Pennsylvania Treasurer Stacy Garrity commended the General Assembly for passing House Bill 1176, which updates and improves the state’s unclaimed property program administered by the Pennsylvania Treasury Department.
The bill, sponsored by Rep. Joe Ciresi (D-146), raises the maximum value of property that eligible heirs can claim through a notarized affidavit from $11,000 to $20,000. The change is intended to simplify and reduce the cost of claiming unclaimed property.
House Bill 1176 also increases the amount that can be paid to living heirs from a financial institution without probate from $10,000 to $20,000.
Additionally, the legislation allows estates of individuals who die without a will and have no living heirs to be transferred to a local municipality, school, or community foundation in the person’s county of residence. Previously, these assets were transferred to the Commonwealth of Pennsylvania.
The Pennsylvania Treasury Department is currently working to return more than $5 billion in unclaimed property to its rightful owners. More than one in 10 Pennsylvanians are owed unclaimed property, with an average claim valued at over $1,000. Since taking office, Treasurer Garrity has returned more than $1 billion.
Unclaimed property includes dormant bank accounts, uncashed checks, forgotten stocks, insurance policies, and tangible items such as jewelry or valuables from abandoned safe deposit boxes. After three years of dormancy, businesses are required by law to report unclaimed property to Treasury. Items may be auctioned after three years if no owner is found, with proceeds held indefinitely for rightful claimants.
Residents can search for unclaimed property by visiting patreasury.gov/unclaimed-property.
