Establishes the Revised Minnesota Unclaimed Property Act, regulates unclaimed property, authorizes administrative rulemaking, and appropriates money.

The bill establishes the Revised Minnesota Unclaimed Property Act, regulating various types of unclaimed property held by businesses and financial institutions. It defines what constitutes abandoned property, such as unclaimed funds in bank accounts, insurance policies, and securities. The commissioner of commerce can take custody of such property if it remains unclaimed for a specified period. The bill outlines procedures for holders to report and deliver abandoned property to the commissioner, who must then notify the apparent owners.

Establishes the Revised Minnesota Unclaimed Property Act, regulates unclaimed property, authorizes administrative rulemaking, and appropriates money.

The bill establishes the Revised Minnesota Unclaimed Property Act, regulating various types of unclaimed property held by businesses and financial institutions. It defines what constitutes abandoned property, such as unclaimed funds in bank accounts, insurance policies, and securities. The commissioner of commerce can take custody of such property if it remains unclaimed for a specified period. The bill outlines procedures for holders to report and deliver abandoned property to the commissioner, who must then notify the apparent owners.