Key Changes and Highlights

Designation of Unclaimed Property Week

HB 456 designates the fourth week of September each year as “Unclaimed Property Week.”

  • The designation is intended to promote public awareness of unclaimed property and the role of the State Treasurer in reuniting owners with their property.

Expanded Civil Penalties for Unclaimed Property Noncompliance

HB 456 expands and clarifies when civil penalties may be imposed on holders who fail to comply with Kentucky’s unclaimed property requirements.

Penalty section is updated as follows:

  • If a holder files a fraudulent report or files a report which fails to provide all necessary information in their possession, the administrator may impose:
    • A civil penalty of $1,000 per day from the date the report was filed until corrected, up to $25,000; plus
    • An additional 25% penalty on any property that was omitted or underreported.
    • These penalties apply in addition to statutory interest assessed under KRS 393A.730.

While the specific interest and penalties are not new, the added language provides a much lower standard for the state to apply the interest and penalties to holder reports.

The changes are effective July 14, 2026.