HARRISBURG, PA — The Pennsylvania House of Representatives has unanimously passed legislation aimed at modernizing the process for returning unclaimed property to its rightful owners. State Representative Ryan Bizzarro (D-Erie), who sponsored the Modernizing Access to Treasury and Housing (MATH) Act, announced the bill’s passage on Thursday.
Simplifying Returns
House Bill 2092 mandates the automatic return of property worth $10,000 or less to owners whose contact information can be verified through information sharing between state agencies. This eliminates the need for individuals to navigate a complex claims system.
“The unclaimed property process is cumbersome and antiquated,” Bizzarro said. “I’m proud to author this measure to connect more Pennsylvanians with the money that is rightfully theirs.”
Educational Campaign and Consumer Protections
The bill also provides for a statewide education campaign to inform potential property owners about unclaimed property. It introduces safety provisions, including updated reporting on efforts to connect people with their property and requiring companies that offer to find property for a fee to register with the Pennsylvania Treasury.
If property exceeds the $10,000 limit but is still returnable, the Treasury will notify the owners by mail, phone, and email, provided their contact information is verified.
Comprehensive Reforms
House Bill 2092 amends the Fiscal Code to improve various aspects of the unclaimed property process. These include certificate of finder registration, notice and publication of lists of property, income accruing after payment, deposit of funds, determination of claims, penalties, and interdepartmental cooperation. The bill also requires an annual report on these activities.
Pennsylvania currently holds $4.5 billion in unclaimed property. The new legislation aims to make it easier for residents to recover their lost assets. The Treasury will gain limited access to databases from the Revenue Department and the Department of State to facilitate this process.
Transparency and Fraud Prevention
The legislation includes monthly reporting on efforts to connect people with their property. This information, along with details about registered companies that assist in finding property for a fee, will be published on the Treasury website. The bill also caps finders’ fees to protect consumers from being unfairly targeted or scammed.
PA Moves Forward to Revamp Unclaimed Property System
The unanimous passage of the MATH Act marks a significant step toward modernizing Pennsylvania’s unclaimed property system. By making the process more efficient and transparent, the state aims to ensure that more residents can reclaim the money that belongs to them.
For the latest news on everything happening in Chester County and the surrounding area, be sure to follow MyChesCo on Google News and MSN.