SB 2048 Summary

• Creates Chapter 47-30.2 of the North Dakota Century Code, enacting the Revised Uniform Unclaimed Property Act to replace the previous unclaimed property law (Chapter 47-30.1)

• Establishes comprehensive definitions and procedures for determining when property is presumed abandoned (typically 1-15 years of inactivity depending on property type) and requires holders to report and deliver abandoned property to the state administrator

• Provides detailed requirements for holders to notify apparent owners before reporting property, maintain records for ten years, and comply with examination requests; establishes penalties up to $5,000 daily for non-compliance and up to $25,000 for willful violations

• Grants the administrator authority to hold property in custody for owners, process claims, sell property after three years, and recover property subject to superior claims from other states; establishes procedures for owners to claim their property

• Creates a continuing appropriation for all funds received (deposited to common schools trust fund) and allows deductions for administrative costs including examinations, outreach, claims processing, and legal expenses