A finder can legally charge only what your state allows, often 10% of the property value recovered. In New York, the limit is 15% of cash or securities refunded. A finder is a private investigator, asset locator, or heir finder who offers to recover state-held unclaimed property for you. You can search and claim that property yourself for free, so any finder fee is optional and never paid to the state, according to the California State Controller's Office Claiming Property FAQ.
Table of Contents
- Why can you claim for free?
- What are the legal fee caps?
- What must a finder agreement include?
- How do you spot an illegal fee or scam?
Why can you claim for free?
State treasuries and comptrollers hold unclaimed money until the owner claims it. You file directly with the state and pay no fee to search or to receive payment.
That free option sets the baseline for any finder offer. A finder saves you time and research, but does not unlock funds you cannot get yourself. Compare the fee against the work involved before you agree.
What are the legal fee caps?
Caps vary by state, so check the rule where your property is held. In California, a private investigator, asset locator, or heir finder may charge no more than 10% of the property value, according to the California State Controller's Office Claiming Property FAQ. In Texas, a person who tells you about reportable property held by the Comptroller may receive no more than 10% plus reasonable attorney fees, under Section 74.507 of the Property Code.
In Ohio, a recovery company can charge no more than 10% of the total claimed, while consumers can use free claim forms from the Division of Unclaimed Funds. In New York, owners can obtain abandoned funds directly without a fee, while a location-service agreement may charge at most 15%, according to the N.Y. Office of the State Comptroller guidance for location service providers.
What must a finder agreement include?
A legal agreement puts the property, work, and cost in writing before you sign. Texas law makes this test clear: the contract must be signed, describe the property and services, and state the expected recovery before and after fees. Use that checklist in any state: Keep a copy and do not sign a blank or vague form.
- signed agreement with your name and the finder name
- clear description of the property and the services
- expected recovery amount before fees and amount you keep after fees
How do you spot an illegal fee or scam?
An upfront processing fee is a warning sign. The government will not call or text asking you to pay to search for unclaimed funds, according to the Federal Trade Commission March 2026 alert on unexpected calls. Treat these as red flags: Stop contact, search the official state unclaimed-property site yourself, and report the message to the FTC.
- demand for payment before any recovery
- request for bank logins, gift cards, or wire transfers
- pressure to sign fast without fee terms in writing