I am proud of a new law that will put even more money into the pockets of Kansans. This legislation, introduced and championed by my office, will pay Kansans interest on any interest-bearing unclaimed property account held by my office. I am very pleased with the passage of this legislation, which had bi-partisan support in both chambers. It is the right thing to do so that Kansans can be paid all of the money they are owed.
Previously, state law required that interest amounts earned on all unclaimed property be kept by the state and deposited into the State General Fund. Now, with this amendment to the Unclaimed Property Act, the State Treasurer's Office can pay interest on property claimed that was originally reported to the office as an interest-bearing account. The new regulations will take effect July 1 and will affect mainly savings accounts and certificates of deposit.
Overall, unclaimed property includes inactive savings and checking accounts, uncashed checks, stock shares and bonds, dividend checks, insurance proceeds, mineral royalties, utility deposits, and safe deposit box contents. After receiving property from businesses and state and local governments, the State Treasurer's Office actively searches for Kansans to reconnect them with their lost or forgotten property and cash.
Making a claim is free and easy. There are no fees involved in searching for or claiming cash and property. Kansans should NEVER pay to claim money or property that is rightfully theirs! To search, a last name is required and a first name is recommended if the last is common. Kansans may call the Treasurer's Office at 1-800-432-0386 or log onto www.KansasCash.com to inquire. I encourage each Kansan to call my office or log onto the website every year because new money and property is received each year, many times twice a year.
There is currently more than 861,000 properties worth over $190 million and 9,000 safe deposit boxes available for claim. During the last fiscal year, a record amount of unclaimed property - more than $11 million - was returned to Kansans by the Treasurer's office. The average annual amount returned is $9 million.
It is my honor to serve as your Kansas State Treasurer. If I can ever assist you, please feel free to call my office at (785) 296-3171 or visit me online at www.KansasStateTreasurer.com.
