Frequently Asked Questions | Unclaimed Property Finder Applications
Frequently Asked Questions
Find answers to common questions about finder licensing, claim submissions, payment requirements, contracts, and enforcement. These FAQs explain how finders may work with claimants, what protections are in place, and what rules apply under Illinois unclaimed property law.
Registration and Licensing
Yes. Anyone who acts as a finder in Illinois must have a valid finder’s license issued by the Illinois State Treasurer.
To qualify for a finder’s license, an applicant must meet certain eligibility requirements. Individual applicants must be at least 21 years old. All applicants must be of good moral character, provide valid mailing and email addresses, pass a criminal background check, demonstrate knowledge of the Revised Uniform Unclaimed Property Act, and provide required identifying information, such as an SSN, ITIN, or FEIN. Business applicants must also provide required information for any owners with a 10% or greater ownership interest.
Applicants must submit a completed electronic application, a non-refundable $500 application fee, authorization for a criminal background check, required identifying information, and a fidelity bond. If the cost of the background check exceeds $500, the applicant is responsible for paying the additional cost.
Yes. Applicants must provide a fidelity bond issued by an insurance or bonding company authorized to do business in Illinois. The bond may be up to $100,000, with the amount determined by the Treasurer.
Not always. An attorney does not need a finder’s license if the attorney has an attorney-client relationship with the claimant and is helping recover specifically identified property for that client.
A licensed CPA firm may be exempt from the finder’s license requirement if it registers with the Treasurer, is in good standing with the Illinois Department of Financial and Professional Regulation, represents a client that is not a natural person, and provides professional services related to unclaimed property reporting.
Yes. A finder’s agreement cannot allow compensation greater than 10% of the amount collected.
Claim Submission
No. The Treasurer does not provide bulk data files, database exports, or API access to unclaimed property records. The unclaimed property database is exempt from disclosure under Article 14 of the Revised Uniform Unclaimed Property Act.
A claim is considered complete when all required documents have been submitted and entered into the unclaimed property system.
Once a claim is complete, the Treasurer must issue a decision within 90 days, unless more time is needed for reasonable cause.
Required documents vary by claim. The Treasurer may request items such as original or replacement checks, releases of interest, court orders, indemnification forms, surety bonds, or identification documents.
Yes, but only if the finder contract clearly states that the Treasurer may pay the finder directly.
Licensing Discipline and Enforcement
Yes. The Treasurer may deny, suspend, or revoke a finder’s license for violations such as fraud, misrepresentation, dishonest or unethical conduct, false or misleading advertising, failure to comply with the Act or rules, failure to respond to Treasurer inquiries, insolvency, or failure to satisfy judgments.
Acting as a finder without a valid license is considered a public nuisance. The State may take enforcement action, including seeking an injunction, issuing a cease-and-desist order, or imposing civil penalties of up to $10,000 per violation.
Payment, Communication, and Technology
Application fees may be paid through the Treasurer’s ePAY portal. Approved unclaimed property claims are paid by check through the Illinois State Comptroller’s Office.
Yes. Claim documentation may be submitted electronically through the I-CASH website at icash.illinoistreasurer.gov.
Electronic signatures may be accepted in some cases. However, a written signature is preferred because it may help avoid processing delays.
Some claims may require notarization. The claim form will state whether notarization is required.
Claim payments are generally issued to the claimant. A finder may receive direct payment only if the finder contract clearly states that the Treasurer may pay the finder directly.
No. Requests for unclaimed property information are reviewed under applicable law. However, the unclaimed property database and property information are exempt from disclosure under Article 14 of the Revised Uniform Unclaimed Property Act, so requests for database records or property lists will be denied.
Compliance and Claimant Protections
Illinois law includes several protections for claimants who work with a finder. These include a 10% limit on finder fees, a waiting period before finder contracts may be used, required contract disclosures, finder licensing requirements, background checks, disciplinary action for unethical or deceptive conduct, and rules against false or misleading advertising.
Yes. Before payment can be issued, the Treasurer’s Office must verify the claimant’s tax identification number. A W-9 or other tax form may be required.
The Illinois State Treasurer oversees finder licensing, rulemaking, and enforcement under the unclaimed property program.