Thursday, April 26, 2001
Unclaimed funds belong to their owners and not the state, the legislator says.
By DAVID SKOLNICK
VINDICATOR POLITICS WRITER
YOUNGSTOWN -- An Ohio House bill introduced by state Rep. Timothy Grendell would make it easier for people to locate and collect unclaimed funds.
Under the proposal, holders of unclaimed funds would be required to notify the county treasurer of both the county where the holder is located as well as each Ohio county in which the owner of those funds is known to have lived during the past five years.
Each county treasurer would be required to maintain a public list of unclaimed fund owners.
Current law: Also, state law requires the holders of unclaimed funds to turn that money over to the Ohio Department of Commerce after a 30-day waiting period. Those wanting to claim those funds from the state agency must pay a five-percent handling fee, which goes into the state's general fund, Grendell said.
Under Grendell's bill, holders of those funds would have to wait 90 days to turn it over to the state giving people more time to get that money without having to pay the handling fee.
"I firmly believe that this money belongs to the original owners, not the state of Ohio," said Grendell of Chesterland, R-68th, whose district includes northern Trumbull County. "We must make every effort possible to see that this money is returned to its rightful owner."
Unclaimed funds include money left in bank accounts, uncollected insurance payments and paychecks never picked up by employees.
"We should give people easier access and more time to claim their money," Grendell said.
Moves on for hearings: The bill has been referred to the House's finance and appropriations committee for hearings. Grendell is a member of that committee.
The bill was introduced during the last House session by Grendell's wife, Diane, whom he replaced this year. His wife, who is now an appellate court judge, could not run for the House seat again because of term limits.
"I believe that there are many people in the Legislature who believe that altering the unclaimed funds law is a way to protect and preserve the interests of our constituents. For that reason, I believe we will have success in implementing this legislation," Grendell said.