North Dakota Unclaimed Property & Escheat Laws

The deadline for annual reporting and remittance in North Dakota is October 31st for all holders, except for life insurance companies who must report and remit by April 30th.

Requests for early reporting must be submitted in writing and can be approved with written consent from the administrator. Negative reports, which can be completed online, are not required but are strongly encouraged to help establish a solid reporting history. Electronic reporting is required.

All holders have an obligation to report abandoned or unclaimed property to the state in order to maintain compliance with North Dakota’s unclaimed property laws and regulations.

North Dakota Due Diligence Requirements

North Dakota requires holders to send due diligence notifications for any property with a value of $25 or more. Notifications to owners must be sent no more than 120 days prior to the filing due date.

• Contain a heading that reads substantially as follows: “Notice. The State of North Dakota requires us to notify you
  that your property may be transferred to the custody of the North Dakota unclaimed property administrator if you do not contact us before (insert date that is at least 30 days after the date of notice).”
• Identify the holder and provide a name, address, telephone number, and electronic-mail address at which to contact the holder;
• Identify the nature, and, except for property that does not have a fixed value, value of the property that is the subject of the notice.
• State that the property will be turned over to the administrator
• State that after the property is turned over to the administrator an apparent owner that seeks return of the property shall file a claim with the administrator;
• State that property that is not legal tender of the United States may be sold by the administrator in accordance with section 47-30.2-40
• Provide instructions that the apparent owner must follow to prevent the holder from reporting and paying or delivering the property to the administrator.

North Dakota Dormancy Periods

Dormancy periods in North Dakota vary by property type. Generally, most property types have a 2 or 3 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 North Dakota for common property types include:

• Wages, Payroll or Salary: One year
• Safe Deposit Box Contents: Three years
• Travelers Checks: Fifteen years

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