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Committee considers modernizing Montana’s unclaimed property law to reflect digital banking
Summary
House Bill 164 would modernize Montana’s unclaimed property law to treat online account access and automatic deposits as indications of ownership, witnesses told the House Business and Labor Committee.
HELENA — House Bill 164, introduced by Rep. Ken Walsh, would modernize Montana’s Uniform Unclaimed Property Act by adding electronic and recurring-account activities as triggers that show an owner’s continuing interest in an account and by clarifying notice and reporting rules for holders.
Walsh told the House Business and Labor Committee the state law, passed in 1995, ‘‘no longer reflects how people do business 30 years later.’’ He said the result is property increasingly presumed abandoned and turned over to the state when owners remain actively aware of their accounts through mobile and online banking.
Banking trade groups — including the Montana Bankers Association, Montana’s Credit…
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