Pennsylvania enacts law to automatically return unclaimed funds of up to $500 to owners in 2023.
Pennsylvania passed a law to return unclaimed money directly to owners under $500 without filing claims, effective Jan 2023. The law, which covers single individuals, will have the PA Treasury proactively return funds, while amounts over $500 or owed to multiple people, businesses or nonprofits still require claims. Over 70,000 people are estimated to receive funds in 2025. The first fiscal year returns will be $600,000, a small percentage of the state's typical $100 million annual returns.
August 12, 2024
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