Feb. 14, 2018
The activity described as "heir-finders," involving the search and retrieval of lost or forgotten funds owed, would appear to fit the statutory definition of investigations. Section 1702.104 provides, in relevant part, that "a person acts as an investigations company for the purposes of this chapter, if the person engages in the business of obtaining or furnishing, or accepts employment to obtain or furnish, information related to ... the location, disposition or recovery of lost or stolen property." §1702.104 of the Texas Occupation Code.
Any person who engages in the business of recovering unclaimed or abandoned property, or who accepts employment to obtain or furnish information related to such property, and seeks to recover such property or information through any means other than the review of public information as defined in Chapter 552 of the Texas Government Code, is acting as an investigations company, as defined in §1702.104 of the Act, and consequently is required to obtain a Class A or Class C Investigations Company License. The review of public information is exempt from regulation under the Private Security Act, pursuant to §1702.324(b)(5) of the Texas Occupations Code.