You can charge up to 15% as a New York State unclaimed money finder.
However, New York State does not give the dollar amounts on their list so you do not know how much anyone is entitled to.
If you live in New York State and want to be an unclaimed money finder, it’s probably best to search in other states.
The State Comptroller’s Office of Unclaimed Funds requires Abandoned Property Location Service Providers to:
- Have direct contact with the account owner, or the account owners duly appointed representative.
- Have written agreement permitting the service provider to act on the client’s behalf (see sample Letter of Authorization and Fee Agreement). The agreement must be signed and notarized by the rightful owner. The agreement must also disclose the following statement in a clear and conspicuous manner, and in at least twelve-point boldface type:
“Abandoned funds held by the State can be obtained directly from the Office of the State Comptroller by the owner (or authorized estate representative) of such funds without paying a fee. These funds are held indefinitely by the Office of the State Comptroller at
800-221-9311 or www.osc.state.ny.us .
The agreement must disclose the nature of the unclaimed property and indicate the percentage of the fee to be charged.
- The maximum fee allowable is 15% of the funds required.
For more information, go to Requirements and Procedures for “Abandoned Property Location Services”
You can request of List of Potential Unclaimed Funds Owners here.
For more on New York State unclaimed money finder law go to: http://www.osc.state.ny.us/ouf/finder_information.htm.
4. The finder must send:
· An original signed agreement. (the Claimant should sign two originals – one for the Office of Unclaimed Funds and one for the finder.)
· A claim form or letter indicating the complete name, address, and account number as it appears on the list.
· The current name and address of the claimant.
New York State will send the check in the claimants name to you, the finder. Here is an example:
Please click here to learn more about becoming an unclaimed money finder.
Does the $25 New York that you mentioned include the dollar amounts?
It has been impossible to get the dollar amounts from them (Foia requests…).
No, it does not. Meanwhile, the money being held increases by the billions year after year.
I really think we need a petition or class action suit to get them to show the dollar amounts.
I think there would be so many people going after the funds that they would be overwhelmed.
That, plus I don’t think they would have all the money avaliable, I’m sorry to say.
Also, I need to update the page, but the list is free now, you just need to request it in an email.
You can get more information here:
New York State Location Service Providers
I can do this myself with no attorney on my team correct?
That is correct!
How long does the state of New York have to hold the property? It never said in their laws.
They hold the property indefinitely. Property will never be ceased or taken, ever no exceptions