Savings bond redemption bill passes House

Posted by: Jay Wood  | Monday, April 13, 2015

STATEHOUSE- Senate Bill (SB) 282, which eases the process for Hoosiers to redeem unclaimed savings bonds, passed out of the House with a 93-1 vote. The bill was sponsored by State Representative Tim Wesco (R-Osceola).

SB 282 provides that, for purposes of unclaimed property in Indiana, federal savings bonds are presumed abandoned three years after the date the bonds stop earning interest.

“This bill simplifies the process for Hoosiers to redeem their matured savings bonds that might otherwise remain unclaimed,” said Rep. Wesco. “This legislation helps put money back in the pockets of taxpayers.”

SB 282 establishes a four step process to assist with the recovery of unclaimed bonds. The Indiana Attorney General will collect the abandoned savings bonds, and then transfer those funds to the Indiana Treasurer. Once transferred, the Treasurer will then deposit the funds into the Abandoned Property Fund. From there, Hoosiers wanting to redeem their bonds through the unclaimed property process can do so by visiting www.IndianaUnclaimed.com.

“There are currently 8,000 savings bonds available to be returned to Hoosiers. This legislation is necessary for these bonds to be more easily retrieved and ultimately redeemed by Hoosiers,” said Rep. Wesco. “People should not face unnecessary burdens when trying to collect money that is rightfully theirs.”

Visit iga.in.gov for more information about SB 282.

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Rep. Wesco represents portions of St. Joseph and Elkhart counties.