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Proposed Changes Aim to Reunite Minnesota Residents with Their Lost $$$

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Currently Minnesota residents searching for lost or unclaimed funds can only do so by going to a third-party web site, (missingmoney.com), and conducting a search for their name. Owners are not able to deal directly with the Department of Commerce when it comes to searching and filing a claim which adds an extra layer of confusion, frustration, and difficulty to the entire process. The changes proposed by MN SF1304 aims to give anyone searching for unclaimed property held by the state of Minnesota a better experience by implementing new processes that are more likely to efficiently reunite owners with their lost money.

SF 1304 amends MN statutes 2016 Sec. 345.42, by adding a subdivision which would require the commissioner to post a list of all persons appearing to be owners of abandoned property on the Department of Commerce web site, alphabetical by last name and further by county. This step by itself would make the search process in Minnesota much more user-friendly. The bill further shows the states’ commitment by requiring the Commissioner to contract with a vendor to facilitate the return of abandoned property. This vendor would reach out to persons appearing to be owners to inform and direct them to the Department of Commerce regarding potential unclaimed funds that may be owed; potentially reuniting owners that may have never searched on their own of unclaimed property.

We’ll keep you up to date as things progress, be sure to contact us if you have any questions about how you or your company can maximize the return of your unclaimed property!

Tagged: asset recovery, unclaimed funds, unclaimed property, abandonded property, excess proceeds, stale dated checks, uncashed checks, minnesota department of commerce, missingmoneycom, uncashed refund, overpayment