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Bill > HB484


PA HB484

PA HB484
In disposition of abandoned and unclaimed property, further providing for certificate of finder registration, for notice and publication of lists of property subject to custody and control of the Commonwealth under this article, for income accruing after payment or delivery, for deposit of funds, for determination of claims, for penalties and for interdepartmental cooperation and providing for annual report.


summary

Introduced
02/04/2025
In Committee
02/04/2025
Crossed Over
Passed
Dead

Introduced Session

2025-2026 Regular Session

Bill Summary

Amending the act of April 9, 1929 (P.L.343, No.176), entitled "An act relating to the finances of the State government; providing for cancer control, prevention and research, for ambulatory surgical center data collection, for the Joint Underwriting Association, for entertainment business financial management firms, for private dam financial assurance and for reinstatement of item vetoes; providing for the settlement, assessment, collection, and lien of taxes, bonus, and all other accounts due the Commonwealth, the collection and recovery of fees and other money or property due or belonging to the Commonwealth, or any agency thereof, including escheated property and the proceeds of its sale, the custody and disbursement or other disposition of funds and securities belonging to or in the possession of the Commonwealth, and the settlement of claims against the Commonwealth, the resettlement of accounts and appeals to the courts, refunds of moneys erroneously paid to the Commonwealth, auditing the accounts of the Commonwealth and all agencies thereof, of all public officers collecting moneys payable to the Commonwealth, or any agency thereof, and all receipts of appropriations from the Commonwealth, authorizing the Commonwealth to issue tax anticipation notes to defray current expenses, implementing the provisions of section 7(a) of Article VIII of the Constitution of Pennsylvania authorizing and restricting the incurring of certain debt and imposing penalties; affecting every department, board, commission, and officer of the State government, every political subdivision of the State, and certain officers of such subdivisions, every person, association, and corporation required to pay, assess, or collect taxes, or to make returns or reports under the laws imposing taxes for State purposes, or to pay license fees or other moneys to the Commonwealth, or any agency thereof, every State depository and every debtor or creditor of the Commonwealth," in disposition of abandoned and unclaimed property, further providing for certificate of finder registration, for notice and publication of lists of property subject to custody and control of the Commonwealth under this article, for income accruing after payment or delivery, for deposit of funds, for determination of claims, for penalties and for interdepartmental cooperation and providing for annual report.

AI Summary

This bill amends Pennsylvania's unclaimed property law to enhance the process of managing and returning abandoned property to its rightful owners. The bill introduces several key changes, including limiting finder's fees to 15% of recovered property, requiring the State Treasurer to maintain a comprehensive online database of unclaimed property with searchable information, and establishing an automatic return process for property valued at $10,000 or less when the owner can be easily verified. The legislation increases penalties for violations, with fines escalating from $10,000 for a first offense to $100,000 for third or subsequent offenses. It also mandates an annual data-sharing program among state agencies like the Departments of Revenue, State, Transportation, Labor and Industry, and Human Services to help locate and verify property owners' identifying information. Additionally, the bill requires the State Treasurer to prepare an annual report detailing unclaimed property statistics by county and the efforts made to raise public awareness. The changes aim to improve transparency, simplify the property recovery process, and make it easier for individuals to reclaim their lost or forgotten assets.

Committee Categories

Budget and Finance

Sponsors (11)

Last Action

Referred to Appropriations (on 02/04/2025)

bill text


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