Issue Position: Unclaimed Property

Issue Position

Upgraded antiquated software system resulting in increased efficiencies and enhanced reporting tools.

Increased security procedures for property holders.

Updated UPP website to include additional information for claimants, clearer instructions for holders and the ability for a claimant to request a claim. This has sped up the claim process and allowed employees to increase productivity.

Held 11 Hometown Tours across the State allowing locals to meet the Treasurer and search for claims.

Held 7 phone banks at local news stations to promote the UPP program resulting in breaking station's call records and STO claims filed.

Established a UPP Compliance Division that works with holders that escheat funds to the STO.

The total funds held by UPP are a record high of approximately $420 million dollars.

Processed claims increased by 82%.

Dollars paid to rightful owners increased by 65%.

Holders reporting unclaimed property increased by 12%.

Dollars remitted by holders increased by 43%.

Accounts reported by holders increased by 48%.

Stock shares sold increased by 180%

95% of holder reports were submitted to the STO electronically.

Over the past three years:
82,035 claims processed.
$37,367,818 unclaimed funds returned to rightful owners.
274,264 stock shares sold.
Largest single payout to an individual was $277,000.

Source