States Make Creative Attempts to Return Unclaimed Property
We’ve been spending a lot of time here recently documenting efforts by states to use unclaimed property as revenue. It’s only fair to spend some time talking about the creative methods some states using to try return unclaimed property to its rightful owners. In some states, efforts to reunite unclaimed property owners with their funds begin and end with the maintenance of an unclaimed property database, and an annual publication of owner’s of unclaimed property buried in one or two issues of a county newspaper. In other states, however, the unclaimed property offices go above and beyond the publication requirements imposed by the Uniform Unclaimed Property Act.
In Oklahoma, for example, the state unclaimed property department paid out nearly $400,000 in unclaimed property to more than 500 people through a booth at the State Fair. Thus, in addition to being able to see the “Dairy Showmanship” competition, the “Okie Karaoke” competition, and a performance of Disney on Ice (TM), some lucky Sooners were able to come away with cash.
So, whether its at the State Fair or the local library, some states are making an effort to repay unclaimed property. If anyone is aware of other unique methods being used, drop us a line here.