Although not defined by law, generally speaking, a locator is a person or business that locates unclaimed property for persons in return for compensation. Locators are not affiliated with the Taxation and Revenue Department.
An agreement by an owner, the primary purpose of which is to locate, deliver, recover or assist in the recovery of property that is presumed abandoned, is void and unenforceable if it was entered into during the period commencing on the date the property was presumed abandoned and extending to a time that is forty-eight months after the date the property is paid or delivered to the administrator. This subsection does not apply to an owner's agreement with an attorney to file a claim as to identified property or contest the administrator's denial of a claim (Section 7-8A-25 NMSA 1978).
In order to file a claim for abandoned property for a claimant, a locator must submit a disclosure agreement RPD-41343, Claim for Abandoned Property Disclosure of Agreement to Locate Property accompanied by a copy of the locator’s agreement with the claimant.