Bill > HB164

This bill revises Montana's Uniform Unclaimed Property Act to update definitions, clarify abandonment rules, and modernize reporting requirements. Specifically, the bill adds a definition for "payroll card" referencing federal banking regulations, expands the types of property that can be considered abandoned, and provides more detailed guidelines about what constitutes an owner's indication of interest in property. The bill modifies how holders of unclaimed property must report and notify apparent owners, including allowing electronic mail notifications if the owner has previously consented. Key changes include broader definitions of what constitutes an owner's interaction with property (such as oral communications that are contemporaneously recorded), more flexible rules about how insurance policies and automatic payments are treated, and specific requirements for notice headers when contacting owners about potentially abandoned property. The legislation aims to modernize the state's approach to managing unclaimed property by providing clearer standards for businesses and government agencies in tracking and reporting assets that have been left inactive by their owners.

Business and Industry

https://bills.legmt.gov/#/laws/bill/2/LC0937