RICHMOND, Va. — The Virginia House of Delegates overwhelmingly voted in support of two bills that will make it easier for you to get money that you're owed from the State Treasurer.
This was all prompted by a WTKR News 3 investigation exposing issues regarding how unclaimed property in Virginia is handled.
Investigative reporter Margaret Kavanagh was in Richmond Monday when delegates passed both bills almost unanimously.
Watch previous coverage: Lawmakers push for changes to unclaimed property law after News 3 investigation
Over a year ago, News 3 started investigating how the State Treasurer’s office handles unclaimed property and compared it to how other states return it to the rightful owner.
Unclaimed property is usually money and could be old utility deposits, stocks, bond dividends, insurance proceeds. In very rare cases, it can be physical property. Companies are legally required to turn over unclaimed property to the Department of Treasury when they can’t find the rightful owner.
Currently in Virginia, the law requires someone to file a claim with the Unclaimed Property Division to get their money. However, some people want that to change, including Virginia Delegates Cliff Hayes (D-Chesapeake/Portsmouth) and Phil Hernandez (D-Norfolk).
Watch previous coverage: VA Treasurer declines News 3 questions after meeting on unclaimed property reform
After seeing our investigation into unclaimed property, Del. Hayes wanted to make changes to Virginia law.
"You got to reach out to the State and tell the State that you want your money, which is, I think, insane. If it belongs to the people, then we should be giving it back to the people. and we have means of finding folks," he said.
His House Bill 1640 would force the Virginia Treasurer’s office to work with the Department of Taxation to help find people who are owed money. On Monday, his bill passed the House unanimously.
House Bill 1606, introduced by Delegate Phil Hernandez, is called the Cash Now Act. It would allow the treasurer’s office to automatically send out checks to individuals who are owed $5,000 or less without them having to file a claim. His bill passed with 92 in support and three nays.
Many states are already doing this.
Watch previous coverage: VA lawmakers introduce bills to rework unclaimed property
“If this does become a law, Virginians are going to stand to get a lot more of the money that already belongs to them in the form of unclaimed property back in their bank accounts so they don’t have to jump through a bunch of hoops," said Del. Hernandez.
We sat down with leaders of the Unclaimed Property Division last April after we highlighted problems with people getting their unclaimed property. The treasurer’s office said they hired more people, set a record of paying out more than $83 million and were making changes to get people their money more effectively.
A follow-up News 3 investigation revealed that they actually have $3.6 billion in public money – not the $2 billion that they had repeatedly told us.
Watch previous coverage: News 3 helps Virginia Beach man get $3K in unclaimed property
Earlier this month, our investigative team was in Richmond as the bills were being discussed. State Treasurer David Richardson told News 3 there was no way they could return the majority of the $3.6 billion because people are either dead or the state doesn’t have enough details about who they are.
He refused to speak to us on camera, only remarking how they're excited about the new legislation.
January 28th David Richardson, the Virginia State Treasurer issued the following statement:
Our thoughts on HB 1606, HB 1640 and SB 996 are below.
Virginia has made important reforms in the past two years to improve the efficiency of the unclaimed property process in Virginia. The implementation of a new best-in-class claims system used by over 30 states now permits owners to submit claims electronically. HB 1606, and its cognate SB 996, represent bipartisan legislation that will further support our ongoing efforts to improve Virginia’s unclaimed property processes. We appreciate both the recent House and Senate votes and look forward to the success of this consequential legislation this session.
Regarding HB 1640, we appreciate Delegate Hayes’ interest in unclaimed property and plan to continue collaborating with Tax to help us make our Unclaimed Property Division even more effective.
Our investigation also revealed the state made $24 million in interest over the last 10 years.
"Don't put that money in the bank and earn interest off of it," said Del. Hayes. "It [belongs] to the people."
Both delegates say they're very happy these bills got so much support. They also say they're relieved, as this has been a long process.