COLUMBUS — Ohio lawmakers are considering House Bill 480, legislation that would revise the state’s unclaimed funds law governing how Ohio handles dormant or abandoned property such as forgotten bank accounts, uncashed checks and other financial assets.
The bill is sponsored by State Rep. Bill Roemer, R-Richfield, and State Rep. Michael Dovilla, R-Berea, and is currently under review in the Ohio House.
Supporters say the proposal is intended to modernize state law, reduce administrative burdens and make it easier for Ohioans to recover unclaimed property held by the state.
What H.B. 480 would change
If enacted, the bill would:
• Set a $25 minimum threshold before money or property is considered unclaimed, meaning amounts under $25 would no longer be required to be reported to the state
• Allow holders to voluntarily report amounts under $25, even though reporting would no longer be mandatory
• Create a simplified claims process for unclaimed property valued under $1,000, reducing paperwork and documentation requirements for smaller claims
• Revise definitions and timelines used to determine when property becomes unclaimed
• Update reporting requirements for banks, businesses and other entities that turn over unclaimed property
• Repeal or replace outdated sections of Ohio law that no longer reflect current practices or technology
The legislation could be amended as it moves through committee hearings and the broader legislative process.
Ohio residents can already search for unclaimed money or property held by the state through the Ohio Unclaimed Funds program at: https://unclaimedfunds.ohio.gov
