Revise the Unclaimed Funds Law

As Introduced

136th
General Assembly

Regular
Session
H. B. No. 480

2025-2026

Representatives Roemer, Dovilla

Cosponsors: Representatives Daniels,
Deeter, Gross, Hall, T., Johnson, King, Ray, Richardson, Robb
Blasdel, White, A.

To
amend sections 122.58, 169.01, 169.02, 169.03, 169.05, 169.06,
169.07, 169.08, 169.09, 169.12, 169.16, 169.99, and 5703.21; to enact
sections 169.091, 169.18, 169.19
,
and 169.20
;
and to repeal section 169.10 of the Revised Code
to
make changes to the Unclaimed Funds Law.

BE
IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO:

Section
1.
That
sections 122.58, 169.01, 169.02, 169.03, 169.05, 169.06, 169.07,
169.08, 169.09, 169.12, 169.16, 169.99, and 5703.21 be amended and
sections 169.091, 169.18, 169.19
,
and 169.20

of the Revised Code be enacted to read as follows:

Sec.
122.58.
Moneys
in the funds established pursuant to Chapter 122. of the Revised
Code, except as otherwise provided in any proceedings authorizing
revenue bonds or in any trust agreement securing such bonds, in
excess of current needs, may be invested in notes, bonds, or other
obligations which are direct obligations of or are guaranteed by the
United States,
or

in
certificates of deposit or other withdrawable accounts of banks,
trust companies,
and

or

building
and loan or savings and loan associations organized under the laws of
the state or the United States, or in the manner provided in any
agreement entered into pursuant to section 169.05 of the Revised
Code.

Income
from all such investments of moneys in any fund shall be credited to
such funds as the director of development determines subject to the
provisions of any bond issuance proceedings or trust agreement, and
such investments may be sold at such time as the director shall
determine, provided certificates of deposit or other withdrawable
accounts may be sold only in accordance with division (B) of section
169.05 or
divisions

division

(E)

and
(F)
of
section 169.08 of the Revised Code.

Sec.
169.01.
As
used in this chapter, unless the context otherwise requires:

(A)
"Financial organization" means any bank, trust company,
savings bank, safe deposit company, mutual savings bank without
mutual stock, savings and loan association, credit union, or
investment company.

(B)(1)
"Unclaimed funds" means any moneys
,

or

rights to moneys

with a value of twenty-five dollars or more in total for a particular
owner
,

virtual
currency,
or

other

intangible
property,
as

described
in section 169.02 of the Revised Code, when, as shown by the records
of the holder, the owner has not, within the times provided in
section 169.02 of the Revised Code, done any of the following:

(a)
Increased, decreased, or adjusted the amount of such funds;

(b)
Assigned, paid premiums, or encumbered such funds;

(c)
Presented an appropriate record for the crediting of such funds or
received payment of such funds by check, draft, or otherwise;

(d)
Corresponded with the holder concerning such funds;

(e)
Otherwise indicated an interest in or knowledge of such funds;

(f)
Transacted business with the holder.

(2)
"Unclaimed funds" does not include any of the following:

(a)
Money received or collected under section 9.39 of the Revised Code;

(b)
Any payment or credit due to a business association from a business
association representing sums payable to suppliers, or payment for
services rendered, in the course of business, including, but not
limited to, checks or memoranda, overpayments, unidentified
remittances, nonrefunded overcharges, discounts, refunds, and
rebates;

(c)
Any payment or credit received by a business association from a
business association for tangible goods sold, or services performed,
in the course of business, including, but not limited to, checks or
memoranda, overpayments, unidentified remittances, nonrefunded
overcharges, discounts, refunds, and rebates;

(d)
Either of the following:

(i)
Any credit or obligation due a retail customer that is represented by
a gift certificate, gift card, merchandise credit, or merchandise
credit card, redeemable only for goods or services, including gift
cards issued by financial organizations or business associations;

(ii)
Any electronic payment device that is issued by a financial
organization or a business association that has no expiration date
and meets all of the following conditions:

(I)
It is purchased or loaded on a prepaid basis for the future purchase
or delivery of goods or services.

(II)
It is redeemable upon presentation to a single merchant or service
provider or an affiliated group of merchants or service providers.

(III)
It is not redeemable for cash in whole or in part.

(e)
Any open-loop prepaid card that is issued by a financial organization
or a business association for which the underlying funds do not
expire. For purposes of division (B)(2)(e) of this section,
"open-loop prepaid card" means an electronic payment device
that meets all of the following conditions:

(i)
It is purchased or loaded on a prepaid basis for the future purchase
or delivery of any goods or services.

(ii)
It can be used to purchase goods and services at multiple
unaffiliated merchants or service providers.

(iii)
It is not redeemable for cash in whole or in part.

(f)
Any rewards card. For purposes of division (B)(2)(f) of this section,
"rewards card" includes any loyalty, incentive, or
promotional type program that is issued by a financial organization
or a business association whether represented by a card or electronic
record, which program is established for the purposes of providing
cardholder awards, rewards, rebates, or other amounts to reward the
cardholder for the cardholder's relationship with the entity
sponsoring the rewards card, provided that no direct money was paid
by the cardholder for the rewards card. "Rewards card"
includes both of the following:

(i)
Cards or electronic records consisting of points, cash, or other
tokens of value given to a cardholder as a reward or incentive for
engaging in a transaction or a series of transactions;

(ii)
The unpaid portion of a rewards card when the rewards card is
partially loaded by the cardholder with the remaining portion funded
as a reward or incentive.

A
minimal annual fee charged to the cardholder for joining any such
loyalty, incentive, or promotional type program shall not be
considered direct money paid by the cardholder for the rewards card.
For purposes of division (B)(2)(f) of this section, "cardholder"
means the holder of a rewards card, regardless of whether the rewards
card is represented by a card or by an electronic record.

(g)
Money in a personal allowance account, as defined by rules adopted by
the medicaid director, up to and including the maximum resource
limitation, of a medicaid recipient who has died after receiving care
in a long-term care facility, and for whom there is no identifiable
heir or sponsor;

(h)
Money in a demand or savings account at a holder that is a bank, bank
holding company, savings bank, savings association, savings and loan
holding company, mutual holding company, credit union, or affiliate
of any of the aforementioned entities when the only activity on the
account is one or more recurring electronic debit or credit
transfers, including transfers made via automated clearing house, but
not including fees charged by the holder or automatic reinvestments
of dividends or interest;

(i)

For
purposes of division (B)(2) of this section, "business
association" means any corporation, joint venture, business
trust, limited liability company, partnership, association, or other
business entity composed of one or more individuals, whether or not
the entity is for profit.

(C)
"Owner" means any person, or the person's legal
representative, entitled to receive or having a legal or equitable
interest in or claim against moneys, rights to moneys, or other
intangible property, subject to this chapter.

(D)(1)
"Holder" means any person that has possession, custody, or
control of moneys, rights to moneys, or other intangible property, or
that is indebted to another, if any of the following applies:

(a)
Such person resides in this state;

(b)
Such person is formed under the laws of this state;

(c)
Such person is formed under the laws of the United States and has an
office or principal place of business in this state;

(d)
The records of such person indicate that the last known address of
the owner of such moneys, rights to moneys, or other intangible
property is in this state;

(e)
The records of such person do not indicate the last known address of
the owner of the moneys, rights to moneys, or other intangible
property and the entity originating or issuing the moneys, rights to
moneys, or other intangible property in this state or any political
subdivision of this state, or is incorporated, organized, created, or
otherwise located in this state. Division (D)(1)(e) of this section
applies to all moneys, rights to moneys, or other intangible property
that is in the possession, custody, or control of such person on or
after July 22, 1994, whether the moneys, rights to moneys, or other
intangible property becomes unclaimed funds prior to or on or after
that date.

(2)
"Holder" does not mean any hospital granted tax-exempt
status under section 501(c)(3) of the Internal Revenue Code or any
hospital owned or operated by the state or by any political
subdivision. Any entity in order to be exempt from the definition of
"holder" pursuant to this division shall make a reasonable,
good-faith effort to contact the owner of the unclaimed funds.

(E)
"Person" includes a natural person; corporation, whether
for profit or not for profit; copartnership; unincorporated nonprofit
association; public authority; estate; trust; two or more persons
having a joint or common interest; eleemosynary organization;
fraternal or cooperative association; other legal or community
entity; the United States government, including any district,
territory, possession, officer, agency, department, authority,
instrumentality, board, bureau, or court; or any state or political
subdivision thereof, including any officer, agency, board, bureau,
commission, division, department, authority, court, or
instrumentality.

(F)
"Mortgage funds" means the housing
guarantee

development

fund
created by division
(D)

(A)

of
section
128.11

175.11

of
the Revised Code.

(G)
"Lawful claims" means any vested right a holder of
unclaimed funds has against the owner of such unclaimed funds.

(H)
"Public utility" means any entity defined as such by
division (A) of section 745.01 or by section 4905.02 of the Revised
Code.

(I)
"Deposit" means to place money in the custody of a
financial organization for the purpose of establishing an
income-bearing account by purchase or otherwise.

