Hawaii

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Wouldn’t it be great to be sitting on a beach in Hawaii with a laptop searching for unclaimed money?

It is pretty easy to become a Hawaii Unclaimed Money Finder.

You can charge up to 25% commission!

The below is taken from the 2019 Hawaii Revised Statutes Title 28. Property 523A. Unclaimed Property.

§523A-25 Agreement to locate property. (a) An agreement by an owner, 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 twenty-four months after the date the property is paid or delivered to the administrator.

(b) An agreement by an owner, the primary purpose of which is to locate, deliver, recover, or assist in the recovery of property shall be 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) 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 shall be void and unenforceable.

(d) An agreement covered by this section that provides for compensation that exceeds twenty-five per cent of the total value of the property shall be unenforceable except by the owner. An owner who has agreed to pay compensation that exceeds twenty-five per cent of the total value of the property, or the administrator on behalf of the owner, may maintain an action to reduce the compensation to an amount not to exceed twenty-five per cent of the total value of the property. The court may award reasonable attorney’s fees to an owner who prevails in the action.

(e) This section does not preclude an owner from asserting that an agreement covered by this section is invalid on grounds other than excessive or unjust compensation. The court may award reasonable attorney’s fees to an owner who prevails in the action.

(f) This section does not apply to an owner’s agreement with an attorney to file a claim as to identified property or contest the administrator’s denial of a claim; provided that:

(1) An owner’s agreement with an attorney covered by this subsection that provides for compensation shall not exceed twenty-five per cent of the total value of the property, except as provided in paragraph (2); and

(2) An owner’s agreement with an attorney to maintain an action in circuit court under section 523A-16 may provide for compensation that exceeds twenty-five per cent of the total value of the property only upon approval of the court.

With millions of dollars being held in unclaimed money, Hawaii cannot return it all by themselves.

They need help.

If you are interested in becoming a Hawaii unclaimed money finder, please click here.




Georgia

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You can charge up to 10% as a Georgia Unclaimed Money Finder.

Georgia really only has two basic rules that you need to follow.

From Georgia Code 44-12-224:  Agreement and fees for recovery or assistance in recovery of property reported and delivered to commissioner

(a) All agreements to pay compensation to recover or assist in the recovery of property reported and delivered to the commissioner under this article shall be unenforceable for 24 months after the date of payment or the delivery of property to the commissioner.

(b) The fees charged by any person, firm, or corporation to recover or assist in the recovery for and on behalf of a claimant of property reported and delivered to the commissioner under this article shall not exceed 10 percent of the value of the property recovered.

 

All funds or property located by a person to be compensated by the payment of such a fee shall be paid or delivered directly to the owner and may not be paid or delivered to the person to receive the fee whether pursuant to a duly executed power of attorney or otherwise.

That’s pretty much it.  Georgia sells their unclaimed money finder list for $50.

If you want to read the complete Georgia code, please click here:

 

http://www.lexisnexis.com/hottopics/gacode/Default.asp

 

The easiest way to pull up the correct statute is to enter 44-12-224 in the search box.


The following questions relate to becoming an unclaimed money finder in Georgia: (O.C.G.A. § 44-12-224):

1. How do I start an unclaimed money finder business?

Pursuant to O.C.G.A. 44-12-224, person(s) operating a Georgia unclaimed money business must observe the following:

Agreements to recover property for an owner are unenforceable unless the property in question has been in the state’s possession for 2 years;

Fees to assist in recovery cannot exceed 10%;

Powers of Attorney from asset recovery services are not recognized in Georgia. Our section communicates directly with the property owner in the repayment of funds.

2. Does Georgia have a list of unclaimed property owners available for purchase?

Yes. Georgia’s list of unclaimed property owners is updated annually in July. The list contains all types of accounts over $50.00. Any account that has been paid to the owner or has a pending claim is not on the list. Information currently provided on the list includes the internal tracking number of the account, the owner’s name and the company or bank that remitted the account to Georgia. NEITHER THE LAST KNOWN ADDRESS NOR THE VALUE OF EACH OWNER ACCOUNT IS PROVIDED!

The list is available on CD and can be purchased for $50.00 from the Georgia Department of Revenue, Unclaimed Property Program. When placing your order, please send a cashier’s check or money order payable to Georgia Department of Revenue – Unclaimed Property Program to:

Georgia Department of Revenue
Unclaimed Property Program
4245 International Parkway, Suite A
Hapeville, Georgia 30354-3918

Personal checks are not accepted. Please allow ten working days to process your order.

The request for this list does not have to made under Georgia’s Open Records Act.

3. Can the Unclaimed Property Program provide me with the dollar value, last known address and claim status of accounts that I may be interested in?

No. Our section does not provide this information to protect the owner’s privacy. The annually updated list deletes accounts that have been settled.

4. If the list is only updated once a year, how will I know if an account is still available for claim?

The updated list will be the only source of available accounts. Most individuals will inform you if they have already filed a claim or received their money.

5. Are there any laws regarding becoming a Georgia unclaimed money finder

Yes. O.C.G.A. 44-12-224 provides:

Agreements to pay compensation to assist in the recovery of unclaimed accounts are unenforceable until the account has been in the state’s possession for 24 months.

Fees charged to assist in the recovery of an unclaimed account cannot exceed 10%.

Payments for unclaimed accounts are made directly to the owner. Powers of Attorney from asset recovery services are not recognized.

6. If I find an owner, what is the next step?

You will need to provide the following information to our section:

Name and current mailing address of the claimant.

Name of the owner exactly as it appears on the list.

Owner’s filing status (i.e. original owner, heir, trustee, company designee)

Owner identification number.

We will send the necessary forms directly to the owner.

7. What information will I need to complete the claim form?

You will not need to complete any portion of the form. The owner will complete the form and submit supporting documentation proving ownership to our office.

8. What happens after the claim form is submitted to your office?

When the claimant returns the form and supporting documents, the package is reviewed by a Claims Examiner. If ownership of the account has been proven and the form is completed correctly, the claim is approved and a request for a check to be issued is sent to a designated office in the Department of Revenue. When checks are issued they are delivered to the Unclaimed Property Section and mailed immediately to the owner. This process can take up to ninety days, but most claims are processed within thirty days.

9. Will the state notify me when the check is mailed to the claimant?

No. You will need to maintain close contact with your claimants to know when they receive their money.

10. Can the check be made payable to me?

No. The money belongs to the claimant.

11. Will the State issue a separate check to me?

No. The State’s obligation is to the rightful owner.

12. What assurances do I have that I will get my fee once the claimant receives payment?

Your rights of recourse are matters you should discuss with your attorney.

13. Must I obtain a private investigators license to locate owners in Georgia?

It is not a function of our office to verify the need for a private investigators license. You should correspond with the Secretary of State’s Private Investigator’s Licensing Unit to ensure compliance with the Georgia unclaimed money finder laws in this area.

 



After reading all this, you might think that the state doesn’t make it easy to become a Georgia unclaimed money finder.

It’s not that they don’t make it easy, it’s just that they don’t seem to be what I like to call “finder friendly”.

For example, they don’t seem to give the dollar amounts on their list, which pretty much makes it useless.

Well, we’re in New York. New York doesn’t give the dollar amounts on their unclaimed money finder list either.

So, do you know what we do? We look for unclaimed money in other states.

The point is, you can become a Georgia unclaimed money finder, it’s just better to look for money in other states.

 

 

 

 

 

If you are interested in becoming an Unclaimed Money Finder please click here.

 

Indiana

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Indianapolis SkylineYou can charge a 10% commission fee as an Indiana unclaimed money finder.

Indiana’s Unclaimed Money Finder Law, Section IC 32-34-1-46, has the following rules for finders:

Fee agreement to locate, deliver, or recover owner’s property

An agreement by an owner that:

(1) has the primary purpose of paying compensation to locate, deliver, recover, or assist in the recovery of property presumed abandoned under this chapter; and

(2) is entered into not earlier than the date the property was presumed abandoned and not later than twenty-four (24) months after the date the property is paid or delivered to the attorney general; is void and unenforceable.

(a) An agreement by an owner that has the primary purpose of locating, delivering, recovering, or assisting in the recovery of property is valid only if:

(1) the fee or compensation agreed upon is not more than ten percent (10%) of the amount collected, unless the amount collected is fifty dollars ($50) or less;

(2) the agreement is in writing;

(3) the agreement is signed by the apparent owner;

(4) the agreement clearly sets forth:            (A) the nature and value of the property; and            (B) the value of the apparent owner’s share after the fee or compensation has been deducted; and

(5) the agreement contains the provision set forth in subsection (d).

(c) This section does not prevent an owner from asserting at any time that an agreement to locate property is otherwise invalid.

(d) This subsection applies to a person who locates, delivers, recovers, or assists in the recovery of property reported under this chapter for a fee or compensation.

An advertisement, a written communication, or an agreement concerning the location, delivery, recovery, or assistance in the recovery of property reported under this chapter must contain a provision stating that, by law, any contract provision requiring the payment of a fee for finding property held by the attorney general for less than twenty-four (24) months is void, and that fees are limited to not more than ten percent (10%) of the amount collected unless the amount collected is fifty dollars ($50) or less.

(e) Subsections (b)(4) and (d) do not apply to attorney’s fees.

(f) If an agreement covered by this section:        (1) applies to mineral proceeds; and        (2) 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.

(g) An agreement covered by this section that provides for compensation that is unconscionable is unenforceable except by the owner. An owner who has agreed to pay compensation that is unconscionable, or the attorney general on behalf of the owner, may maintain an action to reduce the compensation to a conscionable amount. The court may award reasonable attorney’s fees to an owner who prevails in the action. As added by P.L.2-2002, SEC.19.

From Indiana’s website: What is a “finder”? Locator, finder, tracer, heir-finder, collector, investigator, researcher and broker are all names for individuals who seek out owners of unclaimed money in Indiana and other states.

Functioning as an Indiana unclaimed money finder is legal, but consumers should know that finders generally charge a fee for this service.

According to Indiana law, Indiana unclaimed money finders may charge up to 10 percent of unclaimed money as payment for locating lost assets.

DetectiveThe State of Indiana has over $350 million dollars being held in unclaimed money right now.  That’s $350 million!

In 2009 they returned about $8 million in unclaimed money to their rightful owners.  That’s about 3%.

There is no way they can return that money all by themselves.  They need help.

If you would like more information on becoming an Indiana unclaimed money finder, please click here .