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Unclaimed Property (UCP)
| UCP - 1 |
What
is unclaimed property?
Usually, it’s money that has remained
unclaimed by the owner for
a period of time. Unclaimed property can also be stocks,
bonds, mutual funds, or items stored in safety deposit boxes.
Contact us if you need more information.
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| UCP - 2 |
Does unclaimed
property include real estate, boats, or cars?
No. However, some tangible
items such as jewelry, gems, coins, and stamps are reported by
financial institutions, hospitals, and hotels as unclaimed
property.
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| UCP - 3 |
Does unclaimed
property include items left in rental storage units and vacant
apartments?
No. When a rental customer leaves items behind
in a rental or storage unit, the business owner may sell the
items to recover uncollected fees, if any, for the services
provided. But, if the items are sold for more money than is
needed to cover the bill, the business owner is required to
report the excess funds as unclaimed property due to the
rental customer. Many rental agreements address this issue.
Contact us if you need more information.
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| UCP - 4 |
How does
property become unclaimed?
There are many reasons why property becomes
unclaimed. A few of these include errors made while updating a change of address, changing a name due to marriage
or divorce, the death of an owner, or simply forgetfulness.
Most property is considered abandoned if it has been
inactive for five years. Wages and utility
deposits become unclaimed after only one year.
Contact us if you need more information.
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| UCP - 5 |
Under what
circumstances is unclaimed property reported to the state?
Unclaimed property is reported after the
following have occurred:
- There has been no owner-initiated activity
for a specific amount of time (generally five years).
- Attempts to contact the owner have failed.
Contact us if you need more information.
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| UCP - 6 |
Where is the
unclaimed property reported?
The Unclaimed Property Law requires all
businesses and state agencies to report unclaimed property to
the state where the owner
was last known to reside. Other rules apply if the business
does not have a record of the owner’s address.
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us if you need more information.
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| UCP - 7 |
What does the
state of Idaho do with the money?
The state of Idaho takes custody of the
unclaimed property, assumes responsibility for its
safekeeping, and attempts to locate the property owner. The
state advertises in newspapers and provides a complete list of
names on the Internet.
Contact
us if you need more information.
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| UCP - 8 |
What should I do
if someone offers to help locate my unclaimed property for a
fee?
We highly recommend you use our FREE service
to locate unclaimed property. An heir finder is an individual
or company that can assist the owner
of unclaimed property with locating and claiming funds. Heir
finders charge a fee, usually a percentage of the value of the
property recovered, for their assistance. The state of Idaho’s
Unclaimed Property Office provides this service free of
charge.
Every state has an unclaimed property listing.
If you have lived in any other state, or if you conduct
business within another state, we recommend that you go to the
National Association of Unclaimed Property Administrators’ (NAUPA)
Web site at www.unclaimed.org.
In addition, if you believe that you may have money owed to
you by a business or state agency, you may wish to contact
them directly.
Of course, you may accept the assistance of
the heir finder, but taking the time to search may be worth
your effort.
Contact
us if you need more information.
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| UCP - 9 |
Is there a limit
to the amount or percentage that an heir finder can charge for
their services?
Some states have passed legislation that
regulates the activities of heir finders. These states may
require the finder to have a private detective’s license
and/or may limit the percentage that they are able to charge.
Idaho does not currently regulate finders or
limit their fees, but if the funds have been held by the state
for less than two years, the finder’s contract is
unenforceable and the total amount will be remitted directly
to the owner.
Contact
us if you need more information.
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| UCP - 10 |
Why might the
state of Idaho’s Unclaimed Property Office not have any
record of the property for which the heir finder is trying to
collect a percentage?
Some businesses hire others to contact
customers prior to reporting the property to the states. Since
the property has not yet been reported to the state, our
unclaimed property office may be unable to assist you. You
have two choices. You can choose to sign a contract with the
heir finder and receive a percentage of your funds. Or, you
can wait for the funds to be sent to a state’s unclaimed
property office and receive the funds in full.
Please be aware that federal funds are not
reported to the states as unclaimed property. Federal
agencies, such as Housing and Urban Development (HUD) and the
Internal Revenue Service (IRS) maintain their own unclaimed
property records. To view a list of related unclaimed property
Web site addresses, click here.
Contact
us if you need more information.
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