Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Committee hears updates to state unclaimed‑property law, adds virtual‑currency rules and data‑matching authority
Summary
House Bill 1149 would update the North Dakota Revised Uniform Unclaimed Property Act to add dormancy rules for virtual currency, require liquidation before remittance, expand record‑retention for voluntary disclosures, permit database matching to mail checks, and ease multistate exam record sharing.
The Senate Industry and Business Committee heard testimony on House Bill 1149, a set of updates to North Dakota’s Revised Uniform Unclaimed Property Act (RUPA) intended to preserve uniformity with the national model and speed return of property to owners.
Susan Summerfield, director of the Unclaimed Property Division in the Department of Trust Lands, told the committee the bill contains seven targeted changes to the statutory framework adopted in 2021. Those changes would:
- Create a 3‑year dormancy period specifically for virtual currency. - Add dormancy periods for excess proceeds from abandoned vehicle sales and tax‑related excess proceeds. - Require holders to keep records during a…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
