Leawood, KS – February 23, 2021: The State of North Dakota has introduced its version of the Revised Uniform Unclaimed Property Act (RUUPA). North Dakota Senate Bill 2048 (SB 2048) was first introduced on January 5, 2021, was passed by the Senate on February 3, and is currently in the House Judiciary Committee.
RUUPA is the latest revision to the Uniform Unclaimed Property Act first promulgated in 1954 and most recently updated in 1995. It makes several updates to earlier versions of the uniform act to keep up with technological changes and new forms of property serving as a comprehensive set of rules for the escheat of unclaimed property.
The new North Dakota legislation establishes three priority rules to determine which state may take custody of property presumed abandoned. It adopts the uniform RUUPA exemption to escheat for loyalty, awards and promotional cards and gift cards. A gift card is defined as a stored value card without a fee, expiration date or cash redemptions unless required by law. SB 2048, §17, subsection 102(15) (2021 Sess.). Currently North Dakota exempts gift cards. SB 2048 would also require stored value cards to escheat three years after the later of “December 31 of the year in which the card is issued or additional funds are deposited into it; the most recent indication of interest in the card by the apparent owner; or, a verification or review of the balance by or on behalf of the apparent owner.” SB 2048, § 17, subsection 206(a – c) (2021 Sess.).
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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