Treasurer David McRae today applauded the Mississippi Legislature for allowing the State Treasury to use a parent’s unclaimed money to satisfy child support debts. The Treasurer also announced he has instructed his team to prioritize these returns to ensure children receive the money as quickly as possible.
“When a parent fails to pay their child support, young people lose out on necessary care and opportunities to grow,” said McRae. “I look forward to working with the Department of Human Services to make certain more Mississippi children receive the money that is rightfully theirs. Moreover, I have instructed my team to implement this policy as quickly as possible. We must always put our children first, and in passing this bill, the state legislature did exactly that.”
Unclaimed money is turned over to the state when banks, credit unions, and even retail stores are unable to find the rightful owner. After five years, financial institutions turn that money over to the state and the Treasury’s Unclaimed Property Division is charged with finding the owner and returning the cash.
Under the new legislation, which was authored by State Senator Walter Michel, the State Treasury will be able to coordinate with the Department of Human Services to use a parent’s unclaimed money to satisfy child support debts.