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Bill > SB844


PA SB844

PA SB844
In disposition of abandoned and unclaimed property, further providing for claim for property paid or delivered.


summary

Introduced
06/09/2025
In Committee
06/25/2025
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 claim for property paid or delivered.

AI Summary

This bill amends the existing law regarding abandoned and unclaimed property by increasing the threshold for automatic property transfer from the Commonwealth to an individual. Currently, the State Treasurer can pay or deliver property to a person identified as the sole owner if the value is less than $500, but the bill raises this threshold to $10,000. This means that for unclaimed property valued between $500 and $10,000, individuals will now need to file a specific claim form with the State Treasurer to receive the property or its proceeds, whereas previously only property under $500 could be automatically transferred. The change aims to provide more oversight and control over the disposition of unclaimed property with a value between these two amounts. The bill will take effect 60 days after its enactment, giving state agencies time to prepare for the new procedure.

Committee Categories

Budget and Finance

Sponsors (9)

Last Action

Re-referred to Appropriations (on 06/25/2025)

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