It’s very easy to become a Massachusetts unclaimed money finder.
There are only three basic requirements:
- You must register with the state as a Finder
- The unclaimed money must have been held for at least twenty-four months by the Massachusetts Treasury, and
- The maximum fee you can charge is 10%
That’s pretty much it.
Massachusetts Unclaimed Property Law Pertaining to Finders:
Chapter 200A
Section 13. All agreements to pay compensation to recover or assist in the recovery of property reported under section seven made within twenty-four months after the date payment or delivery is made under section eight A are unenforceable. Such an agreement made more than twenty-four months after payment or delivery is required under said section eight A is valid if: (a) it is in writing, signed by the owner and discloses the nature and value of the property and the name and address of the person or entity in possession of the property. (b) the fee or compensation does not exceed ten percent at any time.
Nothing in this section shall be construed to prevent an owner from asserting, at any time, that any agreement to locate property is based on excessive or unjust compensation.
owner or holder must register with the Division on a form prescribed by the Treasurer. Registration
information shall include, but not be limited to, an heir finder’s previous business experience and whether
the heir finder has a previous criminal record.
interests of owners if this person or entity performs pre-escheat due diligence work for a holder.
to insure the Division against any fraudulent claims that may arise as a result of an heir finder’s
representation of an owner or holder.
compensation to recover or assist in the recovery of unclaimed property between heir finders and owners
are unenforceable if made within 24 months of the date the property was received by the Division. An
original copy of any agreement or contract between an heir finder and an owner, signed, dated and
notarized, shall be included with the initial filing of any claim pursuant to 960 CMR 4.04. Handwritten
agreements or contracts will not be accepted.
for the purpose of making a claim pursuant to M.G.L. c. 200A and the provisions of 960 CMR 4.04(2).
4.06: continued
(a) No claim form shall be sent to an owner being represented by an heir finder until and unless the
owner or his/her legal representative has made direct contact with the Division.
(b) Payment for all claims made to an owner who has been assisted by an heir finder shall be made
only to the owner and in no instance to the heir finder.
5/25/01
960 CMR – 12
960 CMR: OFFICE OF THE STATE TREASURER
AND RECEIVER GENERAL
notarized original copy of a “Notice to Claimant” form, prescribed by the Treasurer, giving clear indication
to the owner of the statutory limit on heir finder fees expressed in M.G.L. c. 200A, § 13(b). In no case shall
the heir finder fees or compensation exceed 10% of the amount of the property originally remitted to the
Division.
year shall be made available to heir finders not earlier than 24 months after its receipt by the Division.
Owner information shall be reproduced in a format to be determined by the Treasurer and shall be
provided to any registered heir finder for a fee of $10.00 per report year. The fee shall be paid in the form
of a certified check or money order and made payable to the Commonwealth of Massachusetts. All fees
for owner information shall be received by the Division before the owner information is made available
to any heir finder
If you would like to read the complete Massachusetts unclaimed money law, please click here.
Some more information regarding Massachusetts unclaimed money finders:
You must submit a valid Photo ID along with your registration. Heir Finders will be asked to renew registration every three years.
At this time, the state is not requiring heir finders to post a performance bond of not less than $10,000
Heir Finders will be charged $10 per requested year. To request a CD please complete the attached form.
Heir Finders shall not enter into a contract to recover property until it has been held by the MA State Treasurer’s Office for 24 months.
Agreements with claimants must comply with all requirements stated in MGL Ch 200A, s 13 and 960 CMR 4.06. Non-compliant contracts will be considered unenforceable.
Total fees will be limited to 10% of the reported amount. No additional fees (legal, filing etc.) should be charged to the claimant.
Heir Finders cannot act as POAs for claimants.
Claim forms can only be obtained by claimants and I will not generate claims forms through findmassmoney.gov
Notarized agreements shall be submitted to UCP before claim forms are created.
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
I just read on the official Massachusetts unclaimed property site that it takes about 180 days to process a claim. Is this actually true in your experience?
It depends on the state and the type of claim. Some claims are very quick while others that are more involved can take longer.
Hello My name is Shenike Johnson maiden is Shenike Harrison I found out on the 17th that mom had unclaimed money on unclaimed mass money before I claim my ex decided to claim it before I could submit I just want him to do the right thing and let my brothers claim my mom passed almost 17 years ago I just want to provide my documents that it’s our a donate to charity in Massacusetts some in our home of Texas and to this site without you guys would of never found her money it through her old job Tandy brand and it was worth 1.25 my ex has been using identify so I want be surprise if he tries to use my documents but thank you again have great day!!