HB164

Montana HB164 revises the Uniform Unclaimed Property Act by defining "payroll card" and modifying presumptions of abandonment.

Montana HB164 amends the Uniform Unclaimed Property Act by defining "payroll card" and revising presumptions of abandonment. The bill specifies that property is presumed abandoned if unclaimed by the apparent owner for certain periods, such as 15 years for traveler's checks and 5 years for certain insurance policy refunds. It also mandates that holders of presumed abandoned property file reports with the Montana Department of Revenue and notify apparent owners.