Am. Sub. H.B. 270 - Unclaimed Funds Reform Act

• Creates comprehensive reform of Ohio's unclaimed funds law by amending Chapter 169 of the Revised Code, establishing new definitions including virtual currency and game-related digital content, and creating new procedures for claiming unclaimed funds.

• Establishes a simplified process allowing certain family members (surviving spouse, adult children, or parents) to claim unclaimed funds from deceased residents' estates valued up to $5,000 without requiring letters testamentary or letters of administration, effective 210 days after death.

• Requires tax refund warrants of $25 or more not presented within five years to be reported as unclaimed funds and transferred to the unclaimed funds trust fund, changing the reporting threshold from ten percent to 100 percent of amounts under $50.

• Mandates creation of online reporting and claiming system for unclaimed funds within one year and establishes civil penalties including monthly fines (up to 5-50% of unclaimed funds value) for holders failing to comply with reporting and payment requirements.

• Extends records retention requirements to five years beyond applicable dormancy periods and authorizes audits by the Director of Commerce, with provisions for contractors to conduct audits under bonding requirements and confidentiality agreements.