Leawood, Kan. – July 18, 2025: The Montana Governor signed House Bill 164 (“HB 164”) to amend the Uniform Unclaimed Property Act to clarify the abandonment rules and modify how holders of the unclaimed property must notify apparent owners of the unclaimed property. The bill does not explicitly contain an effective date and therefore under Montana law it will be effective on October 1, 2025. MT Code § 1-2-201 (2024).
Specifically, as to the abandonment rules, key changes include broader definitions of what constitutes an owner’s interaction with property, including but not limited to the following: “(a) a record communicated by the apparent owner to the holder or agent of the holder to the property or the account in which the property is held; (b) an oral communication by the apparent owner to the holder or agent of the holder concerning the property or the account in which the property is held, if the holder or agent contemporaneously makes and preserves a record of the fact of the apparent owner’s communication; (c) presentment of a check or other instrument of payment of a dividend, interest payment, or other distribution, or evidence of receipt of a distribution made by electronic or similar means, with respect to an account, underlying security, or interest in a business association; (d) activity directed by an apparent owner in the account in which the property is held, including accessing the account or information concerning the account, or a direction by the apparent owner to increase, decrease, or otherwise change the amount or type of property held in the account; (e) deposit in or withdrawal from an account at a financial organization, including an automatic deposit or withdrawal previously authorized by the apparent owner other than an automatic reinvestment of dividends or interest. . .” MT Code Sec. 2. § 70-9-803 (4)(a)-(e).
Further, as to presumption of abandonment, the bill adds that this is “measured by the later of the latest indication of interest by the apparent owner in the property” or after the time set forth in the bill for each particular property type. MT Code Sec. 2. § 70-9-803 (1).
Specific to the notice requirements for the holders of the unclaimed property, the bill allows electronic mail notification in addition to or as an alternative to first class mail if the owner has previously consented, “unless the holder believes the owner’s electronic mail address is invalid.” MT Code Sec. 3. § 70-9-808 (6). This section further outlines in specific detail what the notice must contain. MT Code Sec. 3. § 70-9-808 (6)(a) and (b) (i)-(v).
This Card Alert provides a summary of some relevant changes, but not all the changes. To view all the amendments to the Uniform Unclaimed Property Act, click here: Montana House Bill 164 .
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