Minnesota Escheat & Unclaimed Property Laws

Minnesota, like most states, has a fall escheat reporting deadline. The deadline for most properties is November 1. For Life Insurance property, the deadline is October 1. Holders have an obligation to report abandoned or unclaimed property to Minnesota in order to maintain compliance with Minnesota unclaimed property laws and regulations.

Minnesota Due Diligence Requirements

Minnesota requires holders to perform due diligence mailings for all property that has a value of $100 or more. Mailings must be sent no more than 120 days prior to filing a report each reporting season. It is recommended that holders begin their due diligence mailings early in each reporting cycle and proactively notify owners in order to maximize the effectiveness of their due diligence campaigns.

Minnesota Dormancy Periods

Dormancy periods in Minnesota vary by property type. Generally, most property types have a three-year dormancy period. Accounts are considered dormant if the owner of a property has not indicated any interest in the property or if no contact has been made for the allotted dormancy period for that property. Dormancy periods in Mississippi for common property types include:

• Wages, Payroll or Salary: One year
• Safety Deposit Box Contents: Five years
• Traveler’s Checks: 15 years

Minnesota Voluntary Disclosure Agreement (VDA)

Minnesota offers holders with past-due property a way to come into compliance through its Voluntary Disclosure Agreement Program. The VDA program affords eligible holders an opportunity to receive a full waiver of audit from the state in exchange for completing the program and remitting past-due property.

In order to qualify for this program, holders must not currently be under examination or audit, nor have been contacted by the state or by any of the state’s third-party auditors to schedule such an examination or audit.

The Minnesota VDA program is broken up into four phases:

• Phase 1: Record review and determination of the scope of the VDA
• Phase 2: Remediation and resolution of open issues
• Phase 3: Performance of due diligence and resolution of open issues
• Phase 4: Remittance of payment and relief granted

Still confused or overwhelmed? Try the Sovos UP Compliance Hub

Reporting unclaimed property in Minnesota, and other jurisdictions, can be a stressful process that consumes valuable internal resources. However, when properly managed, the annual reporting and escheatment process does not need to be a burdensome experience.  

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