Senator Kay Kirkpatrick announced on May 8 that Senate Bill 403, a measure designed to make it easier for Georgians to reclaim unclaimed funds held by the state, was signed into law by Governor Brian Kemp at the State Capitol on May 5.
The new law aims to simplify the process for residents seeking to recover money such as old utility deposits or other amounts owed. It also provides an easier way for families of deceased individuals to claim money without having to go through probate court in some cases.
“SB 403 is a great step for helping Georgians find and retrieve unclaimed property held by the state,” said Sen. Kirkpatrick (R–Marietta). “This is a consumer protection bill, and I am thankful that the bill has now been signed.”
Representative Matt Reeves (R–Duluth) said, “I am proud that Governor Kemp signed SB 403 into law to make the process more efficient and less burdensome for Georgians to recover their owed funds, such as old utility deposits and other amounts owed to them. SB 403 will also make it easier for families to claim money that belonged to a deceased relative by bypassing the probate court process in some cases. This new law is a win for all Georgians, making it easier than ever to search for and claim unclaimed funds. I urge residents to visit the Georgia Department of Revenue’s website to learn more and search for owed money.”
The legislation clarifies that property will not be considered abandoned if its owner has shown interest in their account, including making changes or directing activity within it. For heirs of deceased owners with claims under $7,500, an affidavit signed by all heirs can be submitted instead of obtaining a probate court order.
SB 403 seeks to reduce barriers faced by residents trying to access their rightful funds while updating Georgia’s approach toward managing unclaimed property.
