An Act amending the act of April 9, 1929 (P.L.343, No.176), known as The Fiscal Code, in disposition of abandoned and unclaimed property, further providing for claim for property paid or delivered.
Summary
HB488 amends Pennsylvania’s Fiscal Code provisions governing abandoned and unclaimed property. Under current law, the State Treasurer may return certain property or sale proceeds to a person without a formal claim if the Treasurer determines a report identifies that person as the sole owner and the value is under $500. This bill raises that automatic-payment threshold to $5,000.
The practical effect is to allow the Treasurer to more quickly remit smaller unclaimed-property amounts to apparent sole owners without requiring them to go through the full claims process. The bill applies to property already paid or delivered to the Commonwealth under the abandoned and unclaimed property program, and it would take effect 60 days after enactment.
Impact
HB488 would amend Section 1301.19(b) of The Fiscal Code, changing the State Treasurer’s authority to pay or deliver unclaimed property without a filed claim when sole ownership is clear. The key statutory change is the increase in the value cap from less than $500 to less than $5,000, which broadens the category of property eligible for streamlined return. This affects the administration of Pennsylvania’s abandoned and unclaimed property program and could benefit individuals or entities with smaller dormant accounts, refunds, or other property held by the state.
Sentiment
Based on the bill text and the absence of recorded committee debate or votes, the apparent sentiment is favorable and administrative in nature. The proposal appears designed to simplify the return of unclaimed property and reduce unnecessary paperwork for low-value claims. There is no evidence in the provided materials of organized opposition or a recorded partisan divide.
Contention
The main policy question is the size of the threshold increase and whether $5,000 is an appropriate level for automatic return without a formal claim. Supporters would likely view the change as a consumer-friendly efficiency measure that reduces administrative burden and speeds up restitution. Potential concerns could include reduced verification safeguards or the risk of mistaken payment if ownership is not fully documented, but no specific objections are shown in the provided discussion or voting history.
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.
In disposition of abandoned and unclaimed property, further providing for certificate of finder registration and for notice and publication of lists of property subject to custody and control of the Commonwealth under this article.
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