Many of our constituents have unclaimed property that has been turned over to the state and is held in safekeeping by Treasury. Thanks to the establishment of Pennsylvania Money Match, we have made it even easier for that property to be returned to its rightful owners – for free. However, since 2015, our law allows for “finders” to identify unclaimed property, contact the owner, and offer assistance to reclaim that property for a fee of up to 15%.

Recently, a couple in my district received a letter from an entity in Texas claiming they had unclaimed property and offering, for a fee, to help them recover it. Unsure if the letter was genuine, they came to my district office for assistance. My staff researched the claim and confirmed they did, in fact, have unclaimed property, ultimately valued at nearly $12,000. Because we helped them directly, they were able to claim those funds without paying any unnecessary finders’ fees, which under current law may have been close to $1,800. This discovery couldn’t have come at a better time, as their vehicle had broken down just weeks earlier, and they now plan to purchase a reliable used car with their funds.

To help protect our constituents while maintaining the option to use a finder, I plan to introduce legislation amending the Pennsylvania Fiscal Code, Article XIII.1, Disposition of Abandoned and Unclaimed Property, to enhance registration requirements, establish background checks, and ensure transparent agreements so that only qualified and ethical individuals may assist in recovering these assets. Additionally, my bill will reduce the cap on finders’ fees from 15% to 10%. The bill introduces the following key provisions:

Finder Registration Requirements:

• Mandates applicants submit to a national criminal history background check and a sworn statement of compliance with ethical standards.
• Increases the renewal period for a finder’s certificate, overseen by Treasury, from 2 to 5 years. This change reflects the national criminal history background check renewal timeline.
• Expands the list of criminal violations that would prohibit an individual from receiving a finder’s registration certificate to include burglary, robbery, bribery, and obstructing governmental operations.
• Increases fines for violating registration or agreement requirements to a maximum fine of $10,000 and third-degree misdemeanor for the first offense (currently $1,000), a maximum fine of $15,000 and third-degree misdemeanor for the second offense (currently $5,000), and a maximum fine of $100,000 and a third-degree felony for any subsequent offenses.

Regulation of Finder Agreements:

• Mandates written agreements between finders and property owners to solidify the requirement for an agreement and outline what an agreement must include.
• Informs owners they can claim property directly through the State Treasurer without charge, supported by legislative outreach and programs like Money Match.
• Provides a sample agreement on the Department’s website to ensure compliance and transparency.
• Reduces the current cap on finder’s fees from 15% to 10% of the recovered property’s value to prevent excessive charges and requires a written agreement between the finder and property owner.
• Requires the State Treasurer to maintain an online database of all finders registered with the Commonwealth.

Please join me in co-sponsoring this important piece of legislation to protect Pennsylvanians and enhance the integrity of the unclaimed property recovery process.