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Banks, credit unions support updating unclaimed‑property law to reflect online banking
Summary
HB 164 would modernize Montana's unclaimed‑property law by updating dormancy triggers to account for internet/mobile banking and other holder practices; proponents said the change will reduce mistaken presumption of abandonment and improve owner notification.
Representative Ken Walsh told the committee that House Bill 164 updates Montana’s Unclaimed Property Act, last substantively revised in 1995, to reflect modern banking, electronic statements, and online account access. Bankers and credit unions said the current dormancy triggers and notice procedures do not align with how customers now monitor accounts.
Sam Sill of the…
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