HARRISBURG – Sen. Lynda Schlegel Culver (R-27) announced she has introduced Senate Bill 1201 to strengthen oversight and consumer protections related to “finders” who offer to recover unclaimed property for a fee. Culver said the proposal will help protect Pennsylvanians from unnecessary charges while maintaining the option to use a finder.
“Pennsylvania has made it easier than ever for residents to reclaim property held by Treasury at no cost through programs like the Pennsylvania Money Match,” Culver said. “This bill adds safeguards so families have clear information and stronger protections before agreeing to pay a finder’s fee.”
Culver said the issue recently could have cost a couple in her district who received a letter from an out-of-state entity offering to help recover unclaimed property for a percentage fee. After they contacted Culver’s district office, staff helped confirm they had unclaimed property on file with Treasury and guided them through the process to file a claim directly at no cost. The couple later shared that the claim resulted in nearly $12,000 being returned to them, allowing them to avoid a potential finder’s fee that could have been close to $1,800 under current law.
“At Treasury, we are setting new benchmarks every year by returning more unclaimed property to Pennsylvanians than ever before – a testament to our unwavering commitment to serve the people of our Commonwealth and get this money back into the right hands,” Treasurer Stacy Garrity said. “I am deeply grateful for Senator Culver’s leadership in introducing legislation that brings meaningful enhancements to our program, raising the standards for finders and making sure property owners receive what is rightfully theirs without losing a big cut to someone else. I encourage Pennsylvanians to contact Treasury or their local legislators directly to claim their funds for free.”
The bill would update Pennsylvania’s unclaimed property law by:
- Requiring finder registration, including a national criminal history background check and sworn compliance with ethical standards.
- Expanding disqualifying offenses and increasing penalties for violations.
- Requiring written agreements that clearly disclose owners can claim property directly from Treasury at no cost.
- Reducing the cap on finder fees from 15% to 10%.
- Directing Treasury to maintain an online database of registered finders and provide a sample agreement for transparency.
Culver said her office will continue working closely with the Treasurer’s office to ensure residents have reliable information and can claim property without unnecessary costs. The bill has been referred to the Senate Finance Committee for consideration.
Contact:
Sam Clepper