Georgia bill aims to return $3B in unclaimed funds

ATLANTA - A bill aimed at helping Georgians recover billions in unclaimed money has passed both chambers of the Georgia General Assembly unanimously, state lawmakers announced.

What we know:

Senate Bill 403 would make it easier for residents to claim unclaimed funds held by the state, including items such as old utility deposits and other owed amounts. "SB 403 would implement an exact match program, making it easier for Georgians to recover the money they are entitled to," said Rep. Matt Reeves. "We encourage Georgians to visit the Georgia Department of Revenue’s website to search for and claim unclaimed funds."

Sen. Kay Kirkpatrick said the measure is designed to strengthen consumer protections. "SB 403 is a great step for helping Georgians find and retrieve unclaimed property held by the state," she said. "This is a consumer protection bill."

The legislation would also update state law to clarify when property is considered abandoned and streamline the process for heirs to claim funds. In certain cases, heirs would no longer need a probate court order and could instead submit a signed affidavit if the value of the property does not exceed $7,500.

What's next:

The bill has been sent back to the Senate for consideration of changes made by the House.