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Minnesota Legislature

Office of the Revisor of Statutes

HF 587

1st Engrossment - 90th Legislature (2017 - 2018) Posted on 02/16/2017 07:27pm

KEY: stricken = removed, old language.
underscored = added, new language.

Bill Text Versions

Engrossments
Introduction Posted on 01/26/2017
1st Engrossment Posted on 02/16/2017

Current Version - 1st Engrossment

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A bill for an act
relating to commerce; modifying unclaimed property requirements; requiring
reports; appropriating money; amending Minnesota Statutes 2016, section 345.42,
subdivision 1, by adding a subdivision.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2016, section 345.42, subdivision 1, is amended to read:


Subdivision 1.

Commissioner's duty.

new text begin(a) new text endWithin the calendar year next following the
year in which abandoned property has been paid or delivered to the commissioner, the
commissioner shall provide public notice of the abandoned property in the mannernew text begin described
in subdivision 1a
new text end and deleted text beginfrequencydeleted text endnew text begin otherwise asnew text end the commissioner determines to be most
effective and efficient in communicating to the persons appearing to be owners of this
property. deleted text beginPublic notice may include the use of print, broadcast, or electronic media.deleted text end The
commissioner shall, at a minimum, expend 15 percent of the funds allocated by the legislature
to the operations of the unclaimed property division, to comply with the public notice
requirements of this deleted text beginsubdivisiondeleted text endnew text begin section and shall report to the legislature annually on how
those funds are expended
new text end.

new text begin (b) The commissioner shall contract with a vendor to facilitate the return of abandoned
property to owners. The vendor may receive up to seven percent of the value of the
abandoned property when the abandoned property is returned to its owner. The vendor
payment must not be deducted from the abandoned property.
new text end

Sec. 2.

Minnesota Statutes 2016, section 345.42, is amended by adding a subdivision to
read:


new text begin Subd. 1a. new text end

new text begin Public notice. new text end

new text begin (a) Public notice provided by the commissioner shall include
the following:
new text end

new text begin (1) posting on the Department of Commerce Web site a list of all persons appearing to
be owners of abandoned property. The list shall be arranged in alphabetical order by the
last name of the person and further organized by county. The list of persons must be updated
at least three times per year and must remain on the Department of Commerce Web site at
all times;
new text end

new text begin (2) publication in a qualified newspaper of a list of persons appearing to be owners of
abandoned property having a value of $500 or more. The list must be published in the
qualified newspaper with the largest circulation in each county, and must include the names
of all persons whose last known address is within the county. The list must be published at
least once per year. The commissioner may stagger publication of the entire list of owners
by publishing a partial list at least twice, but no more than three times per year. Each qualified
newspaper that publishes the list shall, at no additional charge to the commissioner, also
post the list on its Web site or on a central Web site that can be accessed directly from the
qualified newspaper's Web site. The list must be accessible on the Web site for not less than
180 days and at no cost to the public. The qualified newspaper must include in its publication
of the list a reference to its Web site or a central Web site; and
new text end

new text begin (3) dissemination of information to persons appearing to be owners of abandoned property
through other means and media, including broadcast media, the Internet, and social media.
new text end

new text begin (b) Beginning July 1, 2017, and annually thereafter, the commissioner shall provide to
each member of the legislature a list of all persons appearing to be owners of abandoned
property whose last known address is located in the legislator's respective legislative district.
new text end

Sec. 3. new text beginREPORT ON UNCLAIMED PROPERTY DIVISION.
new text end

new text begin The commissioner shall report by February 15, 2018, to the chairs and ranking minority
members of the standing committees of the house of representatives and senate having
jurisdiction over commerce regarding the process owners of abandoned property must
comply with in order to file an allowed claim under Minnesota Statutes, chapter 345, and
the effectiveness of the vendor used by the commissioner to facilitate the return of the
abandoned property. The report shall include:
new text end

new text begin (1) information regarding the documentation and identification necessary for owners of
each type of abandoned property under Minnesota Statutes, chapter 345, to file an allowed
claim; and
new text end

new text begin (2) a review of the methods and effectiveness of the vendor in returning abandoned
property under Minnesota Statutes, chapter 345, to the owner.
new text end

Sec. 4. new text beginAPPROPRIATION.
new text end

new text begin $....... in fiscal year 2017 and $....... in fiscal year 2018 are appropriated from the general
fund to the commissioner of commerce to fund Minnesota Statutes, section 345.42,
subdivision 1, paragraph (b).
new text end

Sec. 5. new text beginEFFECTIVE DATE.
new text end

new text begin Sections 1 to 4 are effective the day following final enactment.
new text end