HF2538 Bill Summary

• Codifies the Revised Unclaimed Property Act as Minnesota Statutes chapter 345A, replacing existing unclaimed property law with comprehensive definitions and procedures for handling abandoned property held by businesses and financial institutions

• Establishes clear abandonment timeframes for various property types (ranging from 1-15 years depending on property category), presumption rules, and requirements for holders to report and deliver unclaimed property to the Commissioner of Commerce

• Requires holders to provide notice to apparent owners 60-180 days before filing reports, creates electronic filing requirements, and establishes procedures for the state to take custody, advertise, and sell unclaimed property

• Grants the Commissioner of Commerce authority to examine holder records, conduct investigations, and enter into contracts for compliance efforts; provides protections for data confidentiality under the Minnesota Government Data Practices Act

• Appropriates $384,000 for fiscal years 2020 and 2021 to the Commissioner of Commerce for unclaimed property compliance efforts and allows contracting for examination services