Minnesota

Minnesota’s unclaimed property program is administered by the Unclaimed Property Division within the Minnesota Department of Commerce. From uncashed payroll checks to dormant accounts, compliance means following the state’s clear requirements for timely reporting, outreach, and remittance.

Overview of Minnesota’s Unclaimed Property Law

The Minnesota Uniform Disposition of Unclaimed Property Act (Minnesota Statutes Sections 345.31 to 345.60) outlines the state’s escheatment obligations for businesses, financial institutions, and insurance companies (known as “holders”). These laws require holders to report and remit certain types of property when they remain inactive or unclaimed for a statutory period.

Common property types subject to reporting include:

• Checking and savings accounts
• Uncashed payroll and accounts payable checks
• Insurance proceeds
• Securities and dividends
• Safe deposit box contents
• Utility deposits and refunds

Once the applicable dormancy period has passed, holders must complete due diligence and file a report with the state using the NAUPA II format. Learn more about the overall escheatment process.

Minnesota Dormancy Periods

Timely reporting depends on accurately tracking dormancy periods. These vary by property type and are summarized below:

Track these with Eisen’s Dormant Account Monitoring system.

Due Diligence Requirements in Minnesota

Minnesota law requires holders to make a good-faith effort to locate the rightful owner before reporting unclaimed property. This outreach, known as due diligence, is critical for reducing liability and proving compliance.

Minimum requirements include:

• First-class mail notice to the last known address no more than 120 days before the report is filed
• Required only for property valued at $100 or more
• Notice must include identifying details and instructions for reclaiming the asset

Additional methods such as email or phone contact are encouraged to improve response rates and enhance escheatment compliance.

Minnesota Reporting Deadlines and Requirements

Arkansas’s reporting requirements vary depending on the type of holder.

• Life Insurance Companies:
  
  • Report Period: January 1 - December 31
  • Report and Payment Deadline: October 1
• All Other Businesses:
  
  • Report Period: July 1 - June 30
  • Report and Payment Deadline: November 1

Additional requirements:

• Filing Format: Electronic submission via the Minnesota Unclaimed Property portal using NAUPA II
• Remittance: Accepted by ACH or check
• Securities: Physical or electronic delivery may be required, depending on asset type
• Negative Reports: Required, even if there is no property to report

For up-to-date submission instructions, visit the Minnesota Unclaimed Property Program.

Minnesota’s Voluntary Disclosure Program

If you’ve missed prior filings, Minnesota offers a Voluntary Disclosure Agreement (VDA) process to come into compliance without incurring a penalty.

Key elements of the program:

• Penalties and interest typically waived
• Look-back period set in collaboration with the Department
• Must initiate before the start of a state audit

This path is ideal for businesses seeking to course-correct while avoiding enforcement exposure.

How Eisen Helps You Stay Compliant in Minnesota

Eisen removes the burden of escheatment compliance with a proactive, automated solution tailored to Minnesota’s rules.

Here’s how we help:

• Escheatment Manager – Automates dormancy tracking and generates Minnesota-compliant reