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S.F. No. 1645 - Unclaimed Property, First Engrossment
 
Author: Senator James P. Metzen
 
Prepared By: Christopher B. Stang, Senate Counsel (651/296-0539)
 
Date: April 4, 2016



 

Section 1 requires the commissioner of commerce to report to the legislature annually regarding the unclaimed property division’s spending. 

Section 2 provides that the commissioner must issue public notices of unclaimed property in specified ways, including: posting a list on the Department of Commerce’s Web site, publishing a list of owners whose abandoned property is valued at $500 or more in qualified newspapers and on qualified newspapers’ Web sites, and using other types of media to issue the notice. Also requires the commissioner to annually provide to each legislator a list of the owners of abandoned property who live in the legislator’s district.

Section 3 requires the commissioner to provide a report to the legislature about the effectiveness of the methods used to return abandoned property and what type of information owners have to provide the commissioner to receive their property.

 

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