Treasurer Schmitt praises passage of legislation to strengthen Unclaimed Property enforcement provisions
Thursday, May 3, 2018
JEFFERSON CITY, Mo — Missouri State Treasurer Eric Schmitt today praised the passage of legislation that strengthens penalties relating to abuse of the state’s Unclaimed Property program.
Senate Bill 644, sponsored by Senator Mike Cunningham and handled by Representative Donna Pfautsch in the House, makes it a crime for an heirfinder to enter into an agreement to help claim Unclaimed Property for compensation without first registering with the Missouri State Treasurer’s Office. The bill also gives the State Treasurer greater flexibility to enforce provisions relating to heirfinder registration.
“I want to thank Senator Cunningham and Representative Pfautsch for working hard to get this important legislation over the finish line,” Schmitt said. “Senate Bill 644 will give us another tool to ensure Missouri taxpayers and Unclaimed Property owners are protected against fraud and abuse.”
Individuals, families, small businesses and others can check to see if they have Unclaimed Property on ShowMeMoney.com. They can also sign up to get email notifications when new assets come in matching their information and send notifications to family and friends to let them know about money being held in their name.
Treasurer Schmitt currently protects close to $1 billion in Unclaimed Property for the state of Missouri. One in ten Missourians have Unclaimed Property and the average return is around $300.