Kirkpatrick presents unclaimed‑property overhaul to speed returns, address cryptocurrency

Senator Kirkpatrick told a legislative committee that Senate Bill 403 aims to return more unclaimed property to Georgians faster by simplifying claims processing and enabling automatic small‑dollar returns. "The goal of this bill is to return more money to Georgians faster with fewer forms, less cost, and fewer administrative barriers," Kirkpatrick said, and described an "exact match" program to automatically return unclaimed property of $500 or less using tax records.

Joe Snell, director of government affairs at the Georgia Department of Revenue, told the committee the department currently holds roughly $3.3 billion in unclaimed property and that many small claims cost more to process than their value. "For the provision that speaks to the small dollar claims of $10 held more than 5 years, we have a little over 7 and a half million of those," Snell said, and described the department’s plan to prioritize claims it can return efficiently through automated matching.

The bill would also allow virtual currency to be reported and remitted as unclaimed property, require holders to liquidate cryptocurrency before remitting it to the state, and streamline heir claims by allowing small estates to be paid using a small‑estate affidavit rather than probate for claims up to $15,000, Kirkpatrick said. Department counsel said the proposal would permit delayed publication of some properties until the property is actually received to improve accuracy.

Committee members pressed the department on specific safeguards. Members questioned whether routine account activity — for example logging into an account — would count as the interaction that defeats a presumption of abandonment for virtual currency, and whether replacing probate with an affidavit could leave creditors unaware. Snell and department attorneys said they had consulted with industry and believe the definitions and verification procedures included in the bill would address many cases; department counsel also noted other states have similar provisions. "We feel confident that the as‑written provisions within this would allow us to operate in a way that are, you know, right and and in proper order," a department representative said.

Several members raised broader due‑process concerns about provisions that allow the state to take ownership of very small or long‑abandoned property (25 years) and noted recent litigation in other states when proceeds were redirected into special funds. The department said its draft borrows language used in other states and that its focus is on clearing small, low‑value items and using an exact‑match program to return money without claim forms when possible.

After extended questioning on cryptocurrency, probate notice, and the affidavit process, the committee held SB403 for further hearing and scheduled it to return on Thursday for additional consideration.