Leawood, KS – July 1, 2021: The State of North Dakota has enacted its version of the Revised Uniform Unclaimed Property Act (RUUPA). North Dakota Senate Bill 2048 (SB 2048) was first introduced on January 5, 2021 and was signed by Governor Burgum on April 19, 2021. The new law is effective July 1, 2021.
The new North Dakota statute adopted its version of RUUPA. Under the new statute certain stored value cards are subject to escheat, subject to an exemption for various loyalty, awards and promotional cards and gift cards usable at a single merchant or a specified group of merchants. Pursuant to SB 2048 the net value of an escheatable stored value card is presumed abandoned on the latest of three years after (a) December 31st of the year in which the card is issued or additional funds are deposited into the card; (b) the most recent indication of interest in the card by the apparent owner; or (c) a verification or review of the balance by or on behalf of the apparent owner. NDCC § 47–30.2–09.
The statute includes additional notable changes to North Dakota’s Unclaimed Property Statute, including decreasing the notice threshold amount from $50 to $25; and a provision that if the apparent owner has consented to receive electronic mail delivery from the holder, the holder is required to send notice as required under the chapter, both by US first-class mail and email, unless the holder believes the apparent owner’s email address is invalid. The new law has a ten year look back transition provision that requires the initial report filed under the statute to include all items of property which would have been presumed abandoned during the ten-year period preceding July 1, 2021, as if the chapter had been in effect during that time period.
More information regarding RUUPA can be found here: RUUPA
To read North Dakota SB 2048 click here: North Dakota SB 2048
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