House Bill 164 revises the Uniform Unclaimed Property Act in Montana by introducing new definitions and updating the procedures related to abandoned property. It defines "payroll card" as a record evidencing a payroll card account in accordance with federal regulations and establishes that property, including payroll cards and certain deposits, is presumed abandoned if unclaimed by the apparent owner after five years from the last indication of interest. The bill also modifies the criteria for what constitutes an indication of interest, recognizing various forms of communication between the apparent owner and the holder as valid evidence, and clarifies that actions taken by an agent on behalf of the owner are presumed to be on the owner's behalf.

Additionally, the bill introduces the term "inflation factor," defined as the ratio of the consumer price index for June of the previous tax year to that of June 2015. It mandates that holders of presumed abandoned property must send written notice to apparent owners before filing their annual reports, with specific content and delivery requirements. Holders are also required to provide detailed information about the property and the apparent owner, outline the steps for reclaiming property, and may request extensions for filing reports under certain conditions. These amendments aim to streamline the reporting process and improve the management and recovery of unclaimed property in Montana.

Statutes affected:
LC Text: 70-9-802, 70-9-803, 70-9-808
HB0164_1(1): 70-9-802, 70-9-803, 70-9-808
HB0164_1(2): 70-9-802, 70-9-803, 70-9-808
HB0164_1(3): 70-9-802, 70-9-803, 70-9-808
HB0164_1(4): 70-9-802, 70-9-803, 70-9-808
HB0164_1(5): 70-9-802, 70-9-803, 70-9-808
HB0164_1(6): 70-9-802, 70-9-803, 70-9-808
HB0164_1(7): 70-9-802, 70-9-803, 70-9-808
HB0164_1(8): 70-9-802, 70-9-803, 70-9-808
HB0164_1: 70-9-802, 70-9-803, 70-9-808
HB0164_2(1): 70-9-802, 70-9-803, 70-9-808
HB0164_2(10): 70-9-802, 70-9-803, 70-9-808
HB0164_2(11): 70-9-802, 70-9-803, 70-9-808
HB0164_2(12): 70-9-802, 70-9-803, 70-9-808
HB0164_2(13): 70-9-802, 70-9-803, 70-9-808
HB0164_2(14): 70-9-802, 70-9-803, 70-9-808
HB0164_2(15): 70-9-802, 70-9-803, 70-9-808
HB0164_2(16): 70-9-802, 70-9-803, 70-9-808
HB0164_2(2): 70-9-802, 70-9-803, 70-9-808
HB0164_2(3): 70-9-802, 70-9-803, 70-9-808
HB0164_2(4): 70-9-802, 70-9-803, 70-9-808
HB0164_2(5): 70-9-802, 70-9-803, 70-9-808
HB0164_2(6): 70-9-802, 70-9-803, 70-9-808
HB0164_2(7): 70-9-802, 70-9-803, 70-9-808
HB0164_2(8): 70-9-802, 70-9-803, 70-9-808
HB0164_2(9): 70-9-802, 70-9-803, 70-9-808
HB0164_2: 70-9-802, 70-9-803, 70-9-808
HB0164_3: 70-9-802, 70-9-803, 70-9-808
HB0164_X(1): 70-9-802, 70-9-803, 70-9-808
HB0164_X(2): 70-9-802, 70-9-803, 70-9-808
HB0164_X(3): 70-9-802, 70-9-803, 70-9-808
HB0164_X(4): 70-9-802, 70-9-803, 70-9-808
HB0164_X(5): 70-9-802, 70-9-803, 70-9-808
HB0164_X: 70-9-802, 70-9-803, 70-9-808