Minnesota Escheat & Unclaimed Property Laws

Minnesota, like most states, has a fall escheat reporting deadline. The deadline for most properties is October 31. For Life Insurance property, the deadline is September 30. Early reporting is permitted with prior approval from the unclaimed property division. Negative reports are only required if you are an entity located or incorporated in Minnesota and holding no unclaimed property or you receive a request from the office.

Holders have an obligation to report abandoned or unclaimed property to Minnesota in order to maintain compliance with Minnesota unclaimed property laws and regulations. Holders reporting to Minnesota are required to submit their reports electronically.

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
• Safe Deposit Box Contents: Five years
• Traveler’s Checks: Fifteen years

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