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Senate Co-Sponsorship Memoranda
Senate of Pennsylvania
Session of 2023 - 2024
Regular Session
MEMORANDUM
| Posted: | February 7, 2023 10:26 AM |
|---|---|
| From: | Senator John DiSanto |
| To: | All Senate members |
| Subject: | Pennsylvania Money Match: Automatic Return of Unclaimed Property |
| I will soon introduce legislation to establish Pennsylvania Money Match, modernizing the process of returning simple unclaimed property claims to the rightful owners. Pennsylvania Money Match will authorize the Pennsylvania Treasury Department to – after a thorough identification and verification process – automatically return single-owner property valued up to $5,000 to the rightful owner. In other words, this program will enable the proactive and efficient return of unclaimed property for claims in which establishing ownership requires no additional information. Larger and more complex claims would continue to be processed under the current procedure which requires owners, after determining they have unclaimed property, to file a claim and submit the information required to confirm their identity and their right to the property. A number of other states have successfully implemented similar programs and have reunited their residents with many millions of dollars in unclaimed property. One out of every 10 Pennsylvania residents is owed unclaimed property, and Pennsylvania Money Match will make it easier and faster to return more money to the rightful owners. Treasurer Stacy Garrity supports this initiative. Please join me in cosponsoring Pennsylvania Money Match to simplify and modernize our unclaimed property system. |
Introduced as SB24