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HD 833

An Act relative to unclaimed property

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

HD 833 updates Massachusetts unclaimed property procedures governing how businesses report and hold dormant accounts and abandoned assets.

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Bill Summary · HD 833

Legislative bill overview

HD 833 modifies Massachusetts' unclaimed property laws, which govern how businesses must handle dormant accounts and abandoned assets. The bill adjusts procedures for reporting, holding, and returning unclaimed property to rightful owners or the state. It represents a technical update to existing unclaimed property statutes that have governed these practices for decades.

Why is this important

Unclaimed property affects millions of Americans—there is currently over $58 billion in unclaimed property held nationwide. Massachusetts residents may have forgotten bank accounts, uncashed checks, insurance proceeds, or other assets that qualify, and clearer procedures help ensure people can actually recover their money. The bill also affects how businesses comply with their legal obligations to report and remit dormant assets.

Potential points of contention

  • Burden on businesses: Changes to reporting or holding requirements could increase compliance costs for companies managing unclaimed property accounts
  • State revenue vs. owner access: Adjustments to timeframes or procedures may shift the balance between how long the state can retain unclaimed funds versus how easily owners can claim them
  • Consumer awareness: Without public education campaigns, changes to claim procedures may go unused if residents don't know unclaimed property exists or how the new process works

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

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