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Claim Processing For Investigators

How long does it take to process a claim?

We will make every effort to process your claim in a timely manner. Due to the large volume of claims being processed, the law allows up to 180 days from the date that we receive a complete claim package, to review all documentation and make a decision in whether or not the documentation supports the claim. Investigator claims are generally processed within 180 days. After the claim is approved, additional time is required for the payment of claims that involve securities as we must research the corporate activity (such as corporate mergers, acquisitions, stock splits, or dividends) that may affect the value of the security. Please allow us an additional 90 to 180 days to complete this research.

The State Controller's Office now offers an online system where you can check the status of an unclaimed property claim you’ve already submitted. If your claim information does not appear in our system immediately, we have not processed it yet. Please allow approximately 30 days from the date you mailed your claim package for processing before checking the status of your claim. Check your claim status now

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How will I be notified when a claim has been approved?

For Cash Claims

The Claimant and the Investigator will receive a warrant (state check) for the claim per the percentages assigned in the Standard Investigator Agreement. In instances where the Standard Investigator Agreement does not assign a specific percentage to the Investigator, a warrant (state check) for one hundred percent (100%) of the proceeds are made payable to the claimant. The warrant is mailed to the claimant according to the mailing address noted on the Claim Affirmation Form. We mail a letter to the claimant and the investigator advising that full payment of the claim to the claimant does not relieve the claimant of any contractual obligation or agreement that he or she may have with the Investigator.

For Security Claims

Please see If my payment is in shares...?

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What happens when more than one Investigator files a claim for the same property?

Occasionally, more than one Investigator submits a claim for a claimant for the same unclaimed property account. When this occurs, we notify the Investigators and the claimant. Before we can process the claim, the claimant must choose who will file the claim on their behalf and notify all parties involved in writing. We are not able to process the claim until we receive this information.

  • The claimant must notify both Investigators in writing of their decision as to which claim package the claimant wants the State Controller’s Office to honor.
  • The claimant must notify the State Controller’s Office in writing of their decision. This notification must include a copy of each letter that was sent to each Investigator informing them of their decision.

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What happens when an Owner and an Investigator file a claim for the same property?

Occasionally an Investigator service and an Unclaimed Property Owner submit a claim package for the same unclaimed property account. If we receive a claim for property from both the owner and from the Investigator, the property will be returned to the owner, if we determine it is theirs, unless we have already acted on the claim filed by the Investigator. Returning the property, does not mean that we have taken a position on the validity of the contract or whether the investigator has a right to a fee for any services rendered. That matter is between the owner and the Investigator.

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