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House Co-Sponsorship Memoranda
House of Representatives
Session of 2023 - 2024
Regular Session
MEMORANDUM
| Posted: | February 1, 2024 09:00 AM |
|---|---|
| From: | Representative Ryan A. Bizzarro |
| To: | All House members |
| Subject: | Unclaimed Property Progress |
| Pennsylvania has $4.5 billion in unclaimed property just waiting for its owner to claim it. The process is cumbersome and antiquated and its time we start modernizing. This legislation will mandate the automatic return of all property worth $10k or less to any owner who’s contact information can be verified within the last year. To accomplish this, the treasurer will be granted limited access to the Revenue and Department of State bases to connect people to their lost property. No more forcing people to figure out a claims system. My legislation will also use a portion of the fund to institute an education campaign to reach Pennsylvanians where they are to encourage them to search for unclaimed property and register to have funds electronically transferred. If property would otherwise be returnable but it exceeds $10k the treasurer will notify those claimants by mail, phone, and email to connect them to their property. Finally, my legislation will take transparency and fraud seriously by reporting monthly on efforts to connect people with their property including money taken in, reunited and outstanding and by publishing all that information, plus information on companies registered to assist people in finding their property for a fee on the Treasury website. Finally, my legislation will institute a cap on that finders fee to make sure that no one is unfairly targeted or scammed. |
Introduced as HB2092