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House approves automatic return of small unclaimed property balances under $1,000
Summary
House Bill 88, allowing the Department of Revenue to automatically return unclaimed property balances under $1,000 when owners can be validated, passed 100-0 after a sponsor described the state's large unclaimed property holdings.
The Montana House unanimously advanced House Bill 88 on second reading, approving a proposal that would permit the Department of Revenue to automatically return unclaimed property balances under $1,000 to owners when the department can validate identity and right to the property.
Representative Bertolio, sponsor of the bill filed at the Department of Revenue's request, said Montana's unclaimed property program currently holds more than $148 million—about $133 million in cash and $15 million in securities—and more than 1,500 tangible items. Under current law, claimants must file a claim to recover unclaimed property, and many owners do not know the state holds their property.
Bertolio said the proposal would allow the department to validate a person's identity and remit amounts under $1,000 automatically; the department told the committee roughly 90% of unclaimed properties are under $1,000. Bertolio noted other states already use automatic return processes.
Motion and vote: Representative Bertolio moved that the committee recommend House Bill 88 "do pass." The clerk recorded 100 ayes and 0 no votes; the bill passed second reading.
Next steps: If enacted, the Department of Revenue will implement identity-validation procedures and automated refund processes for small unclaimed property claims.
