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Committee considers updates to unclaimed property law including virtual currency rules
Summary
The House Industry, Business and Labor Committee heard testimony on House Bill 1149, a technical update to North Dakota’s Revised Uniform Unclaimed Property Act that would add dormancy rules and liquidation requirements for virtual currency and streamline claim handling for clear matches.
The House Industry, Business and Labor Committee took testimony on House Bill 1149, which would update North Dakota’s Revised Uniform Unclaimed Property Act (RUPA) with six technical and operational changes including new rules for virtual currency, record retention for voluntary disclosure, and a provision to permit direct mailing of certain property to owners when states’ records match.
Representative Lawrence Killemin, chairman of the North Dakota Commission on Uniform State Laws, introduced the bill and said it implements a ULC‑drafted update to keep state law aligned with evolving property types and recordkeeping. Susan Summerfeld, director of the Unclaimed Property Division in the Department of Trust Lands, summarized the proposed…
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