(J)
"Income-bearing account" means a time or savings account,
whether or not evidenced by a certificate of deposit, or an
investment account through which investments are made solely in
obligations of the United States or its agencies or instrumentalities
or guaranteed as to principal and interest by the United States or
its agencies or instrumentalities, debt securities rated as
investment grade by at least two nationally recognized rating
services,
the
Ohio subdivision's fund pursuant to section 135.45 of the Revised
Code,
debt
securities which the director of commerce has determined to have been
issued for the safety and welfare of the residents of this state, and
equity interests in mutual funds that invest solely in some or all of
the above-listed securities and involve no general liability, without
regard to whether income earned on such accounts, securities, or
interests is paid periodically or at the end of a term.

(K)
"Director of commerce" may be read as the "division of
unclaimed funds" or the "superintendent of unclaimed
funds."

(L)
"Attorney unclaimed funds" means any unclaimed funds, as
defined in division (B)(1) of this section, that are any of the
following:

(1)
Funds held in interest on lawyer trust accounts pursuant to section
4705.09 of the Revised Code;

(2)
Funds held in an interest on trust accounts pursuant to section
3953.231 of the Revised Code;

(3)
Residual settlement funds whether for named or unnamed plaintiffs,
received by the division of unclaimed funds, and held, paid out, or
allocated by the division pursuant to or consistent with the terms
and conditions of the court order authorizing the settlement fund.

(M)
"Virtual currency" means a digital representation of value
used as a medium of exchange, unit of account, or store of value that
does not have legal tender status recognized by the United States.
"Virtual currency" does not include any of the following:

(1)
The software or protocols governing the transfer of the digital
representation of value;

(2)
Game-related digital content;

(3)
A gift card;

(4)
A loyalty card;

(5)
A rewards card.

(N)
"Game-related digital content" means digital content that
exists only in an electronic game or electronic-game platform.

(1)
"Game-related digital content" includes all of the
following:

(a)
Game-play currency such as a virtual wallet, even if denominated in
United States currency;

(b)
Both of the following if for use or redemption only within the game
or platform or another electronic game or electronic-game platform:

(i)
Points sometimes referred to as gems, tokens, gold, and similar
names;

(ii)
Digital codes.

(2)
"Game-related digital content" does not include either of
the following:

(a)
An item that the issuer permits to be redeemed for use outside a game
or platform for money or for goods or services that have more than
minimal value;

(b)
An item that the issuer otherwise monetizes for use outside a game or
platform.

(O)
"Gift card" means a stored value card, including a prepaid
commercial mobile radio service as defined in 47 C.F.R. 20.3, that
meets all of the following conditions:

(1)
The value of the card does not expire.

(2)
The card may be decreased in value only by redemption for
merchandise, goods, or services.

(3)
Unless required by law, the card may not be redeemed for or converted
into money or otherwise monetized by the issuer.

(P)
"Loyalty card" means a record given without direct monetary
consideration under an award, reward, benefit, loyalty, incentive,
rebate, or promotional program that may be used or redeemed only to
obtain goods or services. "Loyalty card" does not include a
reward card or a record that may be redeemed for money or otherwise
monetized by the issuer.

Sec.
169.02.
Subject
to division (B) of section 169.01 of the Revised Code, the following
constitute unclaimed funds:

(A)
Except as provided in division (R) of this section, any demand,
savings, or matured time deposit account, or matured certificate of
deposit, together with any interest or dividend on it, less any
lawful claims, that is held or owed by a holder which is a financial
organization, unclaimed for a period of five years;

(B)
Any funds paid toward the purchase of withdrawable shares or other
interest in a financial organization, and any interest or dividends
on them, less any lawful claims, that is held or owed by a holder
which is a financial organization, unclaimed for a period of five
years;

(C)
Except as provided in division (A) of section 3903.45 of the Revised
Code, moneys held or owed by a holder, including a fraternal
association, providing life insurance, including annuity or endowment
coverage, unclaimed for three years after becoming payable as
established from the records of such holder under any life or
endowment insurance policy or annuity contract that has matured or
terminated. An insurance policy, the proceeds of which are payable on
the death of the insured, not matured by proof of death of the
insured is deemed matured and the proceeds payable if such policy was
in force when the insured attained the limiting age under the
mortality table on which the reserve is based.

Moneys
otherwise payable according to the records of such holder are deemed
payable although the policy or contract has not been surrendered as
required.

(D)
Any deposit made to secure payment or any sum paid in advance for
utility services of a public utility and any amount refundable from
rates or charges collected by a public utility for utility services
held or owed by a holder, less any lawful claims, that has remained
unclaimed for one year after the termination of the services for
which the deposit or advance payment was made or one year from the
date the refund was payable, whichever is earlier;

(E)
Except as provided in division (R) of this section, any certificates,
securities as defined in section 1707.01 of the Revised Code,
nonwithdrawable shares, other instruments evidencing ownership, or
rights to them or funds paid toward the purchase of them, or any
dividend, capital credit, profit, distribution, interest, or payment
on principal or other sum, held or owed by a holder, including funds
deposited with a fiscal agent or fiduciary for payment of them, and
instruments representing an ownership interest, unclaimed for five
years. Any underlying share or other intangible instrument
representing an ownership interest in a business association, in
which the issuer has recorded on its books the issuance of the share
but has been unable to deliver the certificate to the shareholder,
constitutes unclaimed funds if such underlying share is unclaimed for
five years. In addition, an underlying share constitutes unclaimed
funds if a dividend, distribution, or other sum payable as a result
of the underlying share has remained unclaimed by the owner for five
years.

This
division shall not prejudice the rights of fiscal agents or
fiduciaries for payment to return the items described in this
division to their principals, according to the terms of an agency or
fiduciary agreement, but such a return shall constitute the principal
as the holder of the items and shall not interrupt the period for
computing the time for which the items have remained unclaimed.

In
the case of any such funds accruing and held or owed by a corporation
under division (E) of section 1701.24 of the Revised Code, such
corporation shall comply with this chapter, subject to the limitation
contained in section 1701.34 of the Revised Code. The period of time
for which such funds have gone unclaimed specified in section 1701.34
of the Revised Code shall be computed, with respect to dividends or
distributions, commencing as of the dates when such dividends or
distributions would have been payable to the shareholder had such
shareholder surrendered the certificates for cancellation and
exchange by the date specified in the order relating to them.

Capital
credits of a cooperative which after January 1, 1972, have been
allocated to members and which by agreement are expressly required to
be paid if claimed after death of the owner are deemed payable, for
the purpose of this chapter, fifteen years after either the
termination of service by the cooperative to the owner or upon the
nonactivity as provided in division (B) of section 169.01 of the
Revised Code, whichever occurs later, provided that this provision
does not apply if the payment is not mandatory.

(F)
Any sum payable on certified checks or other written instruments
certified or issued and representing funds held or owed by a holder,
less any lawful claims, that are unclaimed for five years from the
date payable or from the date of issuance if payable on demand;
except that the unclaimed period for money orders that are not third
party bank checks is seven years, and the unclaimed period for
traveler's checks is fifteen years, from the date payable or from the
date of issuance if payable on demand.

As
used in this division, "written instruments" include, but
are not limited to, certified checks, cashier's checks, bills of
exchange, letters of credit, drafts, money orders, and traveler's
checks.

If
there is no address of record for the owner or other person entitled
to the funds, such address is presumed to be the address where the
instrument was certified or issued.

(G)
Except as provided in division (R) of this section, all moneys,
rights to moneys, or other intangible property, arising out of the
business of engaging in the purchase or sale of securities, or
otherwise dealing in intangibles, less any lawful claims, that are
held or owed by a holder and are unclaimed for five years from the
date of transaction.

(H)
Except as provided in division (A) of section 3903.45 of the Revised
Code, all moneys, rights to moneys, and other intangible property
distributable in the course of dissolution or liquidation of a holder
that are unclaimed for one year after the date set by the holder for
distribution;

(I)
All moneys, rights to moneys, or other intangible property removed
from a safe-deposit box or other safekeeping repository located in
this state or removed from a safe-deposit box or other safekeeping
repository of a holder, on which the lease or rental period has
expired, or any amount arising from the sale of such property, less
any lawful claims, that are unclaimed for three years from the date
on which the lease or rental period expired;

(J)
Subject to division (M)(2) of this section, all moneys, rights to
moneys, or other intangible property, and any income or increment on
them, held or owed by a holder which is a fiduciary for the benefit
of another, or a fiduciary or custodian of a qualified retirement
plan or individual retirement arrangement under section 401 or 408 of
the Internal Revenue Code, unclaimed for three years after the final
date for distribution;

(K)
All moneys, rights to moneys, or other intangible property held or
owed in this state or held for or owed to an owner whose last known
address is within this state, by the United States government or any
state, as those terms are described in division (E) of section 169.01
of the Revised Code, unclaimed by the owner for three years,
excluding any property in the control of any court in a proceeding in
which a final adjudication has not been made;

(L)
Amounts payable pursuant to the terms of any policy of insurance,
other than life insurance, or any refund available under such a
policy, held or owed by any holder, unclaimed for three years from
the date payable or distributable;

(M)(1)
Subject to division (M)(2) of this section, any funds constituting
rents or lease payments due, any deposit made to secure payment of
rents or leases, or any sum paid in advance for rents, leases,
possible damage to property, unused services, performance
requirements, or any other purpose, held or owed by a holder
unclaimed for one year;

(2)
Any escrow funds, security deposits, or other moneys that are
received by a licensed broker in a fiduciary capacity and that,
pursuant to division (A)(26) of section 4735.18 of the Revised Code,
are required to be deposited into and maintained in a special or
trust, noninterest-bearing bank account separate and distinct from
any personal or other account of the licensed broker, held or owed by
the licensed broker unclaimed for two years.

