UNCLAIMED PROPERTY EFFORT MAY GET BOOST

A bill passed by the Missouri Legislature could boost the state's efforts to return unclaimed property, officials say.

The state treasurer's office already has returned a record $3.2 million in unclaimed property this fiscal year, which ends June 30. The state thus far this year has returned more unclaimed property than during any full year since the inception of the program in 1985.

"This money does not belong to the state but belongs to the rightful owners," said state Treasurer Bob Holden. "We're always trying innovative new ways to make more Missourians aware of our unclaimed property program."

The bill passed by the Legislature would require banks, businesses, government agencies and other entities to turn over unclaimed property to the state after five years instead of the current seven years.

The measure also streamlines the reporting process required of holders of unclaimed property.

Gov. Mel Carnahan must sign the bill before it can become law. The bill was crafted from recommendations submitted by an advisory committee convened by Holden.

Don Kling, Holden's press secretary, said Tuesday that the two-year reduction in the time period would improve the state's chances of locating the rightful owners of the unclaimed property.

"What it should do is help us increase the return of unclaimed property by 15 to 20 percent a year because the trail is not quite so cold," Kling said.

Holden said a five-year abandonment is slowly becoming the norm for most state unclaimed property programs across the nation.

Missouri holds unclaimed property in trust for rightful owners or legal heirs forever. The property can be claimed at any time.

Kling said the treasurer's office currently is holding more than $114 million in unclaimed property belonging to more than 700,000 people.

Most of the unclaimed property is cash from abandoned bank accounts. Unclaimed property also includes stocks, bonds, insurance polices, refunds and the contents of safe-deposit boxes, Kling said.

It isn't uncommon for people to move away and forget to close out their bank accounts, he said. "College students are notorious about that."

People also move and forget to reclaim their utility deposits, he said.

The state has returned unclaimed property ranging from as little as a few pennies to as high as $750,000, the proceeds from a business transaction. Heirs didn't realize the money was still there, Kling said.

In one case, the unclaimed property included $68,000 in crisp, hundred-dollar bills that had been sitting in a safe-deposit box for seven years.

"This is a real mobile society, and it is really easy to lose track of a detail here or there that involves money," he said.

Holden's office employs a three-pronged approach to searching for the rightful owners of unclaimed property.

First, his office sends notifications to the last-known address of owners whose property has been received by the state. So far this year his office has mailed more than 15,000 post cards.

Next, the names and last-known addresses are published in newspapers across the state. The state pays about $90,000 a year to run the ads.

Finally, lists of owners of unclaimed property are sent to all county treasurers and state legislators in an effort to help find owners who might still live in their jurisdictions.

Holden's staff also takes a portable computer with owner listings to call-in radio and television shows, major fairs, festivals and other public events.

Persons seeking information should include the names, addresses and Social Security numbers of the owners.

To claim property

Missourians can find out if they have unclaimed property by writing to the state treasurer's office, unclaimed property division. The address is P.O. Box 1004, Jefferson City, 65102-1004.