Finder Information
The State Comptroller, whose longstanding view is that the rightful owners should claim their abandoned funds without charge, strongly encourages everyone to contact our Office directly to determine if we are holding funds that rightfully belong to them. Our Office provides this information for free through the Internet, our Communication Center, and mail inquiry. There is no charge for processing claims or returning abandoned funds.
If you are interested in becoming a “Finder” of those entitled to unclaimed funds in New York State, or if you have been contacted by someone who claims they can help you obtain your funds held by this Office, please read the following requirements and procedures for “Finders”.
Please visit the New York Department of State’s Register for proposed new rules regarding Finder Agreements: http://www.dos.state.ny.us/info/register/2010/may5/pdfs/rules.pdf
Requirements and Procedures for “Finders”
While licensing or registration is not required, State Comptroller’s Office of Unclaimed Funds requires that finders:
- Must have direct correspondence with the account owner, or the account owner’s duly appointed representative, such as one of the following:
- The account owner’s heirs;
- An attorney acting on the behalf of the account owner;
- Reporting organization acting on the behalf of the account owner.
- Must have a finder agreement permitting the finder to act on the client’s behalf. Please note that effective September 3, 2008 by regulation the client’s signature on the finder agreement must be acknowledged. A finder agreement must also:
- Be in writing and signed by the rightful owner.
- Include the fee charged (maximum allowable is 15% of the funds recovered).
- Disclose the nature of the property.
- Contain the name and address of the holder (NYS Comptroller’s Office, 110 State St., Albany, NY 12236).
We strongly encourage the agreement also list the claimant’s current address. Please review the Sample Finder Agreement
. - 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.
- Mail Claims to: Office of Unclaimed Funds, 110 State Street, Albany, NY 12236
Upon receipt, the Office of Unclaimed Funds will initially send an acknowledgment of the claim with a claim reference number to the finder. Our processors will then verify that the agreement complies with the provisions previously stated prior to researching the claim and initiating the claim process.
Finders will be advised regarding the description of funds located and what documentation must be provided for claims processing. After appropriate documentation is provided and the claim is fully processed and approved, our Office will issue a refund check made payable to the claimant, which will be mailed in accordance with the provisions of the finder agreement.
It is the responsibility of the finders to collect the fee from their clients. There is no limit to the number of claimants finders may represent and this Office charges no processing fee.
Note: Section 13-2.3 of the Estates, Powers & Trusts Law (“EPTL”) requires that “every power of attorney relating to an interest in a decedent’s estate and every conveyance or assignment of an interest in an estate or similar instrument which contains an express or implied authorization or delegation of power to act there under” must be in writing and acknowledged, and recorded in the office of the Surrogate’s Court having jurisdiction over the New York estate. Finder agreements are documents subject to this requirement (see, In re Betlem, 300 A.D.2d 1026 (4th Dept. 2002). Therefore, in order to ensure compliance with this requirement, where a finder is representing an executor, administrator or other person(s) with any interest in an estate where the decedent was a New York domiciliary, effective January 1, 2008, OUF will require finder organizations to submit a court certified copy of finder agreements which have been duly filed with the appropriate Surrogate’s Court, for claims filed with this Office on or after such date. If an executor or administrator was appointed for the estate, the finder agreement must be filed in the Surrogate’s Court that issued the Letters of appointment. If no executor or administrator was appointed, then the finder agreement must be filed in the county in which the decedent was domiciled. This recording requirement applies to finder agreements relating to any interest in a New York domiciliary decedent’s estate or conveyance or assignment of an interest in any such estate, including finder agreements entered into with heirs, fiduciaries and persons with any other interest in an estate, and applies to all New York estates whether Letters are required or small estates where no estate representative has been appointed.
More information on legal requirements for finders is available from: McKinney’s Consolidated Laws of the State of New York, Book 2½; Thomson West, 610 Opperman Drive, P.O. Box 64526, St. Paul, MN 55164-0526, (651) 687-7000, www.west.thomson.com
Researching the List of Unclaimed Funds
While the use of finders is not encouraged, the State Comptroller’s Office of Unclaimed Funds is required to make available a list containing the names and last-known addresses of those persons who may be entitled to unclaimed funds. The list indicates the nature of the property, and when and by whom the property was reported. Privacy provisions of State and Federal law do not permit the disclosure of amounts held for individual items or the taxpayer identification (social security) number listed for an item. To search the list online, visit the State Comptroller’s Internet site, and click on the icon for Unclaimed Funds. The list is also available on CD-Rom (Windows 2000 or XP compatible) containing a search program and the owner name and address data in DBF format for $25. Requests for the CD-rom
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