(N)

Any
sum greater than fifty dollars payable as wages, any sum
Sums

payable
as salaries or commissions,
any
sum
sums

payable
for services rendered, funds owed or held as royalties, oil and
mineral proceeds, funds held for or owed to suppliers, and moneys
owed under pension and profit-sharing plans, held or owed by any
holder unclaimed for one year from date payable or distributable, and
all other credits held or owed, or to be refunded to a retail
customer, by any holder unclaimed for three years from date payable
or distributable;

(O)
Amounts held in respect of or represented by lay-aways sold after
January 1, 1972, less any lawful claims, when such lay-aways are
unclaimed for three years after the sale of them;

(P)
All moneys, rights to moneys, and other intangible property not
otherwise constituted as unclaimed funds by this section, including
any income or increment on them, less any lawful claims, which are
held or owed by any holder, other than a holder which holds a permit
issued pursuant to Chapter 3769. of the Revised Code, and which have
remained unclaimed for three years after becoming payable or
distributable;

(Q)
All moneys that arise out of a sale held pursuant to section 5322.03
of the Revised Code, that are held by a holder for delivery on demand
to the appropriate person pursuant to division (I) of that section,
and that are unclaimed for two years after the date of the sale.

(R)(1)
(R)(1)(a)

Any funds that are subject to an agreement between the holder and
owner providing for automatic reinvestment and that constitute
dividends, distributions, or other sums held or owed by a holder in
connection with a security as defined in section 1707.01 of the
Revised Code,
or

an
ownership interest in an investment company registered under the
"Investment Company Act of 1940," 54 Stat. 789, 15 U.S.C.
80a-1, as amended,
or
a certificate of deposit,

unclaimed for a period of five years.

(2)
(b)

The five-year period under division
(R)(1)
(R)(1)(a)

of this section commences from the date a second shareholder
notification or
electronic
or digital
communication
mailing to the owner of the funds is returned to the holder as
undeliverable by the United States postal service or other carrier.
The notification or
electronic
or digital
communication
mailing by the holder shall be no less frequent than quarterly.

All
moneys in a personal allowance account, as defined by rules adopted
by the medicaid director, up to and including the maximum resource
limitation, of a medicaid recipient who has died after receiving care
in a long-term care facility, and for whom there is no identifiable
heir or sponsor, are not subject to this chapter.

(2)(a)
Subject to division (R)(2)(b) of this section, any funds that are
subject to an agreement between the holder and owner providing for
automatic reinvestment or renewal and that constitute dividends,
distributions, or other sums held or owed by a holder in connection
with a certificate of deposit, unclaimed for a period of five years.

(b)
Regarding the first time the certificate of deposit is due for
renewal, the five-year dormancy period described in division
(R)(2)(a) of this section does not begin to run if the owner
consented to the continued automatic reinvestment or renewal, in a
record on file with the holder, at or about the time the underlying
certificate of deposit is due for renewal. In order to similarly toll
the five-year dormancy period following subsequent renewals, a new
consent shall be given not less frequently than every five years,
regardless of the term of the certificate of deposit. If consent is
not timely given, the five-year dormancy period begins to run five
years after the most recent consent is due. If a new consent is
given, the five-year period after which a new consent is required
begins from the date that new consent is given.

(S)(1)
Funds held or owed by a holder pursuant to a preneed funeral
contract, as defined in section 4717.01 of the Revised Code,
unclaimed as of the last day of the calendar year in which the
beneficiary turns one hundred five years of age, unless the holder or
the seller or successor seller confirms during that calendar year
that the beneficiary is still alive;

(2)
Funds held or owed by a holder that is the trustee of a preneed
funeral contract trust if the trustee was unable to pay the net funds
held by the trustee as required by division (J)(2) of section 4717.36
of the Revised Code upon the expiration of the one-hundred-eighty-day
period specified in that division.

(3)
Funds held or owed by a holder which is a trustee of a preneed
funeral contract trust that the trustee was unable to pay as required
by division (J)(2) of section 4717.36 of the Revised Code upon the
expiration of the one hundred eighty-day-period specified in that
division.

(T)
Virtual currency, held by a holder and unclaimed for a period of five
years.

Sec.
169.03.
(A)(1)
Every holder of unclaimed funds and, when requested, every person
that could be the holder of unclaimed funds, under this chapter shall
report to the director of commerce with respect to the unclaimed
funds as provided in this section. The report shall be verified.

(2)
With respect to items of unclaimed funds each having a value of fifty
dollars or more, the report required under division (A)(1) of this
section shall include the following:

(a)
The full name, if known, and last known address, if any, of each
person appearing from the records of the holder to be the owner of
unclaimed funds under this chapter;

(b)
In the case of unclaimed funds reported by holders providing life
insurance coverage, the full name of the insured or annuitant and
beneficiary, if any, and their last known addresses according to the
holder's records;

(c)
The nature and identifying number, if any, or description of the
funds and the amount appearing from the records to be due;

(d)
The date when the funds became payable, demandable, or returnable and
the date of the last transaction with the owner with respect to the
funds;

(e)
Subject to division (J) of this section, the social security number
of the owner of the unclaimed funds, if it is available;

(f)
If the item of unclaimed funds has a value of one thousand dollars or
more and the holder has verified that the last known address as shown
by the records of the holder is not accurate as provided in division
(E) of this section, a statement that efforts were undertaken by the
holder to verify that the address is not accurate. Any verifying
documentation shall be maintained by the holder for five years from
the date of the report and shall be available upon request to the
director or the director's designee.

(g)
Other information that the director prescribes as necessary for the
administration of this chapter.

(3)
With respect to items of unclaimed funds each having a value of less
than fifty dollars, the report required under division (A)(1) of this
section shall include the following:

(a)
Each category of items of unclaimed funds as described in section
169.02 of the Revised Code;

(b)
The number of items of unclaimed funds within each category;

(c)
The aggregated value of the items of unclaimed funds within each
category.

(4)
With respect to items of unclaimed funds that are virtual currency,
the holder shall liquidate the virtual currency prior to filing the
report required under division (A)(1) of this section. The owner
shall have no recourse against either the holder or the director for
any gain in value after liquidation.

(B)
If the holder of unclaimed funds is holding attorney unclaimed funds
or residual settlement funds, the holder shall transmit, upon the
division's request, a duplicate copy of the report required by
division (A) of this section to the Ohio access to justice
foundation, established pursuant to section 120.521 of the Revised
Code.

(C)
If the holder of unclaimed funds is a successor to other
organizations that previously held the funds for the owner, or if the
holder has changed its name while holding the funds, it shall file
with the report all prior known names and addresses and date and
state of incorporation or formation of each holder of the funds.

(D)
The report shall be filed before the first day of November of each
year as of the preceding thirtieth day of June, but the report of
holders providing life insurance coverage shall be filed before the
first day of May of each year as of the preceding thirty-first day of
December. The director may postpone, for good cause shown, the
reporting date upon written request by any holder required to file a
report.

(E)
The holder of unclaimed funds under this chapter shall send notice to
each owner of each item of unclaimed funds having a value of fifty
dollars or more at the last known address of the owner as shown by
the records of the holder before filing the annual report. In case of
holders providing life insurance coverage, this notice shall also be
mailed to each beneficiary at the last known address of the
beneficiary as shown by the records of the holder, except that the
notice to beneficiaries shall not be mailed if that address is the
same as that of the insured and the surname of the beneficiary is the
same as that of the insured. The holder shall not report an item of
unclaimed funds earlier than the thirtieth day after the mailing of
notice required by this division.

The
notice required by this division shall set forth the nature and
identifying number, if any, or description of the funds and the
amount appearing on the records of the holder to be due the owner or
beneficiary, and shall inform the owner or beneficiary that the funds
will, thirty days after the mailing of the notice, be reported as
unclaimed funds under this chapter. A self-addressed, stamped
envelope shall be included with the notice, with instructions that
the owner or beneficiary may use the envelope to inform the holder of
the owner's or beneficiary's continued interest in the funds, and, if
so informed before the date for making the report to the director,
the holder shall not report the funds to the director. The notice
shall be mailed by first class mail
,
or to a digital or electronic address provided to the holder by the
owner with "read receipt" requested,

if the item of unclaimed funds has a value of fifty dollars or more
but less than one thousand dollars

and
.
The notice shall be sent
by
certified mail, return receipt requested, if the item of unclaimed
funds has a value of one thousand dollars or more, unless the holder
has verified that the last known address of the owner or beneficiary
as shown by the records of the holder is not accurate. For purposes
of this section, a holder has verified that the last known address of
the owner or beneficiary is not accurate by documenting at least two
of the following:

(1)
The owner or beneficiary failed to respond to a first class mail
notice sent to the last known address of the owner or beneficiary.

