HF 1849

as introduced - 90th Legislature (2017 - 2018) Posted on 03/02/2017 12:44pm

A bill for an act
relating to commerce; modifying unclaimed property requirements; modifying the
commissioner's duties; 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 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 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 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, 2018, 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, 2018, 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 2018 and $....... in fiscal year 2019 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