The bill, introduced by Representatives Roemer and Dovilla, seeks to amend various sections of the Revised Code concerning the Unclaimed Funds Law, including the repeal of section 169.10. It expands 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. The bill introduces new exemptions for unclaimed funds, such as personal allowance accounts for deceased Medicaid recipients without identifiable heirs, and clarifies definitions related to financial terms, including "virtual currency" and "game-related digital content." Additionally, it modifies existing language to enhance clarity regarding the treatment of unclaimed funds, particularly concerning dividends and distributions, and updates investment options for funds established under Chapter 122.

Key provisions of the bill include the establishment of new reporting and notification processes for holders of unclaimed funds, allowing electronic notices to owners and extending the record retention period from five to ten years. The director of commerce is granted authority to publish notices in both print and electronic formats and is required to create an online method for reporting and claiming unclaimed funds. The bill also streamlines the claims process for unclaimed funds valued at less than one thousand dollars, eliminating the need for notarized forms and allowing alternative documentation as proof of residency. Overall, the proposed changes aim to modernize the management of unclaimed funds, improve access for rightful owners, and ensure compliance with updated financial practices.

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