Jonathan Miller, Treasurer
Contact Us:
Unclaimed Property Div.
Suite
Frankfort, KY
40601
1-800-465-4722
| Q1. | What is
unclaimed property?
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| A1 | All intangible
property unclaimed by its owner for a specific period of time, called the dormancy period.
Unclaimed property may include dormant savings and checking accounts, unclaimed wages,
dividends, credit balances and any type of outstanding checks. (For a more detailed list click here). Tangible property may include contents of safe deposit boxes or items left in safekeeping. |
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| Q2. | Who is a holder?
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| A2. | All business entities with two or more individuals doing business in Kentucky. | |
| Q3. | Why does Kentucky have an
unclaimed property law?
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| A3. |
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| Q4. | Is there a minimum amount?
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| A4. | No. Businesses must report all unclaimed property, no matter how small, except for wages less than $50. The State Treasurer safeguards the property forever. | |
| Q5. | How can Kentucky citizens find
their lost property?
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| A5. | Call a business that may be holding it or the Kentucky Department of Treasury, and ask if we are holding property for you, or conduct your own search on our Unclaimed Property Main Page. | |
| Q6. | Does Kentucky
have an amnesty program for companies who should have reported unclaimed property but
didn't?
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| A6. | While we do not have a formal amnesty program in effect at this time, Treasurer Miller's goal is to promote voluntary compliance with the law. Holders who voluntarily come forward and report unclaimed property and remit past sums will not be assessed a penalty. | |
| Q7. | What does the state require for
notification to the owner?
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| A7. | The holder must send written notice to the owner at the owner's last known address if the property is valued at $100 or more. | |
| Q8. | What happens if a holder does
NOT report unclaimed property?
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| A8. | A holder who fails to
report, pay or deliver property within the time prescribed by law will be subject to all
penalties under KRS 393. Nonfilers may be subject to audit. |
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| Q9. | What attempts are made by the
holder and the state to find the rightful owner?
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| A9. | The first
attempt to locate the owner is made by the holder. A notice is mailed to the owner's last
known address. Once the property has been reported to the state, the State Treasurer searches for the owner by publishing names of owners with $100 or more. The State Treasurer uses other outreach opportunities including the internet, fairs, media, state conventions and malls to locate owners. City, county and state public officials are also important parts of owner outreach. The State Treasurer serves as the custodian until the property is claimed. |
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| Q10. | What do financial institutions (e.g., banks,
credit unions, savings & loans, etc.) do with interest bearing accounts?
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| A10 | Interest bearing account should be placed in accounts listed in the owner's (depositor's) name, assignable to the Commonwealth of Kentucky, Department of Treasury, and must earn the same rate of interest as the contract rate for the predecessor account with no fees assessed against the accounts. | |