MontanaHB 16469th Legislature, Regular Session (2025)HouseWALLET

Revise the uniform unclaimed property act

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Bill Overview

Analyzed Economic Effects

4 provisions identified: 1 benefits, 0 costs, 3 mixed.

Clear time limits for unclaimed money

The law sets clear clocks for when money is treated as unclaimed. Payroll cards and bank deposits are unclaimed after 5 years without owner activity. Traveler’s checks are 15 years and money orders are 7 years. Wages, utility deposits or refunds, and court or class‑action distributions are unclaimed after 1 year; many insurer and retirement amounts use 3 years. Gift certificates are unclaimed 3 years after the sale year ends; if merchandise‑only, the value counted is 60%. Small sellers who sold $200,000 or less in gift certificates last year are exempt, and that $200,000 is adjusted each year by an inflation factor based on June CPI (prior tax year divided by June 2015).

Unclaimed property now covers crypto and cards

The law treats virtual currency as property for unclaimed property rules. It also covers payroll cards and certain broker-held security accounts. It narrows what counts as a money order when a bank already has the payee’s name and address. Some items are excluded, like certain government‑held funds, public retirement plan funds, and 529A accounts. The law defines what counts as personal information for matching owners and protecting data.

Stronger notice before money is turned over

When property is worth $50 or more, the holder must send you a notice 60 to 120 days before reporting it, if your address is good and your claim is not time‑barred. If you agreed to email, the holder may email or mail the notice unless the email looks invalid. The notice must warn the property may be transferred in 30 days, name the property and its value, say it will go to the state, explain how to file a claim, note that non‑U.S. legal tender may be sold, and tell you how to stop the transfer. Holders must also file an affidavit saying they sent these notices.

More data and set deadlines for reports

Holders must include a description for each item, and for items of $50 or more, the owner’s name, last address, and SSN or TIN if readily available (not for traveler’s checks or money orders). Items under $50 are reported as a single total. For life insurance or annuities of $50 or more, reports must list the insured or annuitant and the beneficiary with last addresses. Reports must say where safe‑deposit items are held, list any amounts owed, and include the date the property became payable and the date of last owner activity. Holders must disclose prior or former holder names and addresses, and the state may require more data by rule unless federal law forbids it. Most reports are due before November 1 for the year ending June 30; life insurers file before May 1 for the prior calendar year. A holder may request an extension before the due date and can make an interim payment to stop more interest from adding up.

Sponsors & Cosponsors

Sponsor

Ken Walsh
Republican • House

Cosponsors

Denley Loge
Republican • Senate

Roll Call Votes

All Roll Calls

Yes: 299 • No: 1

House vote • 3/26/2025

Do Concur

Yes: 50 • No: 0

House vote • 3/25/2025

Do Concur

Yes: 49 • No: 1

House vote • 1/29/2025

Do Pass

Yes: 100 • No: 0

House vote • 1/28/2025