GA set to return $3B under the new unclaimed property law. Here’s how to claim a share of it

Georgia is sitting on billions in unclaimed property, and the rules for getting it back are more flexible than you’d think.

With the signing of Senate Bill 403, the state of Georgia begins its move toward a more automatic way of returning unclaimed property, setting up a system that would streamline the process for those set to receive.

From forgotten utility deposits to old paychecks to stock dividends, here’s what you can actually do under Georgia law.

What counts as unclaimed property?

According to the Georgia Department of Revenue, unclaimed property includes uncashed checks, security deposits, overpayments, and more.

When a bank, employer, utility, or other organization loses contact with an owner for a set period, they’re required to turn the funds over to the DOR, which holds it until the rightful owner comes forward.

Types of property the state can hold:

• Bank account balances and uncashed checks
• Security deposits and utility refunds
• Stocks, dividends, and mutual fund accounts
• Safe deposit box contents
• Life insurance proceeds
• Wages and payroll checks

What to know to claim your property

If you think you have a right to any unclaimed property in Georgia, you should know a few things first.

You can take as long as you want

• There is no time limit to claim unclaimed property in Georgia
• Except for excess funds from the sale of an abandoned motor vehicle must be claimed within one year.
• Everything else can be claimed whenever you find it.

However, new legislation Senate Bill 403, effective July 1, adds some expiration rules that could void any claims to property.

Voided claims include:

• Claims for property under $10 filed more than five years old
• Any claim filed more than 25 years after remittance

You can hire someone to find it for you

• In Georgia, it is legal to use registered Claimant Designated Representatives. These agents are also known as “finders” or “locators,” and must be registered with the state to track down your unclaimed property.

• Finding unclaimed property is a legitimate business in Georgia and If someone contacts you claiming to have found your money verify their registration before signing anything.

You don’t have to hire anyone to help. Georgia provides a free way to search and claim your property directly.

Heirs can claim too

Heirs of a deceased owner can bypass the probate court process by meeting a few requirements:

• Submitting an affidavit signed by all heirs
• Property doesn’t exceed $7,500
• No probate case is already open

You could receive a check without doing anything

Under SB 403 the DOR is now required to match tax records with unclaimed property records. This means you could automatically receive a check for up to $500 to verified owners.

But don’t wait. Search now in case your amount exceeds that threshold.

How to search

• Georgia DOR unclaimed property search
• National Association of Unclaimed Property Administrators
• Unclaimed U.S. Savings Bonds

If you think your claims maybe more than you can handle yourself, you can find a lawyer whos specialty is corporate regulatory compliance, state tax law (SALT), and complex business litigation.