1. How do I start an asset recovery service?
The requirements and limitations vary from state to state. Depending on the type of records you want to utilize in your service, you may need a private investigators license. This licensing is controlled by the Secretary of State's Office. Their number is (404) 656-2282. Pursuant to O.C.G.A. 44-12-224, person(s) operating an asset recovery/locating business must observe the following:
Agreements to recover property for an owner are unenforceable unless the property in question has been in the state's possession for 2 years;
Fees to assist in recovery cannot exceed 10%;
Powers of Attorney from asset recovery services are not recognized in Georgia. Our section communicates directly with the property owner in the repayment of funds.
2. Does Georgia have a list of unclaimed property owners available for purchase?
Yes. Georgia’s list of unclaimed property owners is updated annually in July. The list contains all types of accounts over $50.00. Any account that has been paid to the owner or has a pending claim is not on the list. Information currently provided on the list includes the internal tracking number of the account, the owner’s name and the company or bank that remitted the account to Georgia. NEITHER THE LAST KNOWN ADDRESS NOR THE VALUE OF EACH OWNER ACCOUNT IS PROVIDED!
The list is available on CD and can be purchased for $50.00 from the Georgia Department of Revenue, Unclaimed Property Program. When placing your order, please send a cashier’s check or money order payable to Georgia Department of Revenue - Unclaimed Property Program to:
Georgia Department of Revenue
Unclaimed Property Program
4245 International Parkway, Suite A
Hapeville, Georgia 30354-3918
Personal checks are not accepted. Please allow ten working days to process your order.
The request for this list does not have to made under Georgia’s Open Records Act.
3. Can the Unclaimed Property Program provide me with the dollar value, last known address and claim status of accounts that I may be interested in?
No. Our section does not provide this information to protect the owner’s privacy. The annually updated list deletes accounts that have been settled.
4. If the list is only updated once a year, how will I know if an account is still available for claim?
The updated list will be the only source of available accounts. Most individuals will inform you if they have already filed a claim or received their money.
5. Are there any laws regarding asset recovery services in Georgia?
Yes. O.C.G.A. 44-12-224 provides:
Agreements to pay compensation to assist in the recovery of unclaimed accounts are unenforceable until the account has been in the state’s possession for 24 months.
Fees charged to assist in the recovery of an unclaimed account cannot exceed 10%.
Payments for unclaimed accounts are made directly to the owner. Powers of Attorney from asset recovery services are not recognized.
6. If I find an owner, what is the next step?
You will need to provide the following information to our section:
Name and current mailing address of the claimant.
Name of the owner exactly as it appears on the list.
Owner’s filing status (i.e. original owner, heir, trustee, company designee)
Owner identification number.
We will send the necessary forms directly to the owner.
7. What information will I need to complete the claim form?
You will not need to complete any portion of the form. The owner will complete the form and submit supporting documentation proving ownership to our office.
8. What happens after the claim form is submitted to your office?
When the claimant returns the form and supporting documents, the package is reviewed by a Claims Examiner. If ownership of the account has been proven and the form is completed correctly, the claim is approved and a request for a check to be issued is sent to a designated office in the Department of Revenue. When checks are issued they are delivered to the Unclaimed Property Section and mailed immediately to the owner. This process can take up to ninety days, but most claims are processed within thirty days.
9. Will the state notify me when the check is mailed to the claimant?
No. You will need to maintain close contact with your claimants to know when they receive their money.
10. Can the check be made payable to me?
No. The money belongs to the claimant.
11. Will the State issue a separate check to me?
No. The State’s obligation is to the rightful owner.
12. What assurances do I have that I will get my fee once the claimant receives payment?
Your rights of recourse are matters you should discuss with your attorney.
13. Must I obtain a private investigators license to locate owners in Georgia?
It is not a function of our office to verify the need for a private investigators license. You should correspond with the Secretary of State’s Private Investigator’s Licensing Unit to ensure compliance with Georgia’s laws in this area.