If you have more than five items, you should download the software for filing an electronic report, which may be downloaded using the links below:
ACS Wager (ACS - A XEROX Company*)
UP Exchange (Eagle Technology Management, Inc.*)
Frequently asked questions and answers aimed at holders. Click on the question to view the answer.
Minnesota Statute Chapter 345 requires businesses and organizations to review their records each year to determine if they possess any unclaimed property and file a report with the Commissioner. Common holders of reportable property include finan¬cial institutions, insurance companies, oil and gas companies, hospitals, clinics, business corporations, state and local government agencies, and retailers.
If you are holding unclaimed property of Minnesota residents you must file a report even if you are not registered or licensed to do business in Minnesota and regardless of whether you own real estate, plant or equipment in Minnesota. Businesses and organizations NOT holding unclaimed property of a Minnesota resident must still file a report if requested by the Commissioner. Receiving the Report of Unclaimed Property Verification form constitutes a request by the Commissioner.
Parent organizations have a duty to ensure that unclaimed property held by their subsidiaries is reported. Principals have a duty to see that unclaimed property in the hands of their agents (including stock transfer, dividend or payroll disbursing agents) is reported. Receivers and liquidating trustees have a duty to report for entities in receivership or liquidation.
All businesses that are located and/or operate in the State of Minnesota or hold funds due to Minnesota residents are required to file an Annual Report of Unclaimed Funds. CPAs or Attorneys that are in private practice are required to file an Annual Report of Unclaimed Funds. CPAs and Attorneys not in private practice do not have to file separately from the firms for which they work.
Please refer to the Securities Delivery Instructions (.pdf) for information on how to transfer securities to the State of Minnesota.
Safe deposit boxes become unclaimed property five (5) years after the rent has expired. We recommend that the boxes are drilled and inventoried as soon as practicable. Please send the contents to the MN Department of Commerce, along with the report. They should be listed on your Unclaimed Property Report (Form UP-SD). Do not assign a value.
According to the Minnesota Uniform Disposition of Unclaimed Property Act, all unclaimed property, regardless of the amount, must be reported to the Minnesota Department of Commerce. Property valued under $100 may be reported in aggregate, meaning you may combine individual items according to property type and then provide a single total for each type.
If you are located in Minnesota, and have a limited number (less than 5) of owners to report for another state, you may report unclaimed funds for each of those states and fulfill your reporting obligations to them. Please use Minnesota reporting forms and report and remittance dates. The law for each state determines what funds are reportable, the aggregate value, and which abandonment period applies. Property reported in the aggregate should be grouped by state. Please inform those states if you intend to use this option. Any questions regarding these agreements, types of property and abandonment periods can be directed to the Minnesota Unclaimed Property Unit or the Unclaimed Property Office in any of states named.
You, as the holder can take one of two actions:
Instruct the owner to contact the Minnesota Department of Commerce to claim their funds
Pay the owner the amount due. Then, submit a Holder Reimbursement Form (available on our website) to the MN Department of Commerce, along with proof of payment, to request that the funds be reimbursed to your business.
The dormancy periods vary depending on the type of property, but for most types, the dormancy period is three years. A detailed list of accounts that are reportable as unclaimed funds and dormancy periods can be found in the table.
Section 345.41 (h) of the Minnesota Unclaimed Property Act allows holders to report property prior to the date required if the holder, with the permission of the Unclaimed Property Office, has reason to believe the property will be reportable in the future.
Please click the links below to download the appropriate forms:
Holder Report Guide (.pdf)