HF 1693

as introduced - 89th Legislature (2015 - 2016) Posted on 04/20/2015 11:51am

A bill for an act
relating to commerce; modifying unclaimed property requirements; modifying
the commissioner's duties; requiring reports; appropriating money; amending
Minnesota Statutes 2014, section 345.42, subdivision 1, by adding a subdivision.

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

Section 1.

Minnesota Statutes 2014, section 345.42, subdivision 1, is amended to read:

Subdivision 1.

Commissioner's duty.

new text begin (a) new text end Within 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 manner
new text begin described in subdivision 1a new text end and deleted text begin frequency deleted text end new text begin otherwise as new 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 begin Public 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 begin subdivision deleted text end new 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 designate at least two full-time equivalent positions
whose purpose is to return abandoned property to the owners.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end

Sec. 2.

Minnesota Statutes 2014, 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
largest circulation qualified newspaper 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, 2016, 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

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end

Sec. 3. new text begin REPORT ON UNCLAIMED PROPERTY.
new text end

new text begin The commissioner shall report to the house of representatives and senate committees
with jurisdiction over commerce issues by January 1, 2016, regarding the process owners
of abandoned property must comply with in order to file an allowed claim under chapter
345 and the methods the commissioner uses to return abandoned property to owners.
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 chapter 345 to file an allowed claim; and
new text end

new text begin (2) a comparison of the effectiveness of the methods the commissioner uses to return
abandoned property under chapter 345 to the owner.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end

Sec. 4. new text begin APPROPRIATION.
new text end

new text begin $....... in fiscal year 2016 and $....... in fiscal year 2017 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