Ohio has increased the mandatory notice requirements holders of unclaimed property must follow.

When the unclaimed property’s value is worth more than $50 but less than $1,000, notice may be mailed via first class mail; if value if $1,000 or more holders must now send notice via certified mail, return receipt requested. Holders have also been given permission to charge the unclaimed funds up to twenty dollars for providing notice to owners via certified mail, return receipt requested when the property is worth $1,000 or more. The requirement to send notice via certified mail may not apply if it has been properly documented that the last know address of the owner or beneficiary is no longer correct. (Law Sec. 169.03, October 21, 2003.)

Posted on April 15, 2004