(FRANKFORT, Ky.) – Legislation filed by Representative Chris Freeland (R-Benton) would establish Unclaimed Property Week in the fourth week of September every year. The measure, HB 456, was passed yesterday by the Kentucky House of Representatives.
“Unclaimed Property Week will be a time to highlight a function of our state treasury that many Kentuckians don’t know about,” said Freeland. “Nearly $88 million have been returned to Kentuckians through unclaimed property claims.”
Unclaimed property refers to financial assets that have been lost, forgotten, or left inactive over time. This can include dormant bank accounts, uncashed paychecks, unclaimed insurance benefits, utility deposits, or even the contents of forgotten safe deposit boxes. The Kentucky State Treasury serves as a steward for these funds, keeping them safe until they are returned to their rightful owners. In many cases, Kentuckians may also discover unclaimed property that once belonged to a family member who has passed away.
HB 456 also removes a historic, and now arbitrary, requirement that the State Treasurer must reside in Frankfort. Additionally, this bill removes the ban on unclaimed property claims for mineral proceeds.
“I am thankful that my fellow members of the House voted for this bill’s passage,” said Freeland. “I anticipate similar support from the Senate in the effort to increase public knowledge of unclaimed property across our state.”
HB 456 now moves to the Senate for further consideration. For more information on this bill, please visit legislature.ky.gov or click here.
