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Ohio bill would modernize unclaimed‑funds process, lower paperwork barriers for small claims
Summary
Sponsors told the House Technology and Innovation Committee that House Bill 480 would modernize Ohio’s unclaimed‑funds system, add electronic filing and cryptocurrency, raise the reporting threshold from $10 to $25, and create a fast‑track for claims under $1,000 to reduce probate and notarization burdens.
House sponsors told the House Technology and Innovation Committee that House Bill 480 aims to modernize Ohio’s unclaimed‑funds law to make it easier for residents to reclaim small amounts of money.
Representative Davila, the bill’s sponsor, said the state currently holds "over $4,000,000,000 in unclaimed funds representing money and assets that belong to Ohioans," and argued that complex paperwork and notarization requirements discourage people — particularly seniors and low‑income Ohioans — from filing small claims. "For many individuals, the process of claiming these funds is so…
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