The proposed "Revised Minnesota Unclaimed Property Act" aims to modernize and regulate the handling of unclaimed property in Minnesota. The bill includes new definitions for terms such as "affiliated group of merchants," "apparent owner," and "holder," which clarify the scope of the law. It introduces specific provisions for various types of property, including stored-value cards and gift cards, while excluding certain items from being classified as unclaimed property. The bill also establishes the presumption of abandonment for different types of accounts and properties, detailing the conditions under which they are considered abandoned after specified periods of inactivity. Additionally, it mandates that holders of presumed abandoned property report to the commissioner and notify apparent owners via first-class mail, with provisions for electronic communication.

The legislation also repeals several existing statutes related to unclaimed property, specifically sections 345.31 through 345.60, streamlining the legal framework. It outlines the responsibilities of holders and the commissioner, including the requirement for holders to maintain records for ten years and provide public notice about unclaimed property. The bill establishes a process for individuals to file claims for abandoned property, allowing the commissioner to waive certain requirements for claims valued at $3,500 or less. Furthermore, it clarifies the reporting obligations for holders and introduces penalties for non-compliance. Overall, the bill seeks to enhance the management of unclaimed property, improve communication between stakeholders, and ensure better compliance with the law.

Statutes affected:
Introduction: 69.77