Adopted by the 1995 Session of the General Assembly, HJR 592 established a joint subcommittee to examine the efficiency and effectiveness of the escheats law. (Appendix A) The resolution provided for a joint subcommittee of thirteen members, including four members of the House of Delegates appointed by the Speaker of the House, three members of the Senate appointed by the Senate Committee on Privileges and Elections, and six members appointed by the Governor as follows: three escheators, one Commonwealth's attorney, one local treasurer and one commissioner of the revenue.

Pursuant to HJR 592, the subcommittee was charged with the following duties:

1. To study the efficiency and effectiveness of current escheats law to identify changes needed to effect maximum benefits for all participants;

2. To examine the need for a separate escheator in each locality;

3. To examine the feasibility of a title search to reduce purchaser refunds and convey warranty of title;

4. To examine methods to increase sales prices;

5. To examine shortening the statute of limitations for those with a claim to the escheated property;

6. To examine the methods of regulating locator fees to protect citizens; and

7. To submit its findings and recommendations to the Governor and the 1996 Session of the General Assembly.