Bill > SB867

This bill amends the Virginia Code by adding a new section that requires the administrator (likely the State Treasurer) to make a concerted effort to locate the rightful owners of unclaimed funds or abandoned property before the state takes permanent possession. Specifically, the bill mandates that the administrator must exercise "due diligence" in trying to find the original property owners, which may include coordinating with the Tax Commissioner to access relevant tax information that could help track down these individuals or entities. This provision aims to ensure that the state makes a good faith attempt to return unclaimed assets to their rightful owners before those assets are permanently transferred to state control, providing an additional layer of protection for property owners who may have lost track of their financial assets.

Justice

https://lis.virginia.gov/bill-details/20251/SB867