(2)
A first class mail notice sent by the holder to the last known
address of the owner or beneficiary was returned as undeliverable.

(3)
An electronic or manual search of available public records failed to
confirm that the last known address of the owner or beneficiary is
accurate. The holder shall maintain documentation of its search
efforts. If a search of public records or databases identifies a more
recent address for the owner or beneficiary than the address in the
holder's records, the holder shall send notice to the owner or
beneficiary at that more recent address in accordance with this
section.

(4)
Electronic or digital notice sent by the holder to the last known
electronic mail, text telephone number, or facsimile number verified
as received by a "read receipt" or otherwise.

A
holder that sends a notice by certified mail, return receipt
requested, may charge the item of unclaimed funds up to twenty
dollars for providing that notice.

If
there is no address of record for the owner or beneficiary, the
holder is relieved of any responsibility of sending notice,
attempting to notify, or notifying the owner or beneficiary. The
mailing of notice pursuant to this section shall discharge the holder
from any further responsibility to give notice.

(F)
Verification of the report and of the mailing of notice, where
required, shall be executed by an officer of the reporting holder.

(G)(1)
The director may, at reasonable times and upon reasonable notice,
examine or cause to be examined, by auditors of supervisory
departments or divisions of the state, the records of any holder to
determine compliance with this chapter.

(2)
Holders shall retain records, designated by the director as
applicable to unclaimed funds, for
five

ten

years
beyond the
relevant
time period provided in section 169.02 of the Revised Code, or until
completion of an audit conducted pursuant to division (G) of this
section, whichever occurs first
filing
of the report required under division (A)(1) of this section
.
An audit conducted pursuant to division (G) of this section shall not
require a holder to make records available for a period of time
exceeding the records retention period set forth in division
(G)

(G)(2)

of
this section
,
except for records pertaining to instruments evidencing ownership, or
rights to them or funds paid toward the purchase of them, or any
dividend, capital credit, profit, distribution, interest, or payment
on principal or other sum, held or owed by a holder, including funds
deposited with a fiscal agent or fiduciary for payment of them, or
pertaining to debt of a publicly traded corporation
.
Any holder that is audited pursuant to division (G) of this section
shall only be required to make available those records that are
relevant to an unclaimed funds audit of that holder as prescribed by
the director.

(3)
The director may enter into contracts, pursuant to procedures
prescribed by the director, with persons for the sole purpose of
examining the records of holders, determining compliance with this
chapter, and collecting, taking possession of, and remitting to the
department's division of unclaimed funds, in a timely manner, the
amounts found and defined as unclaimed. The director shall not enter
into such a contract with a person unless the person does all of the
following:

(a)
Agrees to maintain the confidentiality of the records examined, as
required under division (G)(4) of this section;

(b)
Agrees to conduct the audit in accordance with rules adopted under
section 169.09 of the Revised Code;

(c)
Obtains a corporate surety bond issued by a bonding company or
insurance company authorized to do business in this state. The bond
shall be in favor of the director and in the penal sum determined by
the director. The bond shall be for the benefit of any holder of
unclaimed funds that is audited by the principal and is injured by
the principal's failure to comply with division (G)(3)(a) or (b) of
this section.

(4)
Records audited pursuant to division (G) of this section are
confidential, and shall not be disclosed except as required by
section 169.06 of the Revised Code or as the director considers
necessary in the proper administration of this chapter.

(5)
If a person with whom the director has entered into a contract
pursuant to division (G)(3) of this section intends to conduct, in
conjunction with an unclaimed funds audit under this section, an
unclaimed funds audit for the purpose of administering another
state's unclaimed or abandoned property laws, the person, prior to
commencing the audit, shall provide written notice to the director of
the person's intent to conduct such an audit, along with
documentation evidencing the person's express authorization from the
other state to conduct the audit on behalf of that state.

(6)
Prior to the commencement of an audit conducted pursuant to division
(G) of this section, the director shall notify the holder of
unclaimed funds of the director's intent to audit the holder's
records. If the audit will be conducted in conjunction with an audit
for one or more other states, the director shall provide the holder
with the name or names of those states.

(7)
Any holder of unclaimed funds may appeal the findings of an audit
conducted pursuant to division (G) of this section to the director.
Pursuant to the authority granted by section 169.09 of the Revised
Code, the director shall adopt rules establishing procedures for
considering such an appeal.

(H)
All holders shall make sufficient investigation of their records to
ensure that the funds reported to the director are unclaimed as set
forth in division (B) of section 169.01 and section 169.02 of the
Revised Code.

(I)
The
(I)(1)
Subject to division (I)(2) of this section, the
expiration
of any period of limitations on or after March 1, 1968, within which
a person entitled to any moneys, rights to moneys, or intangible
property could have commenced an action or proceeding to obtain these
items shall not prevent these items from becoming unclaimed funds or
relieve the holder of them of any duty to report and give notice as
provided in this section and deliver them in the manner provided in
section 169.05 of the Revised Code, provided that the holder may
comply with this section and section 169.05 of the Revised Code with
respect to any moneys, rights to moneys, or intangible property as to
which the applicable statute of limitations has run prior to March 1,
1968, and in that event the holder shall be entitled to the
protective provisions of section 169.07 of the Revised Code.

(2)
The director of commerce shall not commence an action or proceeding
to enforce this chapter in regards to the reporting, delivery, or
payment of unclaimed funds more than ten years after the holder filed
a report with the director. The period of limitation is tolled in the
absence of such a report or by the filing of a report that is
fraudulent.

(J)
No social security number contained in a report made pursuant to this
section shall be used by the department of commerce for any purpose
other than to enable the division of unclaimed funds to carry out the
purposes of this chapter and for child support purposes in response
to a request made by the office of child support in the department of
job and family services made pursuant to section 3123.88 of the
Revised Code.

(K)
Notwithstanding any provision in the law to the contrary, nothing
shall prevent a holder from voluntarily making any property subject
to the reporting requirements of this section, if that property has a
value of less than twenty-five dollars but would otherwise meet the
definition of unclaimed funds under section 169.01 of the Revised
Code.

Sec.
169.05.
(A)

Every

Except
as otherwise provided in this division, every
holder
required to file a report under section 169.03 of the Revised Code
,
including holders who voluntarily report under division (K) of that
section,

shall, at the time of filing, pay to the director of commerce
ten
per cent of
the
aggregate amount of unclaimed funds as shown on the report
,
except for aggregate amounts of fifty dollars or less in which case
one hundred per cent shall be paid
.

In
the case of unclaimed funds that are certificates of deposit
described in division (R)(2) of section 169.02 of the Revised Code,
if the time provided for payment to the director above would result
in a penalty or forfeiture in the payment of interest, the time for
payment to the director shall be extended until the time when no
penalty or forfeiture would result.
The
funds may be deposited by the director in the state treasury to the
credit of the unclaimed funds trust fund, which is hereby created, or
placed with a financial organization.
The
director shall consult with the treasurer of state each April to
formulate an investment strategy and plan that consists of the best
method to invest the funds to achieve the goals of the department of
commerce and to achieve an appropriate rate of return. The holders of
all investments and entities with which trust fund moneys are
deposited shall annually notify the director of commerce of the
amount of interest earned or other income realized on the unclaimed
funds held or invested with the entity pursuant to this section.

Upon
the request of the director of commerce, the treasurer of state shall
invest the funds within the unclaimed funds trust fund in
income-bearing accounts in custodial accounts with the treasurer of
state, outside the state treasury. The limitation on investments in
debt interests provided in division (A)(11)(a) of section 135.143 of
the Revised Code does not apply to these custodial accounts.
Any
interest earned on money in the
unclaimed
funds
trust
fund

or in any custodial accounts created under this division

shall be credited to the trust fund.
The
remainder of the aggregate amount of unclaimed funds as shown on the
report, plus earnings accrued to date of payment to the director,
shall, at the option of the director, be retained by the holder or
paid to the director for deposit as agent for the mortgage funds with
a financial organization as defined in section 169.01 of the Revised
Code, with the funds to be in income-bearing accounts to the credit
of the mortgage funds, or the holder may enter into an agreement with
the director specifying the obligations of the United States in which
funds are to be invested, and agree to pay the interest on the
obligations to the state. Holders retaining any funds not in
obligations of the United States shall enter into an agreement with
the director specifying the classification of income-bearing account
in which the funds will be held and pay the state interest on the
funds at a rate equal to the prevailing market rate for similar
funds. Moneys that the holder is required to pay to the director
rather than to retain may be deposited with the treasurer of state,
or placed with a financial organization.

