Ky. state treasurer returns more than $100 million in unclaimed property

jbrammer@herald-leader.comApril 11, 2014 

— FRANKFORT — Kentucky Treasurer Todd Hollenbach has returned more than $100 million in unclaimed property to its rightful owners in his six years in office.

That is more than all the state treasurers combined returned in the 60 years before his administration, Hollenbach said at a Capitol news conference to celebrate his goal of surpassing $100 million in returned property.

He also announced a new goal of "120 in 120." He plans to visit all 120 counties in Kentucky and return $120 million before his term as treasurer ends in 2015.

Each year, the state treasury collects million of dollars from property holders, including banks and insurance companies, that must transfer assets of inactive accounts to the state.

In 2013, the state treasury collected a record $53 million in unclaimed property.

Hollenbach said his office holds about $104 million in total unclaimed property.

He attributed his office's success in finding many owners through a volunteer-based program called "Treasure Finders."

In it, Hollenbach works with local volunteers to establish a phone bank, review property listings and call residents to inform them of potential unclaimed property.

Claimants are then assisted in claiming their property from the treasury.

Money not returned goes to the state's General Fund to pay for education and most other state programs as determined by the legislature.

"In effect, the Treasure Finders program benefits all Kentuckians, whether they have a claim or not," Hollenbach said.

People who want to see if they have unclaimed cash or family valuables in the treasurer's office can search a database at Missingmoney.com.

They also can call the treasury's unclaimed-property office toll-free at 1-800-465-4722.

Jack Brammer: (502) 227-1198. Twitter: @BGPolitics. Blog: Bluegrasspolitics.bloginky.com.

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