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Category: Consumer Protection Law
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Experience:  20 years experience in consumer advocacy, debt collection violations, contracts, construction
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Is a license required to be an Unclaimed Property investigator

Customer Question

Is a license required to be an Unclaimed Property investigator in California? Do I need to be an attorney to assist California residents in finding their unclaimed property? Do I legally need to file a business license in California to be an unclaimed property investigator (Unclaimed property money finder), although I would be operating the business from Illinois? Do I fill a business license in California or Illinois, or both California and Illinois? Do people still pay unclaimed property investigator for assisting them in finding their unclaimed property or will it be difficult to receive payment for assisting them? Please answer all these questions.
Submitted: 1 year ago.
Category: Consumer Protection Law
Expert:  Law Pro replied 1 year ago.

Welcome to JustAnswer! My goal is to do my very best to understand your situation and to provide a full and complete excellent answer for you.

My name is XXXXX XXXXX X'm going to assist you with your question.

Please bear with me if you believe my answer isn’t coming fast enough because I’m also working with other customers too. I apologize for any seemingly late response.


No. No special license is required.

However, an agent assisting persons to collecting unpaid monies would still be subject to:



§1582.
Agreement to Locate, Deliver, Recover, or Assist in Recovery of Property
No agreement to locate, deliver, recover, or assist in the recovery of property reported under
Section 1530, entered into between the date a report is filed under subdivision (d) of Section 1530 and the date of publication of notice under Section 1531 is valid. Such an agreement made after publication of notice is valid if the fee or compensation agreed upon is not in excess of 10 percent of the recoverable property and the agreement is in writing and signed by the owner after disclosure in the agreement of the nature and value of the property and the name and address of the person or entity in possession of the property. Nothing in this section shall be construed to prevent an owner from
asserting, at any time, that any agreement to locate property is based upon an excessive or unjust consideration.

Notwithstanding any other provision of law, records of the Controller's office pertaining to unclaimed property are not available for public inspection or copying until after publication of notice of the property or, if publication of notice of the property is not required, until one year after delivery of the property to the Controller.



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Law Pro, Lawyer
Satisfied Customers: 23478
Experience: 20 years experience in consumer advocacy, debt collection violations, contracts, construction
Law Pro and 3 other Consumer Protection Law Specialists are ready to help you
Customer: replied 1 year ago.

Do I need a business license in Illinois or California or both, to be a unclaimed property investigator in California? Will I have a difficult time with receiving payment for my services? Do people still use unclaimed property investigators, can it be a profitable business in today's market?

Expert:  Law Pro replied 1 year ago.
NO, you don't need a license in Illinois either.

Yes, usually when you give the notice to the person or persons who have unclaimed funds available - usually they go about getting the funds themselves rather than pay a 3rd part agent to do such.

So I don't think it's that profitable of a business in todays market.

Moreover, once a person is aware that they may have unclaimed funds available they can use the internet to find the monies themself and learn how to make application to claim it.

I think before the internet became so widely used it was a profitable business - however, not since the internet has become so widely easily used by the general population.


If you have any further questions, please feel free to let me know…

You can always ask for me in your question, “This question is for Law Pro . . (then on with your question) . . . .
Customer: replied 1 year ago.

Can I earn a decent living being a unclaimed property finder (investigator) for California? I know you said it's not that profitable, but can I earn a decent living ($18,000 at least a year) doing this?

Expert:  Law Pro replied 1 year ago.
I don't know - I think it's very difficult and if there is any serious monies that are owed to someone they will research the issue themselves.

I guess you could make $18k if you did it full time and gave a good effort.

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