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Information for Holders

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If you represent a bank, insurance company, corporation or organization that may be holding unclaimed property, you must file an annual Holders Report. You can download the Holder Report Guide (.pdf), which contains all the necessary forms and instructions. 

On September 1st, the Minnesota Department of Commerce, in partnership with Xerox (ACS), released an online holder reporting function to aid holders of unclaimed property in reporting their property to the Department. This piece will allow holders to track filings over time and allows for more efficient loading of reports by Unclaimed Property staff. Electronic filing is now available via UPExchange as well. 

Electronic Report  Software

ACS Wager (ACS - A XEROX Company*)
UPExchange (Eagle Technology Management, Inc.*)



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Holders Frequently Asked Questions

Frequently asked questions and answers aimed at holders. Click on the question to view the answer.

  • Who needs to report unclaimed property?

    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.

  • Are holders able to report online?

    Yes. On September 1st, the Minnesota Department of Commerce released an online holder reporting function to aid holders of unclaimed property in reporting their property to the Department. This piece will allow holders to track filings over time and allows for more efficient loading of reports by Unclaimed Property staff. Electronic filing is now available via UPExchange as well.

  • What happens if a holder does NOT report unclaimed property?
    • Anyone who willfully fails to report is guilty of a misdemeanor.
    • Anyone who refuses to pay or deliver abandoned property to the department is guilty of a gross misdemeanor.
    • Anyone failing to pay or deliver the property within the time prescribed after written demand by the Commissioner will pay interest at the rate of 12% per annum on the value of the unclaimed property.
  • Why does Minnesota have an Unclaimed Property Law?
    • To protect the property rights of the owner and to reunite the owner with the property.
    • To relieve the holders of the expense and liability of carrying the property.
    • To provide a centralized search location for citizens.
  • Who is a Holder?

    A person, where organized or domiciled, who is in possession of property belonging to another, a trustee or is indebted to another on an obligation.

     

  • Who must file an Annual Report of Unclaimed Funds?

    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.

  • What is the deadline for filing an unclaimed property report?

    The deadline to file an unclaimed property report with the MN Department of Commerce is October 31 each year for businesses and September 30 each year for life insurance companies.


  • Does the state allow electronic reporting?

    Yes, Minnesota requires an electronic report if you are reporting 5 or more properties. The software necessary to create these electronic reports may be downloaded at no charge (via the links below) and runs under most Microsoft operating systems. We accept reports by CD-ROM. We are no longer accepting reports via diskette. 

    On September 1st, the Minnesota Department of Commerce, in partnership with Xerox (ACS), released an online holder reporting function to aid holders of unclaimed property in reporting their property to the Department. This piece will allow holders to track filings over time and allows for more efficient loading of reports by Unclaimed Property staff. Electronic filing is now available via UPExchange as well.  We strongly encourage holders to report electronically.”


  • Who do I make the check payable to?

    Please make checks payable to the Minnesota Department of Commerce. Please send one check per Holder.

     

  • Does the State accept wire transfers of funds?

    No. The State is not accepting wire transfers at this time.

     

  • How do I transfer securities (stock, mutual funds, etc.) to the State?

    Please refer to the Securities Delivery Instructions (.pdf) for information on how to transfer securities to the State of Minnesota.


  • How do I perform my due diligence?
    According to Minnesota Statute 345.41 (e), no more than 120 days prior to filing an unclaimed property report the Holder must send written notice to the presumed owner at that owner’s last known address. The letter must inform them that the Holder is in possession of their property and advise the owner of the steps necessary to prevent abandonment if:
    • The holder has in its records an address for the presumed owner that the holder's records do not disclose to be inaccurate;
    • The claim of the apparent owner is not barred by the statute of limitations; and
    • The property has a value of $100 or more. 

  • Can third parties (example: CPA firms) file on behalf of their clients?

    Yes, third parties can file on behalf of their clients.

     

  • Are Gift Certificates/Cards Reportable?

    No. All gift cards sold after July 1, 2001 are exempt.

