Kentucky treasurer returns $100M in unclaimed property

FRANKFORT, Ky. (AP) - State Treasurer Todd Hollenbach has returned $102.9 million in unclaimed property to Kentucky residents since 2008.

Kentucky state law requires banks and insurance companies to transfer money from inactive accounts to the state. The Treasurer's Office collected $53 million in unclaimed property during the 2013 fiscal year.

Hollenbach said it was his goal to return $100 million of that money before he leaves office in 2015. Hollenbach said his new goal is to visit each of Kentucky's 120 counties in an attempt to return at least $120 million before he leaves office.

The state's unclaimed property fund could grow significantly in coming years. The legislature recently passed a law that would transfer about $200 million in unclaimed U.S. savings bonds to Kentucky.

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