Rick Ledward advocates for House Bill 1149 to address unclaimed property issues

The North Dakota Senate Industry and Business Committee convened on March 17, 2025, to discuss key legislative proposals, including House Bill 1149 and House Bill 1086. The meeting featured testimony from industry leaders and officials, focusing on the implications of these bills for banking and insurance sectors.

Rick Ledward, president and CEO of the Monthly Bankers Association, presented strong support for House Bill 1149. He explained that the bill addresses the handling of unclaimed property, particularly abandoned bank accounts. Ledward noted that when individuals fail to engage with their accounts, banks are required by law to turn these assets over to the state. He emphasized the importance of uniformity in regulations across jurisdictions, as many member banks operate in multiple states. The association believes that the bill aligns with the standards set by the Uniform Law Commission, which aims to create consistency in laws governing unclaimed property.

In addition to discussing unclaimed property, Ledward touched on the challenges associated with digital currencies and wallets. He highlighted that if individuals lose access to their digital wallets, any inactive funds would eventually be classified as unclaimed property and turned over to the state, similar to traditional bank accounts.

Following Ledward's testimony, the committee opened the floor for further discussion on House Bill 1086, with Deputy Insurance Commissioner John Arnold set to present details on this legislation. The meeting concluded with no opposing testimonies recorded for House Bill 1149, indicating a consensus on its importance among stakeholders.

The discussions from this meeting underscore the ongoing efforts to modernize financial regulations in North Dakota, particularly in response to the evolving landscape of banking and digital assets. The committee's support for these bills may lead to significant changes in how unclaimed property is managed and reported in the state.