     

  • If I have less than 5 items to report, may I use the electronic reporting software program?

    Yes, you may use the electronic reporting software if you have less than five items to report. If you are reporting 5 items or more, we require the electronic report be filed.

     

  • Do safe deposit boxes become unclaimed property?

    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.

     

  • Do I have to report property that does not have a name on it?

    Yes. If you don’t have a name, list the owner as “unknown” and furnish as much information as possible from your files. List the dates of the check and their corresponding check numbers, any addresses, SSN, account numbers, co-owners, or remitters if known.

     

  • Will the Department accept electronic encrypted files?

    Yes, the Department accepts encrypted WINZIP files. HRS Pro is encrypted, but other files will be a case by case basis.

     

  • What is the aggregate amount in Minnesota?

    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.

     

  • Should I include the detail (names, addresses, social security numbers and amounts) for aggregate items?

    While this is not required by Minnesota statutes, it does help staff find and identify claims more easily and accurately.

     

  • Is there a minimum amount?

    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.

     

  • Are negative reports required?

    You must file a negative report IF:

    • You receive our annual reporting request

    • You are an entity located or incorporated in the Minnesota; AND

    • You are holding NO unclaimed property


     

  • When are reports due to the State?

    All companies must report and remit by October 31st. Life insurance companies report and remit by September 31st.

     

  • Must 501 C3 and sole proprietors file?

    Yes, 501 C3 businesses are required to report if they have unclaimed property. This must be done by October 31 of each year to be in compliance with the Unclaimed Property Law.

     

  • If a Minnesota company is holding unclaimed property for a resident of another state, can it be reported to Minnesota?

    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.

     

  • What if an owner contacts our company/organization after the property has been turned over to the State?

    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.

     

     

  • How long does the holder have to retain the records submitted in a holder report?

    Minnesota’s statutes do not have a specific time frame for records retention. However, Minnesota recommends that holders retain their records for at least 10 years after submitting their report.

     

  • What types of accounts can become reportable unclaimed funds?

    All intangible property unclaimed by its owner(s) for a specific period of time which may include savings accounts checking accounts, unclaimed wages, dividends, credit balances and many other types of outstanding checks and balances payable.

     

  • Are any types of accounts exempt from unclaimed funds reporting requirements?

    Yes, gift cards/certificates and capital credit checks are exempt from unclaimed funds reporting.

     

  • What is activity?

    An action taken on property by the owner which may include making a deposit, a withdrawal, a written memorandum to the holder or any action that a state’s statute deems adequate.

     

  • Can unclaimed funds be reported early?

    Yes, the Department allows for unclaimed funds to be reported early.

     

  • Can companies file their Annual Report of Unclaimed Funds via the Internet?

    No, at this time, companies are unable to file their report via the Internet.

     

  • What are the various dormancy periods for particular property types?

    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.

     

  • Can holders report unclaimed property before the dormancy period expires?

    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.

     

  • How should securities be reported and what information is required?
    When reporting securities (common stock, mutual funds, dividend reinvestment plans, etc.), please attach a list of the securities, CUSIP numbers, and the total number of shares for each security to your unclaimed property report. CUSIP numbers are required on all confirmation statements for the mutual funds delivered to the State of Minnesota.

    Do not report worthless or nontransferable securities to the State or our securities custodian. If these securities become transferable or gain value in the future, report and remit the shares to the State at that time. You will not be penalized for late reporting in these situations.

    When reporting dividend reinvestment plans (DRP’s), please report whole shares and/or cash for fractional shares.

  • Other Questions?

    Contact Unclaimed Property

    Email: holder.unclaimed@state.mn.us
    Phone: (651) 539-1545 or 1-800-925-5668
    Fax: (651) 539-0101 
    http://mn.gov/commerce/unclaimedproperty

     

Holder Resources

Please click the links below to download the appropriate forms: 

Holder Report Guide (.pdf)  

Holder Request for Reimbursement (.pdf)

Online Holder Reporting (website)

UPEXchange Holder Reporting (website)

 
 


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