Contractors find property for state, for a cut
Source: Marc Lifsher, Los Angles Times (CA), July 9, 2007
Finding unclaimed bank accounts, stock certificates and other securities is a lucrative business for a handful of private companies that contract with the state to comb the books of corporations, insurance companies and financial institutions.
Since 1985, these contractors have delivered property to the state valued at $1.13 billion and earned $101.9 million in commissions, according to the California controller's office. The contractors, who earn commissions ranging from 6.8% to 10.7% in California, say they provide an important service. Affiliated Computer Services Inc. of Dallas says it has "worked closely with the state to successfully administer this program and to help reunite people with their property."