Pennsylvania Senate Approves ‘Money Match Bill’ for Speedy Return of Unclaimed Property to Residents

The Pennsylvania State Senate has passed a bill known as the “money match bill” with unanimous support, potentially streamlining the process of returning unclaimed property to thousands of residents.

Treasurer Stacy Garrity says if the money match bill is approved, she’d like to get checks out by Christmas. (Photo: Twitter)

Pennsylvania Senate Approves Money Match Bill

State Treasurer Stacy Garrity expressed her desire to distribute checks by Christmas if the money match bill is approved.  Garrity lauded the bipartisan support for the money match bill, emphasizing the positive impact it could have, CBS News Pittsburgh reported.

If the money match bill becomes law, it would enable the Treasury to proactively return up to $5,000 of unclaimed property to individuals without requiring them to fill out extensive forms.

The process would involve thorough verification and vetting procedures to confirm the identity of the recipients.

The state treasurer currently holds approximately $4 billion in unclaimed property, with some known owners who have not submitted the necessary forms.

Money Match bill would grant Garrity the authority to directly issue checks to rightful owners, recognizing that the funds rightfully belong to hardworking Pennsylvanians.

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Will Money Match Bill Become a Law?

For the money match bill to become law, it must be passed by the state House, which currently lacks a sponsor for the legislation.

Garrity expressed optimism that this situation would change following the unanimous approval by the Senate, noting the money match bill’s broad bipartisan support.

Garrity acknowledged the significant amount of work involved in distributing the unclaimed property and estimated that, if the money match bill becomes law this summer, it would take approximately four to six months to process and deliver the funds to Pennsylvanians.

The treasurer remained hopeful that with swift action from both the House and the governor, the return of unclaimed property could serve as a meaningful holiday gift for residents.

The fate of the money match bill now rests on the actions of the state House and Governor Tom Wolf.

Should they support and sign the legislation promptly, Pennsylvanians may have reason to anticipate a welcome financial boost during the upcoming holiday season.

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