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HB 1149

Agriculture; Oklahoma Agriculture Act of 2025; effective date.

2025 Regular Session Introduced by Jim Olsen

Updates unclaimed property rules: adds virtual currency and mineral proceeds, strengthens records retention, and clarifies payment delivery to the state.

Second Reading referred to Rules
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Bill Summary · HB 1149

HB 1149 — North Dakota (Sixty‑ninth Legislative Assembly)

Summary: Amendments to the Revised Uniform Unclaimed Property Act (NDCC §§ 47‑30.2‑04, ‑24, ‑32, ‑39, ‑50, ‑52, ‑55, ‑63); emergency clause

Status & procedural notes
- Introduced by Rep. Klemin (Sen. Hogue sponsor). Filed/entered in the legislative record in 2024–2025; first engrossment and enrollment materials dated 2025.
- The bill amends multiple sections of the North Dakota Century Code that implement the Revised Uniform Unclaimed Property Act and includes an emergency declaration (so provisions take effect immediately upon enactment as provided by state law).

Main purpose and intent
- Update and clarify North Dakota’s unclaimed‑property law to (1) modernize which property is presumed abandoned (including explicitly addressing virtual currency and mineral proceeds), (2) strengthen holder record retention and examination rules, and (3) refine the mechanics for turning property over to the state administrator. Overall intent is to align state law with contemporary asset forms and to improve administration and enforcement of unclaimed property rules.

Key provisions and changes
1. Updated list and dormancy periods for presumed‑abandoned property (NDCC § 47‑30.2‑04)
- Adds express treatment of virtual currency: presumed abandoned three years after the apparent owner’s last indication of interest.
- Clarifies treatment of mineral proceeds: an owner’s underlying right to mineral proceeds is deemed abandoned if unclaimed for more than three years after payable; both existing and subsequently accrued proceeds then are deemed abandoned.
- Retains and restates standard dormancy periods for many categories (e.g., checks — 2 years; money orders — 7 years; payroll/demand/savings/time deposits — generally 5 years subject to maturity/indicia of interest).

  1. Holder record retention requirements strengthened (NDCC § 47‑30.2‑24)

    • Holders required to file unclaimed property reports must retain records for 10 years after the later of filing date or last timely report date (unless a shorter period is set by regulator rule).
    • Upon notice of an examination or participation in the voluntary disclosure program, holders must preserve all relevant records dating back ten years from the start of the examination plus the applicable dormancy period.
    • Record content requirements enumerated (verifiable report info; date/place/circumstances; amount or value; last known address; outstanding instrument records; documentation for items not reported).

  2. Payment/delivery mechanics (NDCC § 47‑30.2‑32) — clarified treatment (partial text shown)

    • The bill clarifies treatment of automatically renewable deposits when payment to the administrator would cause interest penalties or forfeiture — effectively adjusting the date or conditions under which the holder must deliver such deposits. (Full text contains the procedural mechanics.)

  3. Other sections amended (NDCC §§ 47‑30.2‑39, ‑50, ‑52, ‑55, ‑63)

    • These sections relate to administrator procedures, enforcement, examinations, voluntary disclosure, and related remedies; the bill updates cross‑references and conforms procedures to the amended dormancy/record rules. (Full bill text provides the exact statutory language.)

Who is affected
- Holders of unclaimed property: banks, financial institutions, insurers, businesses issuing checks/money orders, utilities, courts, government paying agents, trustees, and any entity that holds customer or third‑party property.
- Owners/claimants of property: individuals and entities with dormant accounts or intangible property (including virtual‑currency holders and owners of mineral proceeds).
- State administrator and auditing/examination staff: increased record retention and clearer examination window may affect administrative workload and discovery.

Potential impacts
- Administrative: greater record‑keeping responsibilities for holders (10‑year retention + extended preservation on notice).
- Owners: clarifies treatment of virtual currency and mineral proceeds — may accelerate or clarify when property is turned over to the state and how claims will be processed.
- Fiscal: not specified in the bill summary; potential modest administrative costs for exam support and for holders to maintain records longer, offset by enhanced recoveries of unclaimed property for the state.

Effective date
- Because the bill declares an emergency, the statutory changes are intended to become effective immediately upon enactment (per North Dakota rules governing emergency clauses). For precise effective timing, refer to the enrolled bill and governor’s approval date.

For full specifics and operative language, consult the enrolled/engrossed bill text for NDCC §§ 47‑30.2‑04, ‑24, ‑32, ‑39, ‑50, ‑52, ‑55, and ‑63.

Compiled from official sources — confirm details with the bill’s official record.

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