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Treasurer Richardson: Unclaimed property returns surge; $111M paid out so far this year
Summary
Treasurer Dave Richardson told the Senate committee Virginia's unclaimed property modernization and outreach have increased claims and returns, reporting $111 million returned so far this fiscal year and steady contributions to the Literary Fund.
RICHMOND — State Treasurer Dave Richardson told the Senate that modernization of Virginia's unclaimed property processes and an active outreach program have sharply increased claims processed and funds returned to residents, and he described how excess collected funds flow into the Literary Fund.
"We have a proactive outreach team," Richardson said, describing the Department of Treasury's shift to an electronic CAPS system and a "cash back now" initiative that sends letters and checks for small claims when addresses and Social Security numbers match. He said the fast-track and outreach work resulted in a spike of claims and that the state mailed 63,000 checks worth more than $16 million under the program to date.
Richardson said the unclaimed property division has about 43 staff and has increased capacity to process claims since moving away from a paper-based system. He reported that last fiscal year the department returned $118 million and that so far this year the most recent figure is $111 million, with the expectation of surpassing last year's totals.
How the money is used: Richardson described how the office annually analyzes inflows, expected payouts and the amount suitable to transfer to the Literary Fund, which supports K'12 construction loans and teacher pension costs. He said contributions from unclaimed property have been a major source of Literary Fund growth in recent years.
Concerns and safeguards: Richardson addressed national proposals and state actions elsewhere that would limit claimants' rights or divert unclaimed property for other uses; he cited proposals in Congress and actions in other states and urged caution against measures that would restrict claimants' ability to recover property.
Next steps: Lawmakers praised outreach and asked about expanding kiosks and public awareness; Richardson said more proactive outreach would require staffing or budget changes and solicited opportunities for town-hall events and local partnerships to find rightful owners.
