Section 760.650  Agreements to Locate Property

a)         Required elements of a valid finder contract. An agreement by an owner or an apparent owner and a finder, the primary purpose of which is to locate, recover, or assist in the location or recovery of property held by the administrator for a fee, compensation, commission, or other renumeration, is enforceable only if the agreement:

1)         is in a record that clearly states the nature of the property and the services to be provided;

2)         is signed by or on behalf of the owner or apparent owner;

3)         states the amount or value of the property reasonably expected to be recovered, computed before and after a fee, compensation, commission, or other renumeration to be paid to the finder has been deducted;

4)         clearly states that the property is in the possession of the administrator and may be recovered from the administrator without paying a fee; and

5)         provides the contact information for recovering the property from the administrator. [765 ILCS 1026/15-1301(a)]

b)         A finder may only receive compensation directly from the administrator if the agreement explicitly provides for direct payment to the finder. (See 765 ILCS 1026/15-1301(c))

c)         Copy of the contract required. For claims involving a finder, the administrator shall receive from the claimant a full and unredacted copy of the agreement signed by the owner or apparent owner and the finder. [765 ILCS 1026/15-1301(b)]

d)         Time period when a contract is void. An agreement between a finder and an owner or apparent owner pursuant to Section 15-1301 of the Act and subsection (a) of this Section is void if it is entered into during the period beginning on the date the property was presumed abandoned under the Act and ending 24 months after the payment or delivery of the property to the administrator. [765 ILCS 1026/15-1302(a)]

e)         Prohibition on future assignments. If a provision in an agreement between a finder and an owner or apparent owner pursuant to Section 15-1301 of the Act and subsection (a) of this Section applies to an obligation that did not exist or was not owed to the assignor at the time of the execution of the agreement, then that provision is void regardless of when the agreement was entered into. [765 ILCS 1026/15-1302(b)]

f)         Limit on fees. An agreement between a finder and an owner or apparent owner pursuant to Section 15-1301 of the Act and subsection (a) of this Section that provides for a fee, compensation, commission, or other remuneration in an amount that is more than 10% of the amount collected is unenforceable except by the apparent owner. The purchase, assignment, or other conveyance of unclaimed property to a finder, resulting in a net fee, compensation, commission, remuneration, or other profit to the finder in excess of 10% of the amount collected is prohibited. [765 ILCS 1026/15-1302(c)]

NOTE: This 10% limit on fees is a longstanding provision of Illinois unclaimed property law; a similar California provision was upheld as a proper exercise of the state's police power ("…the statute was enacted to protect the public from overcharging for recovery of unclaimed property by unscrupulous probate searchers. Thus, we conclude that the statute furthers a legitimate goal by rational means." Goodman v. Cory (1983) 142 Cal. App. 3d 737, 742; 191 Cal. Rptr. 272, 275).

g)         Other grounds for being void. An apparent owner or the administrator may assert that an agreement between a finder and an owner or apparent owner pursuant to Section 15-1301 of the Act and subsection (a) of this Section is void on a ground other than it provides for payment of compensation in excess of the amount authorized by paragraph (c) of Section 15-1302 of the Act. [765 ILCS 1026/15-1302(d)]

(Source:  Amended at 50 Ill. Reg. 778, effective December 31, 2025)