Minnesota Escheat & Unclaimed Property Laws

This page contains key concepts as to Minnesota escheatment and unclaimed property rules, including details for unclaimed property reporting & compliance with Minnesota laws and regulations.

Key Minnesota Unclaimed Property Reporting Deadlines

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

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Key Resources​​

Minnesota Department of Commerce
Unclaimed Property Program
85 7th Place East, Suite 280 | St. Paul, MN 55101-2198
Email: holder.unclaimed@state.mn.us
Phone: 651.539.1545