Thanks to a News 3 Investigation into unclaimed property in Virginia, lawmakers are now working to make it easier for you to get the money you're owed.
The Virginia Department of Treasury could have money that’s yours — and you might not know it. Companies are legally required to turn over unclaimed property to the Department of Treasury when they can’t find the rightful owner.
Unclaimed property is usually money and could be old utility deposits, stocks, bond dividends, insurance proceeds. In very rare cases, it can be physical property.
Watch previous coverage: The Virginia Department of Treasury has $3.6B of your money — not $2B, as previously reported
After months of digging, our investigation revealed in August that the state has $3.6 billion of unclaimed money, instead of the $2 billion that they had previously reported.
Unclaimed property watchdog Ron Lizzi has been instrumental in raising questions about unclaimed property throughout the U.S. Through his work, he helped change the laws in his home state of Connecticut. Months ago, he reached out to News 3 with concerns.
“The mission of the program is to return money," said Lizzi. "Right now, it appears to me that Virginia is doing a poor job of returning unclaimed money."
Watch previous coverage: Virginia unclaimed property generates millions for the state
Currently in Virginia, the law requires someone to file a claim with the Unclaimed Property Division to get their money. However, Virginia Delegates Cliff Hayes and Phil Hernandez are working to change the law to make it easier.
“My bill will complement [Hayes'] legislation and advances, what I think is a pretty major reform to our approach to unclaimed property,” said Hernandez.
The delegates tell News 3 the new bills would allow the state's Department of Treasury to send money to people who are owed $5,000 or less without the person having to file a claim.
“We're not necessarily recreating the wheel, but we will make it a heck of a lot easier for people to be reunited [with] funds that are theirs,” said Hernandez. "I think this is a pretty big step forward and I'm excited about it."
Watch previous coverage: News 3 helps Virginia Beach man get $3,000 in unclaimed property
Right now, several other states automatically send out checks to people without them having to file a claim. In some other states, government agencies share information to track down the rightful owners of unclaimed property. Currently in Virginia, they don’t do this.
The delegates say the new bills would allow agencies like the DMV and Department of Taxation to share data to help reunite people with funds. They added that lawyers are formulating the language in the bills and they hope to have them rolled out around the start of the year.
“I appreciate the fact that you're covering it. It shed light on the situation that brought it to our attention,” said Hayes.
