Popularity of Utah unclaimed property program swamps treasurer’s office
Jan 22, 2025, 5:01 PM | Updated: 5:10 pm
Unclaimed property is stored at the Utah Unclaimed Property Division office in Salt Lake City on Thursday, Feb. 3, 2022. (Kristin Murphy/Deseret News)
(Kristin Murphy/Deseret News)
SALT LAKE CITY — A push to encourage more Utah residents to claim their unclaimed property from the state was so successful, it overwhelmed the state’s treasury department in 2024.
As a result, Unclaimed Property Administrator Dennis Johnston told members of a legislative subcommittee Wednesday his department needs more money to hire additional staff and beef up fraud-fighting capabilities.
“Just like the Utah population, one in five of you do have currently unclaimed property,” Johnston said. “Five of you in this [committee hearing] room have unclaimed property we’re ready to send back to you.”
How the unclaimed property works in Utah
Unclaimed property can come from a number of sources.
For example, if you move and overpay your utility bill at your previous address and the utility cannot find you, they will turn the refund over to the state treasurer’s office. There, the Unclaimed Property Division will hold it until you come forward to claim it.
To receive unclaimed property in Utah, residents need to provide details that verify identity, such as photo ID, social security number and signature.
Demand for the department’s services has surged in the last 10 years.
The Unclaimed Property Division paid out four times the number of claims in 2024 than it did in 2014. (Utah Office of State Treasurer)
According to Johnston, the Unclaimed Property Division paid out four times the number of claims in 2024 than it did in 2014. Similarly, the property being recovered has grown in value — doubling in value over the last 10 years.
“More money’s coming in than we can actually pay out,” he told lawmakers.
Funding needs
At the same time, Johnston said more bad actors continue to try to recoup Utahns’ money fraudulently.
Johnston said his department needs just over $1 million in order to hire six more claims processors and a full-time fraud investigator.
The funding could also help his department automate ID verification, in order to more easily catch fraudsters at work. He also wants to pay his existing staff more money to be more competitive with surrounding states.
The Utah Legislature will continue to work on budget requests throughout the 2025 session, including the proposal from the state treasurer’s office.
Lawmakers must approve a budget before they adjourn on March 7.
