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FOR IMMEDIATE RELEASE |
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State
Rep. Tim Solobay |
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Solobay bill would increase limits on savings disbursements to heirs
HARRISBURG, Oct. 18 – State Rep. Tim Solobay, D-Washington, has introduced legislation (H.B. 1931) that would increase the amount banks and financial institutions return to the survivors of deceased account holders.
“The current limits on deposit account and patient-care account payments to family and funeral directors were put in place in 1993,” noted Solobay. “This legislation would raise the limits to levels more appropriate for 2007.”
Under Solobay’s legislation, following the death of a depositor, a bank or other savings association would pay family members the amount of the account up to $10,000, up from $3,500.
In the case of an individual receiving medical assistance from the Pennsylvania Department of Public Welfare, the financial facility would pay the funds in the patient’s care account up to $10,000 -- also an increase from $3,500 -- to a licensed funeral director for burial expenses. The remaining balance in the care account up to $10,000 -- an increase from the current $4,000 -- would go to the family of the deceased patient.
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CONTACT: Lauren Rooney |