Securities
and other intangible property transferred to the director shall
,
within a reasonable time,

be converted to cash
at
the discretion of the director
and
the proceeds deposited as provided for other funds.

The
funds evidenced by agreements, in income-bearing accounts, or on
deposit with the treasurer of state shall be allocated on the records
of the director, after allocation of sufficient moneys to the
minority business bonding fund to meet the provisions of division (B)
of this section, to the housing development fund created by division
(A) of section 175.11 of the Revised Code.

(B)
The director shall serve as agent for the director of development and
as agent for the Ohio housing finance agency in making deposits and
withdrawals and maintaining records pertaining to the minority
business bonding fund created by section 122.88 of the Revised Code
and the housing development fund created by section 175.11 of the
Revised Code. Funds from the housing development fund are available
upon request to the Ohio housing finance agency, in an amount not to
exceed the funds allocated on the records of the director, for the
purposes of section 175.05 of the Revised Code. Funds from the
minority business bonding fund are available to the director of
development upon request to pay obligations on bonds the director
writes pursuant to section 122.88 of the Revised Code; except that,
unless the general assembly authorizes additional amounts, the total
maximum amount of moneys that may be allocated to the minority
business bonding fund under this
division

section

is
ten million dollars.

When
funds are to be disbursed, the appropriate agency shall call upon the
director to transfer the necessary funds to it.
The
director shall first withdraw the funds paid by the holders and
deposited with the treasurer of state or in a financial institution
as agent for the funds. Whenever these funds are inadequate to meet
the request, the director shall provide for a withdrawal of funds,
within a reasonable time and in the amount necessary to meet the
request, from financial institutions in which the funds were retained
or placed by a holder and from other holders who have retained funds,
in an equitable manner as the director prescribes. In the event that
the amount to be withdrawn from any one holder is less than five
hundred dollars, the amount to be withdrawn is at the director's
discretion. The director shall then transfer to the agency the amount
of funds requested.

Funds
deposited in the unclaimed funds trust fund are subject to call by
the director when necessary to pay claims the director allows under
section 169.08 of the Revised Code, in accordance with the director's
rules, to defray the necessary costs of making publications this
chapter requires and to pay other operating and administrative
expenses the department of commerce incurs in the administration and
enforcement of this chapter.

The
unclaimed funds trust fund shall be assessed a proportionate share of
the administrative costs of the department of commerce in accordance
with procedures the director of commerce prescribes. The assessment
shall be paid from the unclaimed funds trust fund to the division of
administration fund.

(C)
Earnings on the accounts in financial organizations to the credit of
the mortgage funds shall, at the option of the financial
organization, be credited to the accounts at times and at rates as
earnings are paid on other accounts of the same classification held
in the financial organization or paid to the director. The director
shall be notified annually, and at other times as the director may
request, of the amount of the earnings credited to the accounts.

Interest
on unclaimed funds a holder retains shall be paid to the director or
credited as specified in the agreement under which the organization
retains the funds. Interest payable to the director under an
agreement to invest unclaimed funds in income-bearing accounts or
obligations of the United States shall be paid annually by the holder
to the director. Any earnings or interest the director receives under
this division shall be deposited in and credited to the mortgage
funds.

Sec.
169.06.
(A)
Before the first day of November of each year immediately following
the calendar year in which the filing of reports is required by
section 169.03 of the Revised Code, the director of commerce shall
cause notice to be published once in an English language newspaper of
general circulation in the county in this state in which is located
the last known address of any person to be named in the notice
required by this section. The notice may be published in print or
electronic format. If no address is listed, the notice shall be
published in the county in which the holder of the unclaimed funds
has its principal place of business within this state; or if the
holder has no principal place of business within this state,
publication shall be made as the director determines most effective.
If the address is outside this state, notice shall be published in a
newspaper of general circulation in the county or parish of any state
in the United States in which such last known address is located. If
the last known address is in a foreign country, publication shall be
made as the director determines most effective.

If
the name of the owner is not available, the director may publish
notice by class, identifying number, or as the director determines
most effective.

(B)
The published notice shall
be
entitled "Notice of Names of Persons Appearing to be Owners of
Unclaimed Funds," and shall
contain:

(1)
The names in alphabetical order and last known addresses, if any, of
each person appearing from the records of the holder to be the owner
of unclaimed funds of a value of fifty dollars or more and entitled
to notice as specified in division (A) of this section;

(2)
A statement that information concerning the amount of the funds and
any necessary information concerning the presentment of a claim
therefor may be obtained by any persons possessing a property
interest in the unclaimed funds by addressing an inquiry to the
director.

(C)

With
respect to items of unclaimed funds each having a value of ten
dollars or more, the director shall have available in the director's
office during business hours an alphabetical list of owners and where
a holder is a person providing life insurance coverage,
beneficiaries, and their last known addresses, if any, whose funds
are being held by the state pursuant to this chapter.

(D)

The
director may give any additional notice using any electronic or print
medium that the director deems necessary to inform the owner of the
whereabouts of the owner's funds.

Sec.
169.07.
(A)
Upon the payment
or
delivery
of
unclaimed funds to the director of commerce
under
section 169.05 of the Revised Code
in
good faith and in compliance with this chapter, the holder will be
relieved of further responsibility for the safe-keeping thereof and
will be held harmless by the state from any and all liabilities for
any claim arising out of the transfer of such funds to the state, to
the extent of the value of the unclaimed funds paid, as of the time
of the payment.

(B)
If legal proceedings are instituted against a holder which has paid
unclaimed funds to the director
or
entered into an agreement as provided in section 169.05 of the
Revised Code in respect to such funds
,
such holder shall notify the director in writing of the pendency of
such proceedings not later than fourteen days after the date process
is served on the holder. Failure by a holder to give such notice
absolves the state from any liability the state may otherwise have
with regard to the unclaimed funds, beyond the value of the unclaimed
funds paid by the holder to the director.

(C)(1)
Upon receiving notice of a legal proceeding, in accordance with
division (B) of this section, the director may take such action as
the director considers necessary or expedient to protect the
interests of the state. If the director elects to intervene and
assume the defense of such proceedings and judgment is entered
against such holder, the director shall, upon proof of satisfaction
of such judgment, forthwith reimburse such organization for the
amount of the judgment
or
enter into an agreement modified to reflect the satisfaction of such
judgment, if the holder retained such funds,
and
shall reimburse such holder for any legal fees, costs and other
expenses incurred in such proceedings in the manner provided for the
payment of claims under divisions (D) and (E) of section 169.08 of
the Revised Code.

(2)
If the director elects not to intervene and assume the defense of
such proceedings, and judgment is entered against such holder for any
amount paid to the director pursuant to this chapter, the director
shall, upon proof of satisfaction of such judgment, forthwith
reimburse such organization for the amount so paid or enter into an
agreement modified to reflect the satisfaction of such judgment, if
the holder retained such funds, to the extent of the value of the
unclaimed funds paid by the holder to the director.

(D)
No person has a claim against the state, a holder of unclaimed funds,
or a transfer agent, registrar, or other person acting for, or on
behalf of, a holder for any change in the market value of unclaimed
funds occurring after payment by the holder to the director of
commerce, or after sale of the unclaimed funds by the director.

(E)
The director of commerce is not required to hold harmless, or to
intervene and assume the defense of, a holder of unclaimed funds that
does not act in good faith, or that does not act in compliance with
this chapter and the rules adopted in accordance with this chapter,
when reporting unclaimed funds. This section does not insure or
indemnify a holder of unclaimed funds against the holder's own acts
or omissions, negligence, bad faith, or breach of any duties owed to
the owner of the unclaimed funds or the director of commerce.

Sec.
169.08.
(A)
Except as otherwise provided in division (I) of this section, the
director of commerce shall pay to the owner or other person who has
established the right to payment under this section, funds from the
unclaimed funds trust fund in an amount equal to the amount of
property delivered or reported to the director, or equal to the net
proceeds if the securities or other property have been sold, together
with interest earned by the state if required to be paid under
division (D) of this section. Any person claiming a property interest
in unclaimed funds delivered or reported to the state under Chapter
169. of the Revised Code, including the office of child support in
the department of job and family services, pursuant to section
3123.88 of the Revised Code, may file a claim thereto on the form
prescribed by the director.

An individual appointed as the administrator for the estate of a
deceased unclaimed property owner shall be an heir or legatee of an
owner of unclaimed funds or have been retained by an heir, legatee,
or creditor of an owner of unclaimed funds to recover the unclaimed
funds pursuant to sections 169.13 and 169.16 of the Revised Code in
order to establish the right to payment under this section.

(B)
The director shall consider matters relevant to any claim filed under
division (A) of this section and shall hold a formal hearing if
requested or considered necessary and receive evidence concerning
such claim. A finding and decision in writing on each claim filed
shall be prepared, stating the substance of any evidence received or
heard and the reasons for allowance or disallowance of the claim. The
evidence and decision shall be a public record. Except as otherwise
provided in division (I) of this section, no statute of limitations
shall bar the allowance of a claim.

