MN HF4120

Establishes the "Revised Minnesota Unclaimed Property Act" under new chapter 345A, replacing and repealing the existing Uniform Disposition of Unclaimed Property Act (chapter 345 sections 345.31-345.60)

Defines abandonment timelines for various property types: 3 years for most deposits, securities, and tax-deferred accounts; 7 years for money orders; 15 years for traveler's checks; 1 year for utility deposits and wages

Excludes gift cards, loyalty cards, game-related digital content, safe deposit box contents, and property held in ABLE accounts (IRC section 529A) from the definition of reportable abandoned property

Requires holders to file electronic reports by November 1 annually (May 1 for insurance companies), provide written notice to apparent owners 60-180 days before reporting property valued at $50 or more, and retain records for 10 years

Authorizes the Commissioner of Commerce to examine holder records, contract with third parties for examinations or property recovery, and impose 12% annual interest penalties for failure to deliver property after written demand