California Unclaimed Property Investigator
According to consumer protection organizations, legitimate Surplus Funds Investigators do not require payment until the property is returned to the owner. If an Investigator requests payment before the owner obtains the item or if the fee is not based on the worth of the property to be returned to the owner, the owner should be suspicious.
What Is An ‘Investigator’?
Sometimes referred to as Asset Locators or Heir Finders, Investigators are individuals or recovery companies that provide services to file claims for unclaimed property for the probable owner or heirs.
California law prohibits investigators from charging a fee that is more than 10% of the property value that is returned to the owners or heirs. See the California Code of Civil Procedure Section 1582.
Investigators filing for owners or heirs of County Probated Estates are not subject to any fee restrictions.
Can I File A Claim For My Property After I Have Signed A Contract With An Investigator?
A property owner has the right to file a claim for his or her property at any time. But if there is a contract between the property owner and the investigator, the investigator may have a legal right to payment for the sum mentioned in the contract.
If the SCO receives a claim for property from both the claimant and the Investigator, the SCO will release your property to you the claimant if the SCO concludes you are the legal owner. Returning your property does not imply that the SCO agrees with the contract’s legitimacy or that the investigator is entitled to a charge for any services done. You and the Investigator are the only ones who can decide on this.
Is There A Fee For Processing My Account Through An Investigator?
Investigators, also known as Asset Locators or Heir Finders, can charge you a fee if you process your account through them. However, it is prohibited in California for investigators to charge a fee that is higher than 10% of the property value returned to you.
To learn more about the unclaimed funds’ process, see California Code of Civil Procedure Section 1582.
Comments are closed