§ 1582.Validity of Agreement to Locate, Deliver Or Recover Property Reported
Title 10. Unclaimed Property · Chapter 7. Unclaimed Property Law · Article 7. Miscellaneous · Last amended 2023 · Last verified July 29, 2026
In one sentenceSection 1582 voids property-locator agreements signed between a report's filing and the state's payment of the claim, or that demand a fee before the Controller approves the claim, caps a valid post-payment locator fee at 10 percent, and keeps Controller unclaimed-property records confidential until notice is published or a year passes.
(1)An agreement to locate, deliver, recover, or assist in the recovery of property reported under Section 1530 is invalid if either of the following apply:
(A)The agreement is entered into between the date a report is filed under subdivision (d) of Section 1530 and the date the property is paid or delivered under Section 1532.
(B)The agreement requires the owner to pay a fee or compensation prior to approval of the claim and payment of the recovered property to the owner by the Controller.
(2)An agreement to locate, deliver, recover, or assist in the recovery of property reported under Section 1530 made after payment or delivery under Section 1532 is valid if it meets all of the following requirements:
(A)The agreement is in writing and includes a disclosure of the nature and value of the property, that the Controller is in possession of the property, and the address where the owner can directly claim the property from the Controller.
(B)The agreement is signed by the owner after receipt of the disclosure described in subparagraph (A).
(C)The fee or compensation agreed upon is not in excess of 10 percent of the recovered property.
(3)This subdivision shall not be construed to prevent an owner from asserting, at any time, that an agreement to locate property is based upon an excessive or unjust consideration.
(b)Notwithstanding any other provision of law, records of the Controller's office pertaining to unclaimed property are not available for public inspection or copying until after publication of notice of the property or, if publication of notice of the property is not required, until one year after delivery of the property to the Controller.
Plain-English Summary
Locator services that track down owners of unclaimed property and charge a fee for the tip have their own history of overreaching, and this section reins that in. Once a holder's report on specific property has been filed but before the Controller has paid or delivered that property, any agreement to help the owner locate, recover, or claim it is void, and so is any agreement, whenever signed, that demands the owner pay before the Controller has approved and paid the claim. The idea is to keep a locator from collecting a fee for information the owner could otherwise get free once the property becomes public record.
A locator agreement signed after the Controller has already paid or delivered the property can still be enforced, but only if it meets specific safeguards: it must be in writing, disclose the nature and value of the property along with where the owner can go claim it directly from the Controller, be signed by the owner only after receiving that disclosure, and charge no more than 10 percent of what's recovered. Owners keep the right to challenge any such agreement later as based on an excessive or unjust fee. The section also protects owners' privacy in the interim: the Controller's unclaimed property records stay closed to public inspection or copying until the property's notice is published, or, if no notice is required, until a year after the Controller receives the property.
Frequently Asked Questions
When is a locator agreement to help find unclaimed property automatically void?
When it's entered into between the filing of the report and the payment or delivery of the property, or when it requires the owner to pay before the Controller approves and pays the claim.
What must a valid locator agreement signed after payment include?
A written disclosure of the property's nature and value and where the owner can claim it directly, the owner's signature after receiving that disclosure, and a fee no higher than 10 percent of the recovered property.
Is there a cap on what a locator can charge?
Yes. Ten percent of the recovered property for an agreement signed after payment or delivery.
Can an owner challenge a locator agreement even if it meets these requirements?
Yes. An owner can still assert at any time that the agreement is based on excessive or unjust consideration.
Are the Controller's unclaimed property records open to the public right away?
No. They're closed to inspection or copying until notice of the property is published, or, if no notice is required, until a year after the property is delivered to the Controller.
Amendment History
Amended by Stats 2022 ch 282 (AB 2280),s 5, eff. 1/1/2023. Amended by Stats. 1990, Ch. 450, Sec. 16. Effective July 31, 1990.
Source & verification. Section text is reproduced verbatim from
the Deering's California Codes Annotated / vLex. Enacted by the California Legislature.
Last verified July 29, 2026.
· Official source
Also known as:unclaimed property finder agreement californialocator fee cap ten percent escheat