Revise the uniform unclaimed property act
HB 164 revises Montana’s Uniform Unclaimed Property Act. The bill updates statutory definitions to expressly include payroll cards and modernizes the law’s treatment of property that can become “presumed abandoned,” including deposits, wages, gift certificates, insurance proceeds, retirement-related accounts, and other intangible property. It also clarifies what counts as an owner’s indication of interest in property and adjusts several abandonment timelines and exceptions for certain cooperative refunds and shares.
The bill also changes reporting and notice requirements for holders of presumed abandoned property. It requires holders to file annual reports with the Department of Revenue and, when an owner has consented to electronic delivery, allows the required pre-report notice to be sent by email rather than only by first-class mail. The notice must inform the owner that the property may be transferred to the state’s unclaimed property program and explain how to prevent reporting or delivery to the administrator. The bill also retains and updates requirements for reporting owner information, property descriptions, and prior holders, while allowing the administrator to prescribe additional information by rule.
In practical terms, HB 164 affects the Department of Revenue, businesses and financial institutions that hold unclaimed property, insurers, utilities, cooperatives, and employers or payroll-card providers. It amends sections 70-9-802, 70-9-803, and 70-9-808 of the Montana Code Annotated and updates the state’s unclaimed-property framework to better reflect electronic communications and modern financial products. It does not create a new program so much as refine the existing custody-and-reporting system for abandoned property.
The overall sentiment around the bill appears strongly favorable and noncontroversial. It passed the House and Senate with overwhelming support, including unanimous committee recommendations and near-unanimous floor votes, with only one dissenting vote recorded in the Senate on second reading. The lack of committee transcript discussion suggests the measure was treated as a technical or administrative update rather than a major policy dispute.
The main points of potential contention are limited. The most notable policy choices are the expansion of electronic-mail notice, the inclusion of payroll cards and virtual currency in the unclaimed-property definitions, and the specific abandonment periods for certain property types such as gift certificates and retirement accounts. These provisions may matter to holders of property and to consumer advocates concerned with notice and owner recovery, but the recorded votes indicate little organized opposition.
HB 164 amends Montana’s unclaimed property statutes in Title 70, chapter 9, parts 8, by revising definitions, abandonment presumptions, and reporting/notice procedures. It specifically updates sections 70-9-802, 70-9-803, and 70-9-808 to include payroll cards, recognize electronic mail notice when an owner has consented, and refine the timing and conditions under which property is presumed abandoned and must be reported to the Department of Revenue. The bill primarily affects holders of unclaimed property, including financial institutions, insurers, utilities, employers, and other businesses, while preserving the state’s authority to take custody of abandoned property and return it through the claims process.
The bill’s reception was overwhelmingly positive. It received unanimous support in the House Business and Labor Committee, passed both House readings by 99-0 votes, and cleared Senate committee unanimously as well. The Senate floor vote was nearly unanimous, with only one no vote on second reading and a 50-0 final concurrence, indicating broad bipartisan agreement and little visible controversy.
There was little recorded contention, but the substantive issues embedded in the bill are the modernization of notice and property categories. The most notable policy questions are whether email notice should be sufficient when an owner has consented, how long different kinds of property should remain dormant before being deemed abandoned, and how to treat newer forms of value such as payroll cards and virtual currency. Any concern would likely come from holders facing new compliance obligations or from those worried about ensuring owners still receive adequate notice before property is transferred to the state.