AN ACT to amend and reenact sections 47-30.2-04, 47-30.2-24, 47-30.2-32, 47-30.2-39, 47-30.2-50, 47-30.2-52, 47-30.2-55, and 47-30.2-63 of the North Dakota Century Code, relating to the revised uniform unclaimed property act; and to declare an emergency.
HB 1149 updates North Dakota’s Revised Uniform Unclaimed Property Act. The bill revises when different kinds of property are presumed abandoned, including checks, deposits, insurance proceeds, wages, utility refunds, mineral proceeds, and virtual currency. It also adds or clarifies treatment for items such as automatically renewable time deposits, non-freely transferable securities, excess proceeds from abandoned vehicle and property sales, and virtual currency, which must be liquidated before remittance to the state administrator.
The bill also changes administrative procedures for unclaimed property reporting, record retention, examinations, claims, and interstate cooperation. It extends and clarifies holder recordkeeping obligations, sets rules for when the administrator may require delivery of property, and specifies how claims are processed and paid. It authorizes the administrator to apply unclaimed property to certain debts owed by the apparent owner, including child support arrearages, fines, restitution, delinquent taxes, and civil judgments. It also updates limitation periods for enforcement actions and allows information-sharing and examinations with other states and foreign countries under confidentiality safeguards.
HB 1149 amends multiple sections of Chapter 47-30.2 of the North Dakota Century Code, modernizing the state’s unclaimed property framework and expanding administrative authority over holders and the state unclaimed property administrator. The bill affects financial institutions, insurers, employers, utilities, businesses holding customer credits or refunds, and holders of virtual currency, while also affecting owners who later claim property and state or local agencies seeking to collect certain debts from unclaimed funds. The bill is declared an emergency measure, making it effective immediately upon enactment.
The bill appears to have broad bipartisan support and little visible opposition. It passed the House 92-0 and the Senate 44-0, indicating unanimous approval in both chambers. The absence of committee transcript material suggests there was no recorded public controversy in the provided materials, and the votes reflect a generally favorable view of updating and clarifying the unclaimed property laws.
No notable contention is reflected in the provided record. The main policy choices embedded in the bill are administrative and technical, but the most potentially sensitive provisions are the state’s authority to apply unclaimed property to outstanding debts and the requirement that virtual currency be liquidated before transfer to the administrator. Other areas that could draw attention in practice include the expanded record-retention obligations for holders and the interstate/foreign-country information-sharing provisions, though no opposition is shown in the votes or transcripts provided.