(C)
For the purpose of conducting any hearing, the director may require
the attendance of such witnesses and the production of such books,
records, and papers as the director desires, and the director may
take the depositions of witnesses residing within or without this
state in the same manner as is prescribed by law for the taking of
depositions in civil actions in the court of common pleas, and for
that purpose the director may issue a subpoena for any witness or a
subpoena duces tecum to compel the production of any books, records,
or papers, directed to the sheriff of the county where such witness
resides or is found, which shall be served and returned. The fees of
the sheriff shall be the same as that allowed in the court of common
pleas in criminal cases. Witnesses shall be paid the fees and mileage
provided for under section 119.094 of the Revised Code. Fees and
mileage shall be paid from the unclaimed funds trust fund.

(D)
Except as otherwise provided in division (I) of this section,
interest earned by the state shall be payable to claimants of
unclaimed funds held by the state in accordance with final court
orders derived from the
Sogg
v. Zurz
,
121 Ohio St.3d 449 (2009), line of cases and final settlement
agreement determining payment of interest on unclaimed funds. For
properties received by the state on or before July 26, 1991, interest
shall be paid at a rate of six per cent per annum from the date the
state received the property up to and including July 26, 1991. No
interest shall be payable on any properties for the period from July
27, 1991, up to and including August 2, 2000. For properties held by
the state on August 3, 2000, or after, interest shall be paid at the
applicable required rate per annum for the period held from August 3,
2000, or the date of receipt, whichever is later, up to and including
the date the claim is paid.

(E)
Claims shall be paid from the trust fund. If the amount available in
the trust fund is not sufficient to pay pending claims, or other
amounts disbursable from the trust fund, the treasurer of state shall
certify such fact to the director, who shall then withdraw such
amount of funds from the mortgage
accounts

funds

as
the director determines necessary to reestablish the trust fund to a
level required to pay anticipated claims but not more than ten per
cent of the net unclaimed funds reported to date.

The
director may withdraw the funds paid to the director by the holders
and deposited by the director with the treasurer of state or in a
financial institution as agent for such funds.
Whenever
these funds are inadequate to meet the requirements for the trust
fund, the director shall provide for a withdrawal of funds, within a
reasonable time, in such amount as is necessary to meet the
requirements, from financial institutions in which such funds were
retained or placed by a holder and from other holders who have
retained funds, in an equitable manner as prescribed by the director.
In the event that the amount to be withdrawn from any one such holder
is less than five hundred dollars, the amount to be withdrawn shall
be at the discretion of the director. Such funds may be reimbursed in
the amounts withdrawn when the trust fund has a surplus over the
amount required to pay anticipated claims.

Whenever the trust fund has a surplus over the amount required to pay
anticipated claims, the director may transfer such surplus to the
mortgage
accounts
funds
.

(F)(1)
If a claim which is allowed under this section relates to funds which
have been retained by the reporting holder, and if the funds, on
deposit with the treasurer of state pursuant to this chapter, are
insufficient to pay claims, the director may notify such holder in
writing of the payment of the claim and such holder shall immediately
reimburse the state in the amount of such claim. The reimbursement
shall be credited to the unclaimed funds trust fund.

(2)

(F)

If
a claim that is allowed under this section relates to attorney
unclaimed funds that have been recovered by the Ohio access to
justice foundation, pursuant to division (A) of section 169.052 of
the Revised Code and division (A) of this section, the director shall
notify the Ohio access to justice foundation in writing of the
payment of the claim and the Ohio access to justice foundation shall
immediately reimburse the unclaimed funds trust fund in the amount of
such claim inclusive of interest as required by division (D) of this
section. The reimbursement shall be credited to the unclaimed funds
trust fund.

(G)
Any person, including the office of child support, adversely affected
by a decision of the director may appeal such decision in the manner
provided in Chapter 119. of the Revised Code.

In
the event the claimant prevails, the claimant shall be reimbursed for
reasonable attorney's fees and costs.

(H)
Notwithstanding anything to the contrary in this chapter, any holder
who has paid moneys to
or
entered into an agreement with
the
director pursuant to section 169.05 of the Revised Code

or entered into an agreement with the director

on certified checks, cashiers' checks, bills of exchange, letters of
credit, drafts, money orders, or travelers' checks, may make payment
to any person entitled thereto, including the office of child
support, and upon surrender of the document, except in the case of
travelers' checks, and proof of such payment, the director shall
reimburse the holder for such payment without interest.

(I)(1)
Unclaimed funds and interest earned thereon that are first reported
to the director under section 169.03 of the Revised Code on or before
January 1, 2016, are deemed abandoned and escheat to the state on
January 1, 2026, if no valid claim is filed by the owner or another
person claiming a right to payment on or before that date.

(2)
Unclaimed funds and interest first reported to the director after
January 1, 2016, are deemed abandoned and escheat to the state on the
tenth anniversary of that reporting date if no valid claim is filed
by the owner or another person claiming a right to payment on or
before the tenth anniversary of that reporting date.

(3)(a)
All property rights, legal title to, and ownership of unclaimed funds
and interest vest solely in the state on the date the unclaimed funds
and interest are deemed abandoned and escheat to the state.

(b)
Notwithstanding division (I)(3)(a) of this section, the former owner
or other person claiming a property interest in unclaimed funds that
are deemed abandoned and escheat to the state may file a claim for
payment of an equivalent amount, together with interest earned by the
state if required under division (D) of this section, at any time on
or before January 1, 2036. Upon providing sufficient proof of the
validity of the owner's or other person's claim, the director shall
pay the claim less any expenses and costs incurred by the state in
securing full title and ownership of the unclaimed funds.

(c)
If payment is made on a claim under division (I)(3)(b) of this
section, no action thereafter shall be maintained by any other
claimant against the state for or on account of the payment of the
claim.

(d)
The director shall pay claims under division (I)(3)(b) of this
section from the unclaimed funds trust fund and shall not seek
reimbursement for such claims from the Ohio cultural and sports
facility performance grant fund created under section 123.282 of the
Revised Code or deduct the amount of such claims from future
remissions to that fund required by division (I)(4) of this section.

(e)
Any claim filed after the date the unclaimed funds and interest are
deemed abandoned and escheat to the state and after January 1, 2036,
is void.

(4)
On the first days of January and July each year, beginning in 2026,
the director shall remit or cause to be remitted all unclaimed funds
and interest that are deemed abandoned and escheat to the state to
the state treasury to the credit of the Ohio cultural and sports
facility performance grant fund created under section 123.282 of the
Revised Code. The director shall notify the director of budget and
management of all funds and interest remitted under this division.

(5)
If unclaimed funds and interest that are deemed abandoned and escheat
to the state are retained or invested by a holder pursuant to an
agreement under division (A) of section 169.05 of the Revised Code,
the director shall notify the holder and the holder shall pay the
funds and interest to the director in a form and manner determined by
the director.

(6)
The director of commerce shall develop guidelines and procedures to
implement division (I) of this section including procedures
addressing both of the following:

(a)
Repayment of unclaimed funds and interest that are invested in
non-liquid assets;

(b)
Ensuring that the balance of the unclaimed funds trust fund is
sufficient to meet the state's financial obligations under this
chapter.

Sec.
169.09.
The
director of commerce shall

make

adopt
,
in accordance with Chapter 119. of the Revised Code, necessary rules
that prescribe uniform methods for conducting unclaimed funds audits
under section 169.03 of the Revised Code and for determining when
such an audit is appropriate, and may
make

adopt

necessary
rules to carry out any other duty imposed upon the director by this
chapter.

The
director may liquidate and dispose of any intangible or tangible
property the director receives in the course of administering this
chapter that the director, following all reasonable efforts, is
unable to return to the holder or owner. Any proceeds from the sale
of the property shall be deposited into the unclaimed funds trust
fund created in section 169.05 of the Revised Code and shall be
treated as unclaimed funds. An unclaimed funds owner shall have no
recourse against either the holder or the director for any gain or
diminution in value after liquidation of any intangible or tangible
property.

Sec.
169.091.
Within
two years of the effective date of this section, the director of
commerce shall cause to be created and maintained a method by which
online reporting and claiming of unclaimed funds may be accomplished.

Sec.
169.12.
(A)

Whoever
knowingly violates
No
person shall fail to comply with
section
169.03 of the Revised Code by
failure

failing

to
report unclaimed funds by the date prescribed

therefor may be subject to a civil penalty of one hundred dollars per
day
.

(B)

Whoever
violates
No
person shall fail to comply with
section
169.03 of the Revised Code by
failure

failing

to
file an unclaimed funds report upon request within four months of the
date of such request

shall be subject to a civil penalty of one hundred dollars per day,
which may be in addition to the other civil penalties provided for in
this section
.

(C)

No
person shall fail to pay or deliver unclaimed funds to the director
of commerce as required under section 169.05 of the Revised Code.

(D)
No person shall knowingly fail to perform any other duty required
under this chapter.

