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H 1335

An Act relative to unclaimed property

194th Legislature (2025-2026) Introduced by Steve Ultrino

Bill H 1335 allows individuals to reclaim unclaimed property valued at $2,000 or less by reviving terminated corporations without revival fees, simplifying access to assets.

Hearing rescheduled to 11/18/2025 from 10:30 AM-01:00 PM in A-2 and Virtual Hearing updated to New End Time
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Bill Summary · H 1335

Summary of Bill H 1335: An Act Relative to Unclaimed Property

Bill Information:
- Bill Number: H 1335
- Title: An Act relative to unclaimed property
- Introduced: February 27, 2025
- Status: Hearing rescheduled to November 18, 2025, from 10:30 AM to 1:00 PM in A-2 and will include a virtual hearing.
- Presented by: Representative Steven Ultrino (33rd Middlesex)

Purpose and Intent

The primary purpose of Bill H 1335 is to facilitate the revival of terminated corporations in the Commonwealth of Massachusetts for the specific purpose of allowing individuals or beneficiaries to claim unclaimed property valued at $2,000 or less. This bill aims to streamline the process for individuals seeking to reclaim property that has been surrendered to the state treasurer.

Key Provisions

The bill includes the following significant provisions:

  1. Amendment to Chapter 156B:

    • The state secretary is prohibited from charging fees for the revival of a corporation if the revival is related to a claim for property surrendered to the state treasurer.

  2. Amendment to Chapter 200A:

    • A new subsection is added that allows the state treasurer to certify the revival of a terminated corporation solely for the purpose of enabling a person or beneficiary to collect property valued at $2,000 or less.
    • The state treasurer will issue a certificate of revival to the claimant, which they must submit to the state secretary.
    • The state secretary is required to waive any fees associated with the revival of the terminated corporation for claims involving property valued at $2,000 or less.

Who Would Be Affected

  • Individuals and Beneficiaries: Those who have a claim to unclaimed property held by terminated corporations will benefit from the provisions of this bill, as it simplifies the process of reclaiming their property without incurring revival fees.
  • Terminated Corporations: Corporations that have been dissolved but hold unclaimed property will be able to be revived temporarily for the purpose of facilitating claims.

Procedural Aspects

  • The bill was filed on January 13, 2025, and referred to the committee on Financial Services on the same day.
  • The Senate has concurred with the bill.
  • A hearing has been scheduled for November 18, 2025, which will be conducted both in-person and virtually.

Conclusion

Bill H 1335 seeks to make it easier for individuals to reclaim small amounts of unclaimed property by allowing the revival of terminated corporations without the burden of fees. This legislative change is designed to enhance access to unclaimed assets and streamline the recovery process for claimants.

Compiled from official sources — confirm details with the bill’s official record.

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