Bill aims to unite Utahns with billions in unclaimed property

Mar 3, 2023, 9:48 AM | Updated: 11:46 am

SALT LAKE CITY — There is a lot of money that rightfully belongs in the hands of Utah consumers that never makes it there.

That’s about to change.

Matt Gephardt reports that it is billions of dollars in unclaimed property. When a company owes consumers money, and for whatever reason it doesn’t make it to the right person, it goes to the state’s unclaimed property division. Then it sits there waiting to be claimed.

Just about everybody agrees, there’s a better way.

Lawmakers voted that the Unclaimed Property Division will get access to state tax records, specially a person’s name, address, phone number county and social security number. Using that information, they’ll be able to automatically pair people with their missing money.

The bill sailed through the Legislature and is heading to Gov. Spencer Cox for his signature. When signed check will begin showing up in mailboxes — maybe yours, maybe Casey Scott’s.

KSL TV’s morning show goofball reporter, Casey Scott has his own way of busting inflation – every Wednesday on KSL Today, he ambushes unsuspecting motorists with free gas cards. But this week, I ambushed Casey, with a $300-plus check. Well, it was a big novelty check borrowed from the Utah Unclaimed Property Division, but the money is real.

The division property to its rightful owner. It was holding over $300 for Casey .

“It’s our job to reunite it with its rightful owner,” State Treasurer Marlo Oaks said. “It’s going to help tremendously.”

Criminals tend to pounce anytime there is a new government program. Oaks said to beware of anyone who says you have to pay taxes or a fee to get your money back.

Lawmakers are proposing that the State Treasurer works with the State Tax Commission to proactively match up folks with their missing money and  start sending out checks, automatically.

“This bill will really help,” Oaks said. “And really get them (checks) out to people who could really use the money.”

Treasurer Oaks said he loves the idea. He said one of his office’s main objectives is to stimulate the economy, which is most easily done by getting money into the hands of Utahns. Plus, it can make a huge difference for families struggling day-to-day with inflation.

He said the state will never send a check and ask somebody to send you money back. There is also a concern, as happened during the pandemic, that when people get a check they aren’t expecting, many assume it’s a scam and trash it.

“We’re going to need to educate people,” Oaks said.

You can visit the Unclaimed Property Division’s website.

KSL 5 TV Live


Republican presidential candidate, former President Donald Trump speaks at an election-night watch ...

Associated Press

Trump Media stock slides again to bring it nearly 60% below its peak as euphoria fades

The stock price for Donald Trump’s social media company is sliding again. Trump Media & Technology Group was down 16.8% in midday trading on Monday as more euphoria fades off the stock.

1 hour ago

About 576,000 Roku accounts were compromised in a cyberattack, the company said on April 12, the se...

John Towfighi, CNN

Roku says 576,000 accounts breached in cyberattack

About 576,000 Roku accounts were compromised in Roku's second cyberattack of the year.

3 days ago

New townhomes...

Eliza Pace

Utah ranked No. 5 worst state to find a starter home

In a recent study, Utah was ranked the fifth worst state to find a starter home. Here's why.

3 days ago

Dave Donegan showing Matt Gephardt the items that were broken in his move....

Matt Gephardt and Sloan Schrage, KSL TV

How liable is a moving company if your stuff gets damaged?

Dave Donegan’s home was just about to go into renovation, so he hired a moving and storage company to hold onto his household goods while work was underway.

4 days ago

A hiring sign is displayed at a restaurant in Buffalo Grove, Ill., Wednesday, May 10, 2023. On Wedn...

Matt Ott, AP Business Writer

Fewer Americans file for jobless claims as labor market continues to shrug off higher interest rates

Fewer Americans applied for jobless benefits last week as the labor market continues to thrive despite the Federal Reserve’s efforts to cool it.

4 days ago

Evermore Park (Photo: Derek Petersen, KSL TV)...

Mary Culbertson

Evermore Park to close permanently; new attraction to be announced

Evermore Park in Pleasant Grove announced it will close its doors for good. The owner of the park's property said he intends to unveil plans for a new attraction.

6 days ago

Sponsored Articles

Women hold card for scanning key card to access Photocopier Security system concept...

Les Olson

Why Printer Security Should Be Top of Mind for Your Business

Connected printers have vulnerable endpoints that are an easy target for cyber thieves. Protect your business with these tips.

Modern chandelier hanging from a white slanted ceiling with windows in the backgruond...

Lighting Design

Light Up Your Home With These Top Lighting Trends for 2024

Check out the latest lighting design trends for 2024 and tips on how you can incorporate them into your home.

Technician woman fixing hardware of desktop computer. Close up....

PC Laptops

Tips for Hassle-Free Computer Repairs

Experiencing a glitch in your computer can be frustrating, but with these tips you can have your computer repaired without the stress.

Close up of finger on keyboard button with number 11 logo...

PC Laptops

7 Reasons Why You Should Upgrade Your Laptop to Windows 11

Explore the benefits of upgrading to Windows 11 for a smoother, more secure, and feature-packed computing experience.

Stylish room interior with beautiful Christmas tree and decorative fireplace...

Lighting Design

Create a Festive Home with Our Easy-to-Follow Holiday Prep Guide

Get ready for festive celebrations! Discover expert tips to prepare your home for the holidays, creating a warm and welcoming atmosphere for unforgettable moments.

Battery low message on mobile device screen. Internet and technology concept...

PC Laptops

9 Tips to Get More Power Out of Your Laptop Battery

Get more power out of your laptop battery and help it last longer by implementing some of these tips from our guide.

Bill aims to unite Utahns with billions in unclaimed property