(TOPEKA, Kan.) - Kansas State Treasurer Lynn Jenkins, CPA, announces a new law that pays interest on interest-bearing unclaimed property accounts. The legislation amends the Unclaimed Property Act to allow the State Treasurer's office to pay interest on property claimed that was originally reported to the office as an interest-bearing account.
"I am proud to have sponsored this legislation and that it has now become law because it is the right thing to do," said Treasurer Jenkins. "Now, Kansans can be paid all of the money they are owed."
The legislation will affect mostly savings accounts and certificates of deposit. Before the new law went into affect on July 1, the interest that was earned on these types of accounts was retained by the state and deposited into the State General Fund.
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. The Kansas State Treasurer's office receives property from businesses and state and local governments and actively searches for Kansans to reconnect them with their lost or forgotten property and cash.
There is currently more than $190 million and 8,000 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 Kansas State Treasurer's office. The average annual amount returned is $9 million. Searching for and claiming unclaimed property is easy. Visit www.KansasCash.com or call 1-800-432-0386.
Jenkins, a former State Representative and Senator from Topeka, was re-elected to her second term as Kansas State Treasurer on Nov. 7, 2006. During her time as Treasurer, Jenkins has expanded investment options in Learning Quest and oversaw the re-bidding of the program, returned an average of $9 million a year in unclaimed property to Kansans, initiated multiple financial literacy programs, and eliminated the reliance on state general fund dollars to operate the office. She is a Certified Public Accountant and former small business owner.