Rep. Casimiro highlights national recognition for ‘YOUR MONEY’ program that automatically returns unclaimed property to Rhode Islanders
STATE HOUSE – The State of Rhode Island has been recognized by the Unclaimed Property Professionals Organization (UPPO) for the “YOUR MONEY” program which matches unclaimed property with known addresses so money can be returned automatically. In the past, residents have had to check the State's database to see if they have unclaimed property and then submit a claim. Rhode Island was named as the 2018 UPPO Members’ Choice State Legislative Award recipient.
The program was made possible through legislation (2017-H 5743) introduced by Rep. Julie A. Casimiro (D-Dist. 31, North Kingstown, Exeter), in cooperation with General Treasurer Seth Magaziner, which makes it easier for Treasury to return unclaimed property to Rhode Islanders through more efficient communication between state agencies. The bill was signed into law in last year.
“More than 300,000 Rhode Islanders have unclaimed property, and most don’t even realize it,” said Representative Casimiro. “This program will see Rhode Islanders’ rightful money returned to them without the hassle of searching a data base and filling out forms. This is a state-of-the-art program that will ultimately see millions of dollars be returned to the pockets of our state’s residents where it belongs.”
Every year Treasury recovers unclaimed cash and assets from businesses, banks, securities, bank accounts, safety deposit boxes, and utility deposits. The property is kept safe until it can be returned to its rightful owner. In 2016, the Unclaimed Property program returned more than $12.8 million on more than 8,000 claims, yet there are currently more than 425,000 properties available for claim worth more than $325 million. General Treasurer Magaziner recently announced more than 8,000 checks totaling $1.3 million will be mailed to Rhode Islanders this week due to the program.
The Unclaimed Property Professionals Organization is the only national nonprofit membership group dedicated to holders of unclaimed property and the service providers who help make holders’ jobs easier. The UPPO is the leading community and resource for unclaimed property compliance education, networking, advocacy, and reform.
For more information, contact:
Andrew Caruolo, Publicist
State House Room 20
Providence, RI 02903