Arkansas State Law to Automatically Return Unclaimed Money to Residents
A new state law in Arkansas is set to change how residents can reclaim unclaimed money, making it easier for thousands of people to receive unexpected checks without having to take any action. Act 114 of 2025, which came into effect last week, allows the Arkansas State Auditor’s office to automatically return property valued at less than $5,000 to its rightful owner if they live in the state and the auditor reasonably believes it belongs to them.
State Auditor Dennis Milligan has stated that this change will result in the distribution of nearly $83 million in unclaimed property to approximately 360,000 people over the next few months. The average payout is expected to be just over $100, but for some, this amount could make a significant difference.
“The next two or three months is going to be a lot of fun for Arkansans, because the checks will start going out,” Milligan said. “This program is very, very important to me. You know, $200 might not mean anything to one person, but it may mean the difference between being able to pay a utility bill or putting some food on the table.”
Understanding the Unclaimed Property Program
One in four Arkansans has money sitting in the unclaimed property program, which the auditor’s office manages alongside its other duties. In total, the office holds around $400 million in unclaimed assets. These funds can come from various sources, including abandoned checking accounts, uncashed rebate checks, insurance adjustments, and even unclaimed wages.
Milligan shared his own experience with the program: “I got 20 bucks here a while back off of some kind of rebate. A former employer tried to send you your last check, and they couldn’t find you, so they forwarded it to us. It’s a multitude of different reasons why we get sent this money.”
While much of the unclaimed property is cash, some items are quite unusual. The office maintains a catalog of items from abandoned safe deposit boxes, including a World War II-era telegram referencing Gen. Dwight D. Eisenhower, a $10,000 bill, and signed Nolan Ryan baseball cards.
Streamlining the Process
Previously, reclaiming even a small amount required filling out paperwork and verifying identity. However, this process has now been streamlined thanks to the efforts of Republican Sen. Dave Wallace of Leachville, who sponsored the bill. Wallace mentioned that he and his wife have $238 in unclaimed money from an event a couple of years ago that they were unaware of.
“Thousands and tens of thousands of Arkansans are in the same situation,” Wallace said. “The state has $238 that belongs to either me, or my wife, Karen, from some event a couple years ago. I didn’t even know about it.”
The auditor’s office will use software to confirm identities and addresses before mailing checks. Letters will be sent first to alert recipients, and as long as the notice isn’t returned as undeliverable, the check will follow a few weeks later.
Who Is Eligible?
The automatic payments only apply to amounts under $5,000. Those owed more than that, or with physical property or jointly held assets, will still need to file a claim through the state's unclaimed property database.
Despite the new automated system, Milligan still encourages residents to check the online database periodically. He noted that even Governor Sarah Huckabee Sanders has unclaimed property listed in her name.
For many Arkansans, this new law offers a chance to recover money they may have forgotten about, providing a welcome financial boost. As the checks start to arrive, it’s clear that this initiative is making a meaningful impact on the lives of those who qualify.
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