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Lawmakers hear bill to modernize Montana unclaimed-property law; bankers and credit unions back changes
Summary
Representative Ken Walsh’s bill would modernize Montana’s unclaimed-property law to reflect online banking and electronic triggers, proponents said, allowing banks to avoid prematurely turning accounts over to the state and making it easier for owners to find funds.
The Senate Business and Labor Committee heard testimony in support of House Bill 164, a measure to modernize Montana’s unclaimed-property statutes. Proponents said the current law — written in its present form in 1995 — does not reflect electronic banking and creates situations where accounts are mistakenly presumed abandoned.
Representative Ken Walsh, sponsor of the bill, said the change would align statutory “triggers” for dormancy with modern customer…
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