This page contains key concepts as to Minnesota escheatment and unclaimed property rules, including details for unclaimed property reporting & compliance with Minnesota laws and regulations.
Minnesota, like most states, has a fall escheat reporting deadline. The deadline for most properties is November 1st. For Life Insurance property, the deadline is October 1st. Holders have an obligation to report abandoned or unclaimed property to Minnesota in order to maintain compliance with Minnesota unclaimed property laws and regulations.
Minnesota requires holders to perform due diligence mailings for all property that has a value of $100 or more. Mailings must be sent no more than 120 days prior to filing a report each reporting season. It is recommended that holders begin their due diligence mailings early in each reporting cycle and proactively notify owners in order to maximize the effectiveness of their due diligence campaigns.
Minnesota offers holders with past-due property a way to come into compliance through its Voluntary Disclosure Agreement Program. The VDA program affords eligible holders an opportunity to receive a full waiver of audit from the state in exchange for completing the program and remitting past-due property.
In order to qualify for this program, holders must not currently be under examination or audit, nor have been contacted by the state or by any of the state’s third-party auditors to schedule such an examination or audit.
Phase 1: Record review and determination of the scope of the VDA
Phase 2: Remediation and resolution of open issues
Phase 3: Performance of due diligence and resolution of open issues
Phase 4: Remittance of payment and relief granted
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Minnesota’s unclaimed property reporting process can be challenging for holders. Does your organization have questions about state unclaimed property laws and requirements? Click on the link below for frequently asked questions regarding unclaimed property reporting and compliance.
Reporting unclaimed property in Minnesota, and other jurisdictions, can be a stressful process that consumes valuable internal resources. However, when properly managed, the annual reporting and escheatment process does not need to be a burdensome experience.
Contact Keane for assistance in guiding your organization on the path to unclaimed property compliance, or visit our resource library for additional educational and operational resources.