HARRISBURG – The Senate approved legislation authorizing the state to return unclaimed property without the need for rightful owners to search for it, Senator Pennycuick said today.
Known as Pennsylvania Money Match, Senate Bill 24 would authorize the Pennsylvania Treasury Department to automatically return single-owner property for living individuals valued up to $5,000 after a thorough identification and verification process. The legislation streamlines the return of unclaimed money and property by eliminating the need for citizens to search and file a claim.
For larger and more complex claims, owners would still be required to complete a claim form and provide additional information to confirm their identity and rightful ownership.
“One out of every 10 Pennsylvania residents is owed unclaimed property, and the state has the ability to connect them to their property in a much more streamlined manner,” Pennycuick said. “Other states have shown this approach can work, so let’s enact this change and get these items and money to their rightful owners as quickly and efficiently as possible.”
Pennsylvania Money Match is modeled after successful programs implemented in several other states, which have reunited their residents with unclaimed property worth millions of dollars.
Senate Bill 24 will be sent to the House of Representatives for consideration.
Pennsylvanians can search Treasury’s unclaimed property database at patreasury.gov/unclaimed-property.
CONTACT: Lidia Di Fiore 215-541-2388