RICHMOND, Va. — A News 3 investigation has prompted Virginia lawmakers to pursue changes to state law regarding unclaimed property held by the State Treasurer. Delegate Cliff Hayes, representing Chesapeake and Portsmouth, has repeatedly asserted that this money belongs to the people and should be treated accordingly.
On Friday, two bills were discussed on the House Floor at the Capitol. Delegate Phil Hernandez, representing Norfolk, introduced a proposal known as the Cash Act Now. His House Bill 1606 aims to streamline the process for citizens to claim unclaimed property by automatically sending funds of $5,000 or less to those owed money, eliminating the need to file a claim.
The investigation revealed that several other states have successfully implemented similar measures. Delegate Hayes has proposed House Bill 1640, which would require the Treasurer’s Office to collaborate with the Tax Commissioner to provide accurate contact information for individuals owed unclaimed funds.
Watch previous coverage: VA Treasurer declines News 3 questions after meeting on unclaimed property reform
In April, News 3 reported that the Treasurer’s Office was not working with agencies such as the DMV or the Department of Taxation to find individuals owed money. Efforts to obtain an on-camera interview with the State Treasurer last week were unsuccessful, though a state official expressed excitement about the proposed changes.
The investigation also uncovered that the state has generated $24 million in interest from unclaimed property over the past decade, revealing that the Office of the Treasurer holds approximately $3.6 billion in unclaimed funds—significantly more than the $2 billion previously reported.
On Friday, Delegate Hernandez amended his bill to allow for immediate effect upon the Governor’s signature, rather than a wait until July. The House is expected to vote on the proposed legislation Monday.
