Bill > HF4120

This bill, titled the "Revised Minnesota Unclaimed Property Act," aims to modernize and consolidate Minnesota's laws regarding unclaimed property, replacing the existing statutes with a new chapter. It establishes clear definitions for various types of property and entities involved, such as "business association" (any corporation, partnership, or other business entity), "holder" (a person obligated to hold property for another), and "apparent owner" (the person whose name appears on the holder's records as the owner). The bill outlines specific timeframes for when different types of property, including bank deposits, retirement accounts, securities, and stored-value cards, are presumed abandoned, generally after a period of inactivity or lack of owner interest. It also details the process for holders to report and deliver this property to the commissioner of commerce, including requirements for notice to the apparent owner and the content of the report. The commissioner is authorized to take custody of unclaimed property, conduct examinations of holder records, and establish procedures for claims and the sale of property. The bill also includes provisions for penalties for non-compliance and repeals numerous existing sections of Minnesota Statutes related to unclaimed property.

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https://www.revisor.mn.gov/bills/94/2026/0/HF/4120/