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HB 164

Revise the uniform unclaimed property act

2025 Regular Session Introduced by Ken Walsh

Montana updates unclaimed property procedures to modernize reporting requirements, improve citizen access to lost funds, and align with national uniform standards.

Chapter Number Assigned
#property
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Bill Summary · HB 164

Legislative bill overview

HB 164 revises Montana's implementation of the Uniform Unclaimed Property Act, which governs how businesses and financial institutions handle property—such as dormant bank accounts, uncashed checks, and forgotten deposits—that owners have abandoned. The bill updates state procedures for reporting, holding, and returning this unclaimed property to rightful owners or the state.

Why is this important

Unclaimed property affects millions of Americans; Montana currently holds hundreds of millions in unclaimed funds. Updating these procedures can make it easier for citizens to locate and recover their lost money, while clarifying obligations for businesses and improving state administration of these funds.

Potential points of contention

  • Burden on businesses: Revised reporting requirements or timelines could increase compliance costs for financial institutions and companies holding unclaimed property
  • Access vs. state revenue: Streamlining recovery processes helps citizens but may reduce the time the state can use unclaimed funds for budget purposes
  • Definitional changes: Updates to what qualifies as "abandoned" property or holding periods could affect which assets are included, benefiting some claimants while disadvantaging others

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

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