The Unclaimed Property Act requires businesses (profit and non-profit) and government agencies to file an unclaimed property report with the Department of Revenue. Contact our office to request a reporting form. The reporting form will ask you to list: the owner names, last known address, social security number (if known), type and amount of the property owed to the person. The report should contain property held as of June 30 of each year.
In addition to money and securities, the Alaska holdings include tangible property such as watches, jewelry, coins, currency, stamps, historical items and other miscellaneous articles.
Each year millions of dollars in dormant or lost accounts go unclaimed. If you know anyone who has ever moved or died, the state may be holding unclaimed cash, lost securities, bonds, refunds, insurance claims, deposits, jewelry or coins. There is no charge to search the state data for anyone's name.
Fee finders or (heirfinders) are people who have, through public information laws, obtained a list of people who have unclaimed property on file with the State of Alaska. There are no special requirements or licenses needed in the State of Alaska. (Some states require bonding and an investigator license.)
If you have been contacted by a fee finder you should attempt to locate your property on your own before signing a contract. Check through old tax records for accounts that may have been forgotten. Stocks, mutual funds and other long-term investments are often targets for fee finders. You should contact unclaimed property offices in the states where you have lived before. You may also request a search of other family member's names at the same time.
The State of Alaska's Unclaimed Property Act does have a provision that addresses fee finders' contract conditions and allowable fees. A contract must be in writing, not exceed six months, specify fees to be charged, state the nature and value of property and the value of the owner's share after the fee is deducted. The fee or compensation can be no more than 20% of the property value if the value is less than $500 and 10% of the property value if the value is $500 or more. Any contract that does not meet Alaska statutes is unenforceable.
