MontanaHB 16469th Legislature, Regular Session (2025)House

Revise the uniform unclaimed property act

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Bill Overview

Analyzed Economic Effects

6 provisions identified: 4 benefits, 1 costs, 1 mixed.

More accounts and crypto now covered

The law expands what counts as unclaimed "property." It now includes money, virtual currency, dividends, payroll cards, checks, and deposits. It clarifies coverage of securities and customer accounts at broker-dealers. It excludes assets in state or local government retirement plans and in 529A (ABLE) accounts. Virtual currency means a digital value used like money but not legal tender; game items and loyalty points do not count.

New protections for payroll cards

The law treats payroll cards like bank deposits. Your funds on a payroll card are presumed abandoned only after 5 years with no owner activity. For accounts that auto-renew, the account is treated as matured on the first maturity date unless you consented in a record to renew. The law also defines payroll card using the federal Regulation E meaning.

Clearer rules to avoid abandonment

The law uses the later of your last contact or the dormancy period to decide if property is abandoned. Many actions now show interest: contacting the holder, accessing your account, presenting a check, or making deposits or withdrawals, including authorized automatic deposits or withdrawals. Your agent’s actions count for you. But a third party’s message only counts if there is a record showing you knew about the property. Patronage refunds at rural natural gas co-ops are presumed abandoned after 5 years if not used for education. Life insurance policies still mature when proceeds are due, even if an automatic premium loan is running.

Advance notice before state takes property

Before filing with the state, holders must warn you if they plan to report property worth $50 or more and they have your address. They must send the notice 60 to 120 days before the filing deadline, by mail or by email if you agreed to email. The notice must say you have 30 days to contact them before the property goes to the Montana Unclaimed Property Program. It must explain what the property is and its value when known, that you can claim from the state after transfer, that non-cash items may be sold, and how to stop the transfer.

What counts as personal information

The law spells out what counts as personal information for unclaimed property. It includes your name plus Social Security number, date of birth, home address, email, financial account numbers, biometric data, health or insurance data, passwords, and similar federally defined financial or insurance information. This clarifies how your data must be handled.

Businesses must certify owner notices

The law ends the prior option to get a filing deadline extension and stop interest with an interim payment. Instead, holders must file an affidavit with their annual report stating they followed the pre-report notice rules. This adds a recordkeeping and certification step for businesses that hold unclaimed property.

Sponsors & Cosponsors

Sponsor

Ken Walsh
Republican • House

Cosponsors

Denley Loge
Republican • Senate

Roll Call Votes

All Roll Calls

Yes: 299 • No: 1

Senate vote • 3/26/2025

Do Concur

Yes: 50 • No: 0

Senate 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