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Learn the unclaimed property rules and their time limits for the state of Minnesota.
In Minnesota, all things relating to unclaimed property are handled by the Unclaimed Property Division of the Minnesota Department of Commerce.
Minnesota businesses have a number of responsibilities concerning unclaimed property. Initially, written notice must be sent to the apparent owner of the unclaimed property, if known. If the property remains unclaimed, businesses have a number of filing and reporting requirements to fulfill. Most importantly, businesses are required to turn over any and all unclaimed property to the state. Stiff penalties apply to businesses who fail to comply with any of these requirements.
Individuals should know that Minnesota property is generally presumed abandoned if it has remained unclaimed by the owner for more than three years after it became payable or distributable. However, this time limit varies depending on the type of property involved. Once abandoned property is turned over to the state by a business, an individual then has three years to reclaim it before the state sells the property to the highest bidder at a public sale.
In Minnesota, information reports are required of persons holding property (e.g., banks, insurance companies) which has escheated to the state by reason of a presumption of abandonment as described above. The report is made to the Commissioner of Commerce and is due before November 1 for each year ending as of the preceding June 30. Insurance companies file by October 1 of each year ending as of the preceding December 31. The report requires identification of the property and its former owner and dates when the property became payable and when the last transaction with the owner occurred.
Prior notice to owner. Not more than 120 days before filing the required report, a holder of abandoned property is required to send written notice to the presumed owner at his or her last known address informing the owner that the holder is in possession of such property if:
A holder of unclaimed property that needs an extension of time to file a report is required to mail or fax a written request to the Unclaimed Property Unit of the Department of Commerce at least 30 days before the due date of the report. The request must state the reason the holder needs more time and estimate the date the holder's filing will be completed.
Delivery. Persons who are required to file information reports (see above) must deliver the property to the Commissioner at the same time. The Commissioner may decline to accept property or may dispose of property without value.
Recordkeeping. Minnesota has no specific recordkeeping requirements for businesses reporting unclaimed property to the state.
Penalties. a person who fails to file the information report is guilty of a misdemeanor. Interest is charged at the annual rate of 12 percent for failure to deliver property after written demand by the Commissioner.
In Minnesota, property is generally presumed abandoned if it has remained unclaimed by the owner for more than three years after it became payable or distributable. However, this time limit varies depending on the type of property involved. Once abandoned property is turned over to the state by a business, an individual then has three years to reclaim it before the state sells the property to the highest bidder at a public sale.
Locating abandoned property held by the state. Within the calendar year following the year when unclaimed property has been paid or delivered to the Department of Commerce, the Commissioner must provide public notice of the property to the apparent owners of the property. Public notice may include the use of print, broadcast, or electronic media. The published notice must contain:
Unclaimed property held by the state may also be found by searching the state's website (http://www.commerce.state.mn.us/DOC_Unclaimed_Property_Lookup.htm).
To find out if other states may be holding your unclaimed property, search the national database established by the National Association of Unclaimed Property Administrators (NAUPA).
Filing a claim. Claims for the recovery of abandoned property are made to the Commissioner on a form designated by that officer. The Commissioner will notify the claimant in writing of the finding.
A person aggrieved by a decision of the Commissioner or a person whose claim has not been acted upon within 90 days after its filing may bring an action in the district court within 90 days after the unfavorable decision or 180 days after the claim not acted upon.
If you're looking for additional information on unclaimed property, we recommend contacting your state's governmental agency that oversees the administration of this area of the law. For help in answering a specific unclaimed property question in Minnesota, contact the following:
Minnesota Department of Commerce
Unclaimed Property Division
85 7th Place East, Suite 500
St. Paul, MN 55101-3165
Phone: (651) 296-2568, 1-800-925-5668 (MN only)
Fax: (651) 282-2568
|Property Type||Presumed Abandoned After|
|Bank account||three years|
|Checks or drafts||three years|
|Demutualization proceeds||no specific provision|
|Gift certificates, gift cards, and credit memos||Credit memos: three years|
|Insurance policies||Life or annuity policies: three years|
|IRAs or retirement funds||no specific provision|
Issued by a bank: seven years
Issued by a non-bank: three years
|Other intangible personal property not otherwise specified||three years
Cooperative patron payments: seven years
Mineral proceeds, royalties, unclaimed workers compensation, vendor checks: three years
|Proceeds from class action suits||no specific provision|
|Property distributable by a business association in the course of dissolution||six months|
|Property held by courts or public agencies||three years|
|Property held by fiduciaries||three years|
|Safe deposit boxes||five years|
|Shares in a financial institution||three years|
|Stocks, dividends, and distributions||three years|
|Traveler's checks||15 years|
|Deposits and advances owed utility company customer||one year|
|Wages or salaries||one year|