A Pennsylvania Senate bill has received unanimous approval, paving the way for the expedited return of unclaimed property held by the state treasurer to thousands of Pennsylvanians, CBS News reported.
Pennsylvania Senate Bill
The bill, known as “money match,” aims to streamline the process of returning unclaimed property to its rightful owners without burdening citizens with extensive paperwork.
State Treasurer Stacy Garrity expressed her enthusiasm for the bill’s broad bipartisan support and outlined her goal of distributing checks to eligible individuals by Christmas if the bill is ultimately approved by the House and the governor.
Under the proposed legislation, the Treasury would be able to proactively return up to $5,000 to living individuals without requiring them to fill out forms. Through a thorough vetting process to confirm and verify identity, the Treasury would initiate the return of unclaimed property directly to the rightful owners.
Garrity highlighted the substantial sum of unclaimed property currently held by the state, amounting to $4 billion. She acknowledged that while she knows the rightful owners of some of this unclaimed property, they may be unaware of their entitlement due to the lack of appropriate forms being filed.
Pennsylvania Senate Bill, Money Match Bill
The implementation of the Money Match bill would grant the Treasurer the authority to distribute checks directly to eligible individuals, ensuring that the funds reach their rightful owners.
However, the bill’s progress relies on the action of the state House, which currently lacks a sponsor for the proposed legislation. Despite this initial setback, Garrity expressed confidence that the bill’s widespread bipartisan support would catalyze swift movement through the legislative process.
With the unanimous approval from the state Senate, the Pennsylvania Senate bill holds significant promise for reuniting Pennsylvanians with their unclaimed property. If the bill successfully passes through the House and receives approval from the governor, citizens can look forward to a more efficient and proactive approach to reclaiming their lost assets.