(FRANKFORT, Ky.) — The Kentucky House Standing Committee on State Government unanimously approved legislation Wednesday that would designate the fourth week of September as Unclaimed Property Week, while also modernizing several state treasury requirements.
House Bill 456, sponsored by Rep. Chris Freeland, R-Benton, aims to raise public awareness about nearly $88 million in unclaimed assets that have been returned to Kentucky residents in recent years.
“Unclaimed Property Week will be a time to highlight a function of our state treasury that many Kentuckians don’t know about,” Freeland said following the committee vote.
Unclaimed property includes dormant bank accounts, uncashed paychecks, unclaimed insurance benefits, utility deposits and forgotten safe deposit box contents. The Kentucky State Treasury maintains custody of these assets until rightful owners — or their heirs — come forward to claim them.
Beyond establishing the annual awareness week, HB 456 eliminates two outdated state requirements. The bill removes a longstanding mandate that the state treasurer must live in Frankfort and lifts a prohibition on unclaimed property claims related to mineral proceeds.
“My hope with this bill is that Kentuckians can become better educated on how to reclaim the property that is entitled to them,” Freeland said.
The measure now advances to the full House for consideration. More information about the legislation is available at legislature.ky.gov.
