This page addresses key areas of interest regarding Montana unclaimed property and escheatment laws and regulations.
Key Montana Unclaimed Property Reporting Deadlines
Like many other states, Montana has an October 31 deadline for annual reporting and remittance for all holders, except for life insurance companies who must report by April 30th.
Early reporting is not permitted as a matter of policy in Montana. Negative reports are not required.
All holders have an obligation to report abandoned or unclaimed property to the state in order to maintain compliance with Montana’s unclaimed property laws and regulations. Holders are required to file their reports electronically through the state’s website.
Montana Due Diligence Requirements
Montana requires holders to send due diligence notifications for any property with a value of $50 or more. Holders must send due diligence letters each reporting cycle to the apparent owner at his or her last known address, not more than 120 days or less than 60 days prior to filing the report.
This notice should inform the owner of the nature of the property and how to recover it. It should also inform the owner that the property will be turned over to the state unless the owner claims it from the holder before the report is filed.
Montana Dormancy Periods
Dormancy periods in Montana vary by property type. Generally, most property types have a 5 year dormancy period. Accounts are considered dormant if the owner of a property has not indicated any interest in the property or if no contact has been made by the owner for the allotted dormancy period for that property.
Dormancy periods in Montana for common property types include:
- Wages, Payroll or Salary: 1 year
- Accounts Payable: 5 years
- Money Orders: 7 years
Montana Unclaimed Property Links
What Are the Holes in Your Unclaimed Property Process?
Answer 8 questions to understand your level of unclaimed property risk in as little as 30 secondsWhat's My Risk?
Key Unclaimed Property Reporting FAQs
The unclaimed property reporting process can be challenging for holders in Montana and other states. 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.
Confused or Overwhelmed? Need Answers?Reporting unclaimed property in Montana 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.