(E)

Unclaimed
funds not paid
or
made the subject of an agreement with
to

the
director of commerce as provided in sections 169.03 and 169.05 of the
Revised Code either because they were not reported or they were
underreported or when reported were not paid
or
not made the subject of the required agreement
shall
have added thereto interest from the date prescribed for such payment

or
agreement
until
the date settlement is made. Such interest shall, if the holder is a
financial institution, be the best available, nonnegotiable, retail
time deposit base rate offered by that financial institution in the
calendar year previous to the date of discovery of the violation, or
if the holder is not a financial institution, be the best available
six-month treasury bill rate offered in the calendar year previous to
the date of discovery of violation.
In
addition, a civil penalty of one per cent of the amount of unclaimed
funds not reported, underreported, or on which settlement has not
been made shall be imposed for each month from the date prescribed
for such reporting and payment or agreement until such required
settlement is made, except that such penalty shall not be imposed for
more than twenty-five months.

(D)

(F)

In
determining interest and penalties due in respect to intangible
property, such property will be valued at the market value as of the
date prescribed for reporting and payment in sections 169.03 and
169.05 of the Revised Code. If no market value is determinable
,

such property shall be valued as of the same date on the basis used
by the department of taxation.

(E)

(G)

If
any person refuses to report or settle with the director as required
under this chapter, the director may bring an action in the court
having jurisdiction in the county where the holder resides or has

his

the holder's

principal place of business or is engaged in business, to enforce
such reporting or settlement requirements and to recover interest and
penalties due.

The
director
,
for good cause shown,

may waive part or all of the
civil
penalties provided for in
fines
imposed for a violation of
this
section
for
good cause shown
and
shall waive such
civil
penalties
fines

upon a showing that a holder had reasonable grounds for not complying
with this chapter.

Sec.
169.16.
(A)
No person, on behalf of any other person, shall engage in any
activity for the purpose of locating, delivering, recovering, or
assisting in the recovery of unclaimed funds or contents of a safe
deposit box, and receive a fee, compensation, commission, or other
remuneration for such activity, without first having obtained a
certificate of registration from the director of commerce in
accordance with this section.

(B)
An application for a certificate of registration shall be in writing
and in the form prescribed by the director. The application shall be
accompanied by notarized reference letters from two reputable
witnesses. The application shall, at a minimum, provide all of the
following:

(1)
The applicant's full name, home address, and work address;

(2)
The name, address, and telephone number of the two witnesses who have
provided the reference letters;

(3)
A statement that the applicant has not, during the five-year period
immediately preceding the submission of the application, violated
division (A) of this section on or after the effective date of this
section, or division (C) of section 169.13 of the Revised Code;

(4)
A statement that the applicant has not been convicted of, or pleaded
guilty to, any disqualifying offense as determined in accordance with
section 9.79 of the Revised Code;

(5)
The notarized signature of the applicant immediately following an
acknowledgment that any false or perjured statement subjects the
applicant to criminal liability under section 2921.13 of the Revised
Code.

(C)
Upon the filing of the application with the division of unclaimed
funds, the division may investigate the applicant to verify the
information provided in the application and to determine the
applicant's eligibility for a certificate of registration under this
section. False information on an application is grounds for the
denial or revocation of the applicant's certificate of registration.

(D)(1)
Except as provided in division (D)(2) of this section, the director
shall issue a certificate of registration to an applicant if the
director finds that the following conditions are met:

(a)
The applicant has not, during the five-year period immediately
preceding the submission of the application, violated division (A) of
this section on or after the effective date of this section, or
division (C) of section 169.13 of the Revised Code;

(b)
The applicant has not been convicted of, or pleaded guilty to, any
disqualifying offense as determined in accordance with section 9.79
of the Revised Code.

(c)
The applicant's general fitness command the confidence of the public
and warrant the belief that the applicant's business will be
conducted honestly and fairly
;

(d)
The applicant is a natural person
.

(2)
The director shall issue a certificate of registration in accordance
with Chapter 4796. of the Revised Code to an applicant if either of
the following applies:

(a)
The applicant holds a license or certificate of registration in
another state.

(b)
The applicant has satisfactory work experience, a government
certification, or a private certification as described in that
chapter in the same profession, occupation, or occupational activity
as the profession, occupation, or occupational activity for which the
certificate of registration is required in this state in a state that
does not issue such a license or certificate of registration.

(E)
A certificate of registration may be renewed annually if the director
finds that the following conditions are met:

(1)
The applicant submits a renewal application form prescribed by the
director.

(2)
The applicant meets the conditions set forth in divisions (D)(1)(a)
and (c) of this section.

(3)
The applicant has not, during the ten-year period immediately
preceding the submission of the renewal application but excluding any
time before the initial issuance of the certificate of registration,
been convicted of, or pleaded guilty to, any felony or any offense
involving moral turpitude, including theft, attempted theft,
falsification, tampering with records, securing writings by
deception, fraud, forgery, and perjury.

(4)
The applicant's certificate of registration is not subject to an
order of revocation by the director.

(F)
A person seeking a certificate of registration pursuant to this
section shall be a natural person who, on behalf of any other person,
engages in any activity for the purpose of locating, delivering,
recovering, or assisting in the recovery of unclaimed funds or the
contents of a safe deposit box, and receives a fee, compensation,
commission, or other remuneration for such activity. The person
seeking a certificate of registration may be an attorney whose
performance of services to locate, deliver, recover, or assist in the
recovery of unclaimed funds or the contents of a safe deposit box is
one of the primary purposes to the attorney's representation of the
attorney's client.

Sec.
169.18.
Unless
otherwise prohibited, upon request of the director of commerce, the
state or a political subdivision shall make its books and records
available to the director and cooperate with the director to
determine the current address of an owner of unclaimed funds or an
owner of intangible or tangible property described in section 169.09
of the Revised Code held by the director, for holder contact
information, or to otherwise assist the director in the
administration of this chapter. The director may enter into data
sharing agreements to enable such other governmental agencies and
political subdivisions to provide an additional notice to owners of
unclaimed funds or owners of intangible or tangible property
described in section 169.09 of the Revised Code held by the director.
As used in this section, "political subdivision" and
"state" have the same meanings as in section 2744.01 of the
Revised Code.

Sec.
169.19.
(A)
When an item owned by an individual who died a resident of this state
has been reported to the director of commerce as unclaimed funds
pursuant to this chapter, the director, not sooner than two hundred
ten days after the death of the owner, shall distribute the item or
pay the amount being held by the director, plus any interest due,
pursuant to section 169.08 of the Revised Code, without requiring
letters testamentary or letters of administration to be issued upon
the estate of the deceased owner where all the following conditions
are met:

(1)
All such items of unclaimed funds taken together are valued at not
more than one thousand dollars.

(2)
The person claiming the item is the surviving spouse, any one or more
of the deceased owner's natural born or adopted children eighteen
years of age or older, or the parent of the deceased owner, with
preference given in that order.

(3)
The person seeking to claim the item provides the director all of the
following:

(a)
A certified death certificate of the deceased owner;

(b)
The sworn affidavit described in division (A)(4) of this section
under penalty of perjury;

(c)
Other information or documentary evidence the director determines
necessary to distribute the property or pay funds under this section
to the proper person.

(4)
The person seeking to claim the item under division (A) of this
section presents to the director an affidavit requesting that the
director release the item along with a list of all individual
beneficiaries in the decedent's will or individuals who would inherit
pursuant to section 2105.06 of the Revised Code if the decedent died
intestate. The affidavit shall include all of the following
information:

(a)
The deceased owner's name;

(b)
The date and place of the deceased owner's death;

(c)
A statement that more than two hundred ten days have passed since the
deceased owner's death;

(d)
A statement that either:

(i)
An executor, administrator, or commissioner has not been appointed to
administer the deceased owner's estate and no application for the
appointment of an executor or administrator, or application to
relieve an estate from administration, is pending in any
jurisdiction.

(ii)
The executor, administrator, or commissioner has been discharged.

(e)
A description and dollar value of the item in the director's custody,
not exceeding one thousand dollars to be paid, transferred, or
delivered to the claimant;

(f)(i)
A statement that the deceased owner's funeral and burial expenses
have been paid, that the claimant will pay the funeral and burial
expenses, or that the unclaimed funds will be used to pay the funeral
and burial expenses;

(ii)
If the statement in division (A)(4)(f)(i) of this section indicates
that the unclaimed funds will be used to pay the funeral and burial
expenses, an additional statement that if the unclaimed funds are in
an amount sufficient to cover all unpaid funeral and burial expenses,
the unclaimed funds will be used to cover all such expenses. If the
unclaimed funds are insufficient to cover all such expenses, a
statement that all the unclaimed funds will go toward the expenses.

(g)
A statement that the claimant is entitled to inherit from the
deceased owner either by virtue of being a beneficiary in the
decedent's will or under section 2105.06 of the Revised Code if the
decedent died intestate, and that specifies the claimant's
relationship to the deceased owner;

(h)
The following statement: "No other person has a superior right
to the interest of the decedent in the described property."

