HB 484 — An Act amending the act of April 9, 1929 (P.L.343, No.176), known as The Fiscal Code, in disposition of abandoned and unclaimed property, further providing for certificate of finder registration, for notice and publication of lists of property subject to custody and control of the Commonwealth under this article, for income accruing after payment or delivery, for deposit of funds, for determination of claims, for penalties and for interdepartmental cooperation and providing for annual report.

Summary

The MATH Act

Bill Text

• Printer's No. 0467 View text Current

AI-generated reading aid from the bill's amendatory text — verify against the official bill.

The bill increases penalties for violations related to unclaimed property and establishes new requirements for certificates of finder registration, public notice procedures, and outreach efforts.

• Section 1301.11a

  3.1. A statement that the applicant agrees to limit the applicant's fee, compensation, commission or other remuneration for the purpose of locating, delivering, recovering or assisting in the recovery of abandoned or unclaimed property to no more than fifteen per centum of the amount recovered;

  Introduces a cap on fees for finders of unclaimed property.

• Section 1301.12(b)3

  [.] → [.]; 4. Information on how to access the Internet website of the Treasury Department to search for any other unclaimed property and information on the electronic transfer of money for the payment of a claim allowed by the State Treasurer.

  Adds new information requirements for public notices regarding unclaimed property.

• Section 1301.15

  When → Except as provided under section 1301.18(c), when

  Clarifies the entitlement of owners to income accruing after payment or delivery of property.

• Section 1301.18(a)

  twenty → twenty-five

  Increases the cap from twenty to twenty-five per centum on the amount the State Treasurer retains for certain expenses.

• Section 1301.25(d)

  one thousand dollars ($1,000) → ten thousand dollars ($10,000)

  Increases the fine for the first offense of violation from $1,000 to $10,000.

• Section 1301.25(d)

  five thousand dollars ($5,000) → fifteen thousand dollars ($15,000)

  Increases the fine for a second offense of violation from $5,000 to $15,000.

• Section 1301.25(d)

  A person who is found guilty of a third or subsequent offense shall be guilty of a felony of the third degree and subject to a fine not to exceed one hundred thousand dollars ($100,000).

  Establishes more severe penalties for repeat offenders.

• Section 1301.28a

  For the purpose of implementing this article, and in accordance with Federal law, the Treasury Department shall establish a data sharing program to locate or verify identifying information of individuals.

  Creates a data sharing program to assist in identifying owners of unclaimed property.

Action History

1. February 04, 2025

   Referred to APPROPRIATIONS, Feb. 4, 2025

Sponsors

• Ryan A. Bizzarro · Primary
• Tarah Probst · Cosponsor
• Benjamin V. Sanchez · Cosponsor
• Steven R. Malagari · Cosponsor
• Malcolm Kenyatta · Cosponsor
• Kyle Donahue · Cosponsor
• Michael H. Schlossberg · Cosponsor
• Mary Jo Daley · Cosponsor
• G. Roni Green · Cosponsor
• Johanny Cepeda-Freytiz · Cosponsor
• Nancy Guenst · Cosponsor

Subjects