Montana Escheat & Unclaimed Property Laws

Like many other states, Montana has an October 31 deadline for annual reporting and remittance for all holders, except for life insurance companies who must report by April 30.

Early reporting is not permitted as a matter of policy in Montana. Negative reports are not required but recommended especially for companies that have filed property reports to Montana in the past.

All holders have an obligation to report abandoned or unclaimed property to the state in order to maintain compliance with Montana’s unclaimed property laws and regulations. Holders are required to file their reports electronically through the state’s website.

Montana Due Diligence Requirements

Montana requires holders to send due diligence notifications for any property with a value of $50 or more. Holders must send due diligence letters each reporting cycle to the apparent owner at his or her last known address, not more than 120 days or less than 60 days prior to filing the report.

This notice should inform the owner of the nature of the property and how to recover it. It should also inform the owner that the property will be turned over to the state unless the owner claims it from the holder before the report is filed.

Montana Dormancy Periods

Dormancy periods in Montana vary by property type. Generally, most property types have a five-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 by the owner for the allotted dormancy period for that property.

Dormancy periods in Montana for common property types include:

• Wages, Payroll or Salary: One year
• Accounts Payable: Five years
• Money Orders: Seven years

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