massachusetts unclaimed money finder, please click here

On another note…

Congratulations to the 2011 Stanley Cup Champion Boston Bruins!

After 39 years of suffering Lord Stanley’s Cup is back! Thank you to Tim Thomas, Zdeno Chara, Patrice Bergeron, David Krejci, Milan Lucic, Nathan Horton, Brad Marchand, Mark Recchi, Richard Peverley, Michael Ryder, Chris Kelly, Greg Campbell, Shawn Thornton, Daniel Paille, Tyler Sequin, Dennis Seidenberg, Johnny Boychuk, Thomas Kaberley, Adam McQuaid, Andrew Ferrence, and Tukka Rask. Great job!

Boston Bruins Update 2013

Well, it was a great run.  Unfortunately, for most of the guys still on the list above (minus Recchi, Kaberley, and Ryder add Jagr, Soderberg, Daugavins, Krug) they fell a little short.

There’s no shame in losing to the Blackhawks, they were a great team and most of the games could of gone either way.  Hold your heads up high and you’ll be back next year!