❌ HB480
Revise the Unclaimed Funds Law
Summary
The bill revises the Unclaimed Funds Law in Ohio, amending various sections and enacting new ones to update the definitions, reporting requirements, and procedures related to unclaimed funds. It establishes penalties for non-compliance and mandates the creation of an online reporting system within two years. The bill also specifies conditions under which unclaimed funds can be claimed by heirs of deceased owners without requiring formal estate administration.
Rationale
The bill introduces increased government oversight and regulation regarding unclaimed funds, which may conflict with Libertarian principles of minimal government intervention and individual property rights. However, it also includes provisions that could facilitate the return of funds to rightful owners, aligning somewhat with the LPO's focus on individual rights and property.
Risks and Concerns
- Increased government control over private property
- Potential for bureaucratic inefficiencies
- Risk of mismanagement of unclaimed funds