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Bill

HB 480

Revise the Unclaimed Funds Law

136th Legislature (2025-2026) Introduced by Monica Blasdel and 11 co-sponsors

HB 480 revises Ohio's unclaimed funds law, potentially altering how businesses report dormant accounts and property rights transfer to the state.

Referred to committee
#commerce #stateandlocalgovernment
0
WeVote Research Nonpartisan
Bill Summary · HB 480

Legislative bill overview

HB 480 proposes revisions to Ohio's Unclaimed Funds Law, which governs how businesses and institutions handle money or property that owners cannot be located to claim. The bill modifies procedures, timelines, or requirements for holding, reporting, or transferring unclaimed funds to the state treasurer's custody. Specific amendments are not detailed in the available information, but such revisions typically affect dormancy periods, holder notification requirements, or escheat processes.

Why is this important

Unclaimed funds laws directly impact millions of citizens who have forgotten bank accounts, insurance proceeds, utility deposits, or other financial assets. Revisions can either make it easier for rightful owners to recover their property or shift more funds to state control. Businesses also have significant compliance obligations under these laws, making any regulatory changes materially important to corporate accounting and reporting practices.

Potential points of contention

  • Balance between consumer access and state revenue – Shorter dormancy periods favor consumers recovering their money; longer periods increase state treasurer revenue from escheat
  • Compliance burden on businesses – More stringent notification or reporting requirements increase administrative costs for holders of unclaimed property
  • Digital vs. manual processes – Updates may mandate electronic tracking systems that small businesses find costly to implement, or allow less rigorous notification methods that consumer advocates oppose

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

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