HF 3408

as introduced - 89th Legislature (2015 - 2016) Posted on 03/21/2016 01:52pm

A bill for an act
relating to commerce; providing that certain cooperatives must receive notice of
a change of address from members; changing unclaimed property requirements;
amending Minnesota Statutes 2014, section 345.39, subdivision 2; proposing
coding for new law in Minnesota Statutes, chapters 308A; 308B; 513; repealing
Minnesota Statutes 2014, sections 308A.711, subdivisions 1, 3; 308B.735,
subdivisions 1, 3.

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

Section 1.

[308A.706] NOTICE OF CHANGE OF ADDRESS.

A member or nonmember patron of an electric or telephone cooperative that moves
to an address other than the address most recently provided to the cooperative shall give
written notice through first class United States mail to the cooperative within 30 days of
the move. The written notice must provide the new address of the member or nonmember
patron and the date the move was made.

Sec. 2.

[308B.726] NOTICE OF CHANGE OF ADDRESS.

A member of an electric or telephone cooperative that moves to an address other than
the address most recently provided to the cooperative shall give written notice through
first class United States mail to the cooperative within 30 days of the move. The written
notice must provide the new address of the member and the date the move was made.

Sec. 3.

Minnesota Statutes 2014, section 345.39, subdivision 2, is amended to read:

Subd. 2.

Cooperative property.

Notwithstanding subdivision 1, Any profit,
distribution, or other sum held or owing by a cooperative for or to a participating patron of
the cooperative is presumed abandoned only if it has remained unclaimed by the owner for
more than seven three years after it became payable or distributable.

Sec. 4.

[513.80] NOTICE OF CHANGE OF ADDRESS TO COOPERATIVES.

Subdivision 1.

Definitions.

(a) For the purposes of this section, the terms defined in
this subdivision have the meanings given them.

(b) "Real estate" means land or an interest in land.

(c) "Real estate licensee" means a person licensed under chapter 82.

(d) "Seller" means a person who owns legal or equitable title to real estate.

(e) "Utility cooperative" means an electric or telephone cooperative organized under
chapter 308A or 308B.

Subd. 2.

Notice to utility cooperative.

A real estate licensee, or seller if the
seller has not engaged a real estate licensee, must provide written notice to any utility
cooperative providing services to the real estate that the seller has sold the real estate. The
written notice must be sent through first class United States mail within 30 days of the sale,
must provide the new address of the seller, and must include the date the sale occurred.

Sec. 5. REPEALER.

Minnesota Statutes 2014, sections 308A.711, subdivisions 1 and 3; and 308B.735,
subdivisions 1 and 3, are repealed.