HARRISBURG – A bill from Northumberland County Sen. Lynda Schlegel Culver would strengthen oversight and consumer protections related to “finders” who offer to recover unclaimed property for a fee. Senate Bill 1201 will protect Pennsylvanians from unnecessary charges while maintaining the option to use a finder. PA has made it easier to reclaim property at no cost through programs like Pennsylvania Money Match. The bill adds safeguards so families have clear information and better protection before agreeing to pay a finder’s fee. Culver said the issue could have cost a couple in her district who received a letter from an out-of-state entity offering to help recover unclaimed property for a percentage fee. After contacting Culver’s office, staff confirmed the couple had unclaimed property on file with Treasury and guided them how to file a claim directly at no cost. The couple later shared that the claim resulted in nearly $12,000 being returned to them, allowing them to avoid a potential finder’s fee that could have been close to $1,800 under current law. Culver’s bill would update PA’s unclaimed property law by requiring written agreements that clearly disclose owners can claim property directly from Treasury at no cost, reduce the cap on finder fees from 15% to 10%, and direct Treasury to maintain an online database of registered finders and provide a sample agreement for transparency. The bill is before the Senate Finance Committee.
SEN. LYNDA SCHLEGEL-CULVER