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SB 118

Unclaimed Property - As introduced, allows the treasurer to file the annual report regarding the total amount and value of abandoned or unclaimed property with executive and legislative branch officials electronically. - Amends TCA Title 43; Title 44; Title 47; Title 48 and Title 66.

114th Regular Session (2025-2026) Introduced by Tom Hatcher

SB 118 permits Tennessee's State Treasurer to file unclaimed property reports electronically instead of on paper, modernizing administrative procedures across state government.

Passed on Second Consideration, refer to Senate Commerce and Labor Committee
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Bill Summary · SB 118

Legislative bill overview

SB 118 modernizes Tennessee's unclaimed property reporting procedures by allowing the State Treasurer to file annual reports on abandoned or unclaimed property electronically rather than through traditional paper-based methods. The bill amends multiple sections of Tennessee Code to facilitate this digital filing system across executive and legislative branch officials.

Why is this important

Unclaimed property—dormant bank accounts, forgotten insurance payouts, and similar assets—affects millions of citizens and represents significant state revenue. Modernizing the reporting process reduces administrative burden, improves accuracy, and can expedite the return of funds to rightful owners while streamlining state operations.

Potential points of contention

  • Record-keeping standards: Questions about whether electronic filing establishes adequate security, backup, and audit trails compared to physical records
  • Public access concerns: Potential debate over whether electronic-only reports maintain sufficient transparency for legislators and the public to monitor unclaimed property holdings
  • Implementation costs: One-time expenses for developing electronic systems and training, though likely offset by long-term administrative savings

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

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