HB 480: Revise the Unclaimed Funds Law
The bill aims to make changes to the unclaimed funds law in Ohio. It amends sections of the revised code to allow for investments of unclaimed funds in various types of securities, including U.S. notes and certificates of deposit. These investments can be made by the director of development, and income from them will be credited to the funds as determined by the director. The bill also repeals certain sections of the revised code and establishes new sections to govern the handling of unclaimed funds. The bill requires holders of unclaimed funds to deliver them to the director of commerce within six months of the effective date. Additionally, the bill presents a revised version of section 169.16, which combines provisions from previous amendments. The bill's changes are intended to provide more flexibility and clarity in the handling of unclaimed funds in Ohio, while also ensuring that t…
| Oct. 01, 2025 | Referred to committee: Technology and Innovation |
| Sep. 29, 2025 | Introduced |
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.
H. B. No. 480 Page 4
As Introduced
H. B. No. 480 Page 21
As Introduced
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.