Leawood, KS – August 2, 2021: The Ohio House has presented House Bill 348 (HB 348) which proposes to amend Ohio’s Unclaimed Funds Law. The Bill was introduced on June 10, 2021 and referred to the Committee on Financial Institutions on June 16, 2021, where it currently resides.
Among many proposed amendments, HB 348 revises the definition of “Unclaimed Funds” to include a minimum threshold of $25.00 in reference to “money or right to money” where currently there is no threshold. The Bill includes a definition for gift card, defining it as a stored value card that does not expire and the value of which decreases when used for merchandise, goods, or services, and which cannot be redeemed for cash. The Bill also defines a loyalty card as a “record given without direct monetary consideration under an award, reward, benefit, loyalty, incentive, rebate, promotional program that may be used or redeemed only to obtain goods or services or a discount on goods or services” and cannot be redeemed for cash.
HB 348 requires holders to retain records applicable to unclaimed funds for 10 years beyond the filing of the report, longer than the current requirement of 5 years beyond the dormancy period or until completion of an audit, whichever occurs first. The Bill provides an alternative delivery method for notices (other than first class mail) for unclaimed funds with a value of $50 to $999.99. Such notices may be sent electronically to an address provided to the holder by the owner, with a “read receipt” requested.
HB 348 requires all unclaimed funds to be reported to the state, rather than allowing holders to retain 90% of funds valued at more than $50.00. Further, the Bill requires the Director of Commerce to establish an online platform to facilitate the reporting and claiming of unclaimed funds within two years of the effective date of the Bill once it is passed.
To read Ohio HB 348 click here: Ohio HB 348.
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