(i)
A statement that the claimant requests that the item be paid,
delivered, or transferred to the claimant;

(j)
A statement that the claimant will distribute the unclaimed funds
pursuant to the deceased owner's will or section 2105.06 of the
Revised Code if the decedent died intestate;

(k)
The claimant's affirmation under penalty of perjury that the
foregoing affidavit is true and correct.

(B)
If the director determines the claimant to be a person entitled to
claim the item, the director shall distribute the item or pay the
amount being held by the director. By this distribution or payment,
the director shall be released to the same extent as by an entry
granting release from administration or as if distribution or payment
had been made to a duly appointed executor, administrator, or
commissioner of the deceased owner's estate. The director shall not
be required to oversee the application of the payment, delivery, or
transfer made.

(C)
The payment, delivery, or transfer of the unclaimed funds due the
deceased owner under this section is a full discharge and release to
the director from any claim for the funds or property paid,
delivered, or transferred. Any claimant to whom payment is made shall
be liable to anyone prejudiced by an improper distribution, transfer,
or payment.

Sec.
169.20.
(A)
Notwithstanding any provision of section 169.08 of the Revised Code
to the contrary, the director of commerce shall create an expedited
procedure to process an unclaimed funds claim as described in this
section.

(B)
The expedited procedure shall be available only when the total value
of all items of unclaimed funds in a person's claim are, taken
together, valued at less than one thousand dollars.

(C)
For purposes of evaluating whether the person that submitted a claim
pursuant to the expedited procedure has established the right to
payment for unclaimed funds, both of the following apply:

(1)
The director shall not require the person to submit any notarized
forms.

(2)
The director shall accept any of the following documents as proof
that the claimant lived or did business at the owner's address that
was reported to the director if the document contains the same
address as the owner's reported address:

(a)
A utility bill;

(b)
A bank statement;

(c)
A paystub;

(d)
Electronic mail correspondence;

(e)
Any other document determined by the director.

(D)
The director shall adopt rules to implement this section.

Sec.
169.99.
(A)
Whoever violates
division
(D) of
section

169.10

169.12

of
the Revised Code shall be fined not more than five hundred dollars.
Each day of continuance of such violation is a separate offense.

(B)
Whoever violates division (C) of section 169.13 or division (A) of
section 169.16 of the Revised Code is guilty of a misdemeanor of the
first degree for a first offense and of a felony of the fifth degree
for any subsequent offense.

(C)
Whoever negligently violates division (A), (B), or (C) of section
169.12 of the Revised Code shall be fined, for each month the
violation occurs, not more than the lesser of five per cent of the
value of the unclaimed funds or five thousand dollars. The total
fines per violation shall not exceed the lesser of twenty-five per
cent of the value of the unclaimed funds or five thousand dollars.

(D)
Whoever knowingly violates division (A), (B), or (C) of section
169.12 of the Revised Code shall be fined, for each month the
violation occurs, not more than the lesser of five per cent of the
value of the unclaimed funds or ten thousand dollars. The total fines
per violation shall not exceed the lesser of fifty per cent of the
value of the unclaimed funds or ten thousand dollars.

(E)
For purposes of this section, "the value of the unclaimed funds"
means the market value as of the date prescribed for reporting and
payment in sections 169.03 and 169.05 of the Revised Code. If no
market value is determinable, such property shall be valued as of the
same date on the basis used by the department of taxation. "The
value of the unclaimed funds" does not include interest under
division (E) of section 169.12 of the Revised Code.

Sec.
5703.21.
(A)
Except as provided in divisions (B) and (C) of this section, no agent
of the department of taxation, except in the agent's report to the
department or when called on to testify in any court or proceeding,
shall divulge any information acquired by the agent as to the
transactions, property, or business of any person while acting or
claiming to act under orders of the department. Whoever violates this
provision shall thereafter be disqualified from acting as an officer
or employee or in any other capacity under appointment or employment
of the department.

(B)(1)
For purposes of an audit pursuant to section 117.15 of the Revised
Code, or an audit of the department pursuant to Chapter 117. of the
Revised Code, or an audit, pursuant to that chapter, the objective of
which is to express an opinion on a financial report or statement
prepared or issued pursuant to division (A)(7) or (9) of section
126.21 of the Revised Code, the officers and employees of the auditor
of state charged with conducting the audit shall have access to and
the right to examine any state tax returns and state tax return
information in the possession of the department to the extent that
the access and examination are necessary for purposes of the audit.
Any information acquired as the result of that access and examination
shall not be divulged for any purpose other than as required for the
audit or unless the officers and employees are required to testify in
a court or proceeding under compulsion of legal process. Whoever
violates this provision shall thereafter be disqualified from acting
as an officer or employee or in any other capacity under appointment
or employment of the auditor of state.

(2)
For purposes of an internal audit pursuant to section 126.45 of the
Revised Code, the officers and employees of the office of internal
audit in the office of budget and management charged with directing
the internal audit shall have access to and the right to examine any
state tax returns and state tax return information in the possession
of the department to the extent that the access and examination are
necessary for purposes of the internal audit. Any information
acquired as the result of that access and examination shall not be
divulged for any purpose other than as required for the internal
audit or unless the officers and employees are required to testify in
a court or proceeding under compulsion of legal process. Whoever
violates this provision shall thereafter be disqualified from acting
as an officer or employee or in any other capacity under appointment
or employment of the office of internal audit.

(3)
As provided by section 6103(d)(2) of the Internal Revenue Code, any
federal tax returns or federal tax information that the department
has acquired from the internal revenue service, through federal and
state statutory authority, may be disclosed to the auditor of state
or the office of internal audit solely for purposes of an audit of
the department.

(4)
For purposes of Chapter 3739. of the Revised Code, an agent of the
department of taxation may share information with the division of
state fire marshal that the agent finds during the course of an
investigation.

(C)
Division (A) of this section does not prohibit any of the following:

(1)
Divulging information contained in applications, complaints, and
related documents filed with the department under section 5715.27 of
the Revised Code or in applications filed with the department under
section 5715.39 of the Revised Code;

(2)
Providing to the attorney general information the department obtains
under division (J) of section 1346.01 of the Revised Code;

(3)
Permitting properly authorized officers, employees, or agents of a
municipal corporation from inspecting reports or information pursuant
to section 718.84 of the Revised Code or rules adopted under section
5745.16 of the Revised Code;

(4)
Providing information regarding the name, account number, or business
address of a holder of a vendor's license issued pursuant to section
5739.17 of the Revised Code, a holder of a direct payment permit
issued pursuant to section 5739.031 of the Revised Code, or a seller
having a use tax account maintained pursuant to section 5741.17 of
the Revised Code, or information regarding the active or inactive
status of a vendor's license, direct payment permit, or seller's use
tax account;

(5)
Providing to a county auditor notices or documents concerning or
affecting the taxable value of property in the county auditor's
county. Unless authorized by law to disclose documents so provided,
the county auditor shall not disclose such documents;

(6)
Providing to a county auditor a sales or use tax return or audit
information under section 333.06 of the Revised Code;

(7)
Disclosing to a state or federal government agency, for use in the
performance of that agency's official duties in this state,
information in the possession of the tax commissioner necessary to
verify compliance with any provision of the Revised Code or federal
law relating to that agency. Unless disclosure is otherwise
authorized by law, information provided to any state or federal
government agency under this section remains confidential and is not
subject to further disclosure;

(8)
Disclosing to a current or former employee, for use in preparation of
the employee's income tax return, the account number issued by the
tax commissioner to an employer for use in filing returns and making
payments under section 5747.07 of the Revised Code. The commissioner
may require the employee to provide evidence of current or past
employment before such disclosure
;
.

(9)
Publishing or disclosing the amount of revenue distributed to a
county, municipal corporation, township, school district, or any
other political subdivision from any tax or fund administered by the
tax commissioner;

(10)
Disclosing to a county auditor information in or discovered pursuant
to the property tax relief screening system created in section
5703.83 of the Revised Code
;

(11)
Disclosing to the director of commerce documents and information the
director is authorized to receive under section 169.18 of the Revised
Code for the purpose of reuniting owners with their unclaimed
property
.

Section
2.
That
existing sections 122.58, 169.01, 169.02, 169.03, 169.05, 169.06,
169.07, 169.08, 169.09, 169.12, 169.16, 169.99, and 5703.21 of the
Revised Code are hereby repealed.

Section
3.
That
section 169.10 of the Revised Code is hereby repealed.

Section
4.
Every
holder that has been retaining an item of unclaimed funds pursuant to
section 169.05 of the Revised Code, as that section existed prior to
its amendment in this act, shall deliver each such item to the
Director of Commerce not later than six months following the
effective date of this section.

Section
5.
Section
169.16 of the Revised Code is presented in this act as a composite of
the section as amended by both H.B. 509 and S.B. 131 of the 134th
General Assembly. The General Assembly, applying the principle stated
in division (B) of section 1.52 of the Revised Code that amendments
are to be harmonized if reasonably capable of simultaneous operation,
finds that the composite is the resulting version of the section in
effect prior to the effective date of the section as presented in
this act.