Amendment 7 would create permanent trust for unclaimed property

Posted at 11:07 PM, Oct 27, 2020
and last updated 2020-10-28 00:07:54-04

One of the amendments on next week's ballot would establish a permanent trust for unclaimed property to protect money that belongs to individuals.

Under the current system, each year when owners can't be located, any unclaimed property goes to the state general fund.

State Treasurer John Schroder argues that in recent years efforts have been ramped up to find the owners of unclaimed property, which has created a cash flow problem.

"We're running out of money. We've run out of money two times in the last three years, that's never happened before," said Schroder. "Well the reason it's happened is because we're now returning a lot more money than we used to. So we don't have any choice but to look at it. This constitutional amendment doesn't pass, it doesn't fix the problem. "

A vote 'yes' would be a vote to create the fund.

Read more about the amendments on the November ballot here. Election Day is November 3.

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