Ohio bill aims to make getting unclaimed funds easier

CLEVELAND (WJW) — Plenty of Ohioans have money waiting for them in the state’s unclaimed funds account — but getting it back hasn’t always been easy.

State Representative Bill Roemer (R-Richfield) and State Representative Mike Dovilla (R-Berea) want to change all that. 

The two lawmakers are co-sponsoring House Bill 480, which aims to streamline how Ohioans can claim their unclaimed funds.

“We really wanted to make it simpler and more secure to get your unclaimed funds,” Roemer said.

Under the proposed legislation, residents with less than $1,000 in unclaimed funds could use a simpler claims process. 

The bill would reduce documentation and notarization requirements and allow heirs of deceased individuals to claim funds without having to go through probate court.

 Dovilla said his own experience inspired him to act.

“I thought it was as simple as completing a web form,” he said. “What I found is it means providing notarized documents and all sorts of information.”

Roemer said the bill has been in the works for years and comes as the state gets ready to change how long people can access unclaimed money.

Previously, the state held unclaimed funds indefinitely. But a new rule passed in the state’s operating budget now sets a 10-year time limit for owners to claim their money. 

“After that, those funds, which right now total about $1.7 billion — will be redirected to a fund that helps pay for projects like sports stadiums and other developments across Ohio,” said Roemer.

“We think 10 years is an appropriate time frame,” Roemer added. “And with our simplified process, people will be able to collect those funds.”