Apr 24, 2009: Treasurer Lewis Supports Federal Legislation To Help Americans Find Unredeemed Savings Bonds

Treasurer Lewis Supports Federal Legislation
To Help Americans Find Unredeemed Savings Bonds
S. 827 Would Create Partnership to Return $16.5 Billion in Unclaimed Bonds to Rightful Owners

SANTA FE – Senate Bill 827 filed in Congress would reunite millions of Americans with matured U.S. Savings Bonds, according to New Mexico State Treasurer James B. Lewis. The “Unclaimed Savings Bond Act of 2009,” sponsored by Sens. Jay Rockefeller (W.V.) and Pat Roberts (Kan.), creates a state-federal partnership to help find the owners of more than 40 million savings bonds with a value of more than $16.5 billion.

“The people of New Mexico are holding millions of dollars in savings bonds that have matured and no longer earn interest, but the records of those bonds are not easily available,” said Treasurer Lewis.

The “Unclaimed Savings Bond Act of 2009” would provide support to state unclaimed property programs across the country to make people aware of their unredeemed, matured savings bonds. New Mexico already operates a successful unclaimed property program administered by the Taxation and Revenue Department that helps reunite people with lost bank accounts, insurance policies, shares of stock, and other assets. The focus of the program is locating the owners of missing property. In 2007, the Taxation and Revenue Department returned $5.8 million in unclaimed property to the rightful owners. In 2008, the department returned $6.2 million in unclaimed property to the rightful owners.

“I am very pleased to join my colleagues across the nation in supporting this bill, which partners the federal government with state unclaimed property programs to find the owners of these bonds,” said Treasurer Lewis. “There is no better time than now to reunite Americans with billions of dollars in savings bonds that are currently sitting unclaimed and earning nothing for their owners.”

Senate Bill 827 authorizes a pilot program for the U.S. Treasury to digitize the records of matured savings bonds and create a searchable database. It also creates block grants for states to notify owners and help them redeem their bonds. As always, individual bondholders would have the option of cashing in their bonds or continuing to hold them. Treasurer Lewis has asked the New Mexico Congressional Delegation to support this legislation.

The Taxation and Revenue Department offers a website where individuals can search for unclaimed property and find out how to file a claim, free of charge, at www.tax.state.nm.us. For additional information, contact Stephanie Dennis, supervisor of unclaimed property, at (505) 827-0762 or at stephanie.dennis@state.nm.us. The National Association of Unclaimed Property Administrators, in conjunction with participating states and provinces, also has a website for accessing unclaimed property services at www.missingmoney.com .
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