State Treasurer Mike Pellicciotti proposed legislation today to better connect people with their lost property and to promote public awareness of unclaimed property in Washington. Over a billion dollars in unclaimed property has been turned into the state since records began in 1955. One in seven Washingtonians currently have unclaimed money sitting in the state treasury.
“During these challenging economic times, I want to make sure the state is doing everything it can to get cash into people’s pockets,” said Pellicciotti. “This lost money belongs to the working families and retirees of our state and getting this unclaimed money back to the rightful owners as soon as possible should be part of our economic recovery efforts,” he said.
The state website www.claimyourcash.org allows Washingtonians to search their name and the name of family members to determine whether they have unclaimed money from old utility deposits, bank accounts, investments, refunds and rebates, gift cards, insurance premiums, and a many other sources. When these old payments and other property go unclaimed, they are sent to the Department of Revenue and held in the state treasury until the rightful owner claims the money.
Under House Bill 1352, Treasurer Pellicciotti would chair a task force of legislators, community leaders, and the Department of Revenue to help increase public awareness of unclaimed property throughout Washington and better connect the public with their unclaimed property in the state treasury.
Rep. Jamila Taylor (D-Federal Way) is the sponsor of HB 1352 being requested by the Treasurer’s Office. “We must make sure everyone in my district and around the state knows about these funds, especially those struggling right now to get by who would most benefit from knowing about their unclaimed money,” said Taylor. “I recently found out I had unclaimed money and I had no idea. We must get the word out to everyone in this state and I’m pleased to sponsor this Treasurer’s Office legislation as one of my first bills,” she said.
The bill has been assigned to the House Finance Committee.
Mike Pellicciotti speaking to the legislature as a State Rep.