New Law Allows Automatic Return of Unclaimed Property in Arkansas

I have written several stories in recent years about the Great Arkansas Treasure Hunt, the Auditor of State Dennis Milligan’s attempt to return unclaimed property to Arkansans. There's only been one problem in the past, you have to go find it, then claim it. It's a process that many don't know about, don't pay attention to, or maybe the amount owed to them is so small, that it's just not worth the effort. A new law was just passed in Arkansas that should ease the process and get more checks in the hands of the proper owners.

Senate Bill 14, sponsored by Sen. Dave Wallace and Rep. Jon Milligan, allows the auditor’s office to automatically mail checks for unclaimed property valued between $50 and $5,000, eliminating the need for most individuals to file a claim. The process, known as the “data match initiative,” is already used in 24 other states and verifies ownership through identity-matching systems.

“This cuts red tape and helps Arkansans get their money more efficiently,” Milligan said. “It’s their money, not the state’s.”

The program applies only to individuals. Businesses, nonprofits, heirs, and those owed mineral rights, securities, or physical property must still file claims at claimitar.gov.

The auditor’s office holds more than $400 million in unclaimed funds. The new system has already identified nearly 360,000 properties worth over $83 million, which will be processed in batches. Once a batch is prepared, owners will receive a notice, followed by a 90-day waiting period before checks are mailed.

Since January 2023, Milligan’s administration has returned over $70 million to Arkansans through the Great Arkansas Treasure Hunt.

To check for unclaimed property in Arkansas, I have a step-by-step tutorial for you here.