Designating February 1, 2024, as National Unclaimed Property Day
Impact
The impact of SR21 on state laws may be minimal, as it essentially serves as a symbolic recognition rather than a law that alters existing statutes. However, it seeks to increase awareness among the public about the state's unclaimed property program, which protects significant financial assets such as uncashed checks and insurance proceeds. In FY 2023 alone, this program processed over 27,000 claims and returned a record $26.8 million to West Virginians, illustrating the tangible benefits of raising awareness around unclaimed property.
Summary
Senate Resolution 21, introduced by Senator Weld, is designed to designate February 1, 2024, as National Unclaimed Property Day at the Legislature. This initiative aligns West Virginia with the celebration led by the National Association of Unclaimed Property Administrators, aiming to raise awareness about unclaimed property and the processes involved in reuniting citizens with financial assets that have been deemed lost or abandoned. The resolution underscores the importance of public education on this issue and highlights the role of the Treasurer’s Office in safeguarding unclaimed property until it can be claimed by rightful owners.
Sentiment
The general sentiment surrounding SR21 appears to be positive, as it promotes a beneficial cause that serves the citizens of West Virginia. By designating a specific day to focus on unclaimed property, it highlights the commitment of the state to help residents reclaim lost assets. This initiative is likely to resonate well with the public and support from various stakeholders emphasizes the collaborative effort to educate citizens about their rights and available resources.
Contention
Since SR21 is a resolution and not a legislative bill that imposes new regulations or changes existing laws, notable points of contention appear to be minimal. Most discussions around the resolution focus on its role in enhancing public awareness, rather than divisive debates typically associated with contentious legislation. As a result, the conversation is more about the importance of acknowledgment and community engagement regarding unclaimed properties, with broad support likely from both sides of the political aisle.