Charitable organizations are sometimes named as beneficiaries on financial accounts, such as investment or retirement accounts, after someone passes away. When that happens, the charity should be able to receive the funds that were left to it. 

In practice, however, many charities face long delays and unnecessary obstacles when trying to collect these gifts from financial institutions. Some banks and investment firms require charities to open new accounts with them, complete extensive paperwork, or meet requirements that are not required by federal law. As a result, charities can wait months or even years to receive money that was intended to support their work. 

My legislation would make it easier and faster for charitable organizations to claim funds that have been left to them as beneficiaries. 

The bill would:
 

•  Allow charities to claim assets by submitting proof that they are a tax-exempt charitable organization and proof that the account owner has died. 
•  Prohibit financial institutions from requiring charities to open a new account before receiving the funds. 
•  Prohibit financial institutions from demanding personal information, such as Social Security numbers, driver's licenses, or financial records, from charity employees or board members. 
•  Require financial institutions to notify charities when they have been named as beneficiaries and may be entitled to receive assets. 
•  Allow courts to award damages if a financial institution fails to comply with the law and harms the charity as a result. 

This legislation is modeled on successful bipartisan laws already enacted in Illinois, Iowa, and Indiana.  
Please join me by cosponsoring this legislation to help ensure that charitable organizations in Pennsylvania receive the gifts that donors intended for them without unnecessary delays, paperwork, or barriers.