The bill, introduced by Representatives Roemer and Dovilla, seeks to amend various sections of the Revised Code concerning the Unclaimed Funds Law, including the expansion of the definition of "unclaimed funds" to include not only moneys but also rights to moneys, virtual currency, and other intangible property valued at twenty-five dollars or more. It introduces exclusions from this definition, such as personal allowance accounts for deceased Medicaid recipients without identifiable heirs and accounts with only recurring electronic transactions. The bill also clarifies definitions for terms like "financial organization," "holder," and "owner," while repealing section 169.10 to streamline the management of unclaimed funds and align with current financial practices.

Additionally, the bill modifies reporting and notification processes for unclaimed funds, allowing holders to send notices electronically and establishing specific timeframes for various types of unclaimed property. It mandates that holders notify owners of unclaimed funds valued at fifty dollars or more before reporting them and extends the record retention period for holders from five to ten years. The bill also introduces provisions for the director of commerce to publish notices of unclaimed funds, liquidate unclaimed property, and create an online reporting and claiming method. Overall, the bill aims to enhance the efficiency, transparency, and management of unclaimed funds while providing clearer guidelines for both claimants and the director's office.

Statutes affected:
As Introduced: 122.58, 169.01, 169.02, 169.03, 169.05, 169.06, 169.07, 169.08, 169.09, 169.12, 169.16, 169.99, 5703.21, 169.10