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Senate Finance committee hears bill to connect Ohioans to unclaimed funds via BMV contacts
Summary
Senate Bill 243 would require the Bureau of Motor Vehicles to offer a quick check for unclaimed funds during customer transactions; sponsors said the state holds nearly $5 billion in unclaimed property.
Sponsor testimony on Senate Bill 243 described a proposal to use Bureau of Motor Vehicles transactions to alert Ohioans if the state is holding unclaimed funds in their name and supply information on how to file a claim.
Senator Weinstein, offering sponsor testimony, said the Ohio Department of Commerce's Division of Unclaimed Funds holds nearly $5 billion in unclaimed funds from sources such as forgotten utility deposits, uncashed checks, dormant bank accounts and unpaid insurance benefits. He said SB 243…
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