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SB 403

Unclaimed Property; property is presumed abandoned; provide for exceptions

2025-2026 Regular Session Introduced by John Albers and 29 co-sponsors

Bill modifies when property is legally presumed abandoned in Georgia, establishing new timelines and exceptions affecting state seizure of unclaimed funds and assets.

Effective Date
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Bill Summary · SB 403

Legislative bill overview

SB 403 modifies Georgia's unclaimed property laws by establishing new timelines and exceptions for when property is presumed abandoned. The bill alters the dormancy periods and conditions under which the state can claim ownership of unclaimed funds, accounts, and other assets held by businesses and institutions.

Why is this important

Unclaimed property laws determine when the state government can seize funds that owners have not accessed (such as forgotten bank accounts, insurance payouts, or security deposits). Changes to these rules directly affect how much money flows to state coffers, how long individuals have to claim their assets, and business compliance costs. Georgia currently holds billions in unclaimed property, making reforms significant for both consumers and state finances.

Potential points of contention

  • Timeline changes: Shortening dormancy periods means the state claims property faster, benefiting state budgets but reducing time for owners to reclaim assets
  • Consumer protections: Expanding exceptions may favor certain industries or asset types over others, potentially leaving some property owners disadvantaged
  • Business compliance burden: New exceptions and conditions could create administrative complexity for banks, insurers, and other holders of unclaimed property, increasing operational costs

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

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