Idaho

The only requirement for an Idaho Unclaimed Money Finder regards how long the money has been held by the State before you can contact the owner.

The unclaimed money must be held for at least 24 months before you can charge a fee for your service. Otherwise, the agreement is unenforceable.

There is no limit to the fee you can charge as an unclaimed money finder in Idaho. However, Idaho does not have an unclaimed money finder list for sale and the list you can access online does not give you the dollar amount, only an approximate of what it could be such as “more than $100”.

I do not recommend that you charge something like 50% because you will probably have a difficult time getting someone to sign up.

The most I would go is 33% (depending on the size of the account). If someone is not happy with that, there is always room to negotiate a lower price and if you go down to 20%, that works out better for you. I think 20% is more than fair for the amount of work you put in, which really is not much!
The following is taken from the Idaho Unclaimed Money website:

What is an unclaimed money finder? (Idaho Unclaimed Money Finders are called heir finders, but we’ll use money finders)

An unclaimed money finder is a company or individual who can assist the owner of unclaimed property with locating and claiming funds. Unclaimed money finders charge a fee, usually a percentage of the value of the property recovered, for their assistance. The State of Idaho’s Unclaimed Property Office provides this service free of charge.

It does not matter if it is free if the owner of the money does not know about it!

Are there any special rules in Idaho’s Unclaimed Property Law that apply to Idaho Unclaimed Money Finders?

Yes, under Idaho’s Unclaimed Property Law, no person or company is entitled to a fee for discovering abandoned property until it has been in the custody of the state for at least two years. Idaho does not have any special licensing requirements for unclaimed money finders.

Is there a limit to the amount or percentage that a Finder can charge for their services?

Idaho does not currently regulate finders or limit their fees, but if the funds have been held by the state for less than two years, the finder’s contract is unenforceable and the total amount will be remitted directly to the owner.

Does the State of Idaho sell the unclaimed property list?

No, finders can view an owner listing, searchable by owner name, on this web site.

Idaho currently as 57 million dollars being held in unclaimed money.  They definitely cannot return this money all by themselves.

 

 

Please click here if you are interested in becoming an Idaho Unclaimed Money Finder.

Please remember, even if you live in Idaho, you don’t have to search for money only in Idaho.  You can look in any other state you want.