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Senate committee approves measure to speed return of unclaimed property and recognize crypto
Summary
The Senate Finance Committee approved LC 3384S, an agency bill from the Georgia Department of Revenue that creates an exact‑match program to automatically return unclaimed property of $500 or less, allows virtual currency to be reported as unclaimed property, and streamlines small‑estate claims.
The Senate Finance Committee on Thursday approved an agency bill aimed at returning more unclaimed property to Georgians faster and with fewer steps.
Senator Kurpatre, speaking for the Department of Revenue, told the committee “there is currently as of today $3.3 billion sitting in the general fund that's unclaimed property that actually belongs to Georgia's citizens.” The bill, LC 3384S, would establish an exact‑match program to automatically return unclaimed property of $500 or less using tax records, eliminate a claim form requirement for those small amounts, allow virtual currency to be reported and remitted as unclaimed property, permit small estates to be paid with a small‑estate affidavit instead of probate, require stronger holder outreach, and delay public listing of unclaimed properties until the state actually receives them.
Department staff said the exact‑match program will let systems use recent filing information (address and Social Security numbers) to confirm ownership and send money without a separate claim. ‘‘Once we can confirm without a doubt this person is who this person is and they do live where they say they live, we'll be able to send them that money without them having to file a claim,’’ a department witness said.
Committee members asked how online activity affects abandonment of virtual assets. Department counsel Marshall Martin told the panel that logging in or other online engagement will count as activity for preventing property from being treated as abandoned: “It will count if you just log in and look at your stuff without moving anything.” Members also pressed how heirs can claim assets discovered years after a death and whether interest is paid; sponsors said the small‑estate affidavit is intended to speed payments and that the state does not pay interest on returned property.
An amendment to expand the bill’s holder language to include credit unions after the phrase “banking or financial” was offered and approved. Following that change the committee voted to pass LC 3384S as amended.
The committee chair said the measure responds to a surge in claims and increased public awareness; department witnesses said claims have doubled in the last year and that the exact‑match program will reduce manual workload while returning money to rightful owners more quickly.
The measure will proceed from committee; the department and sponsor indicated they could answer follow‑up technical questions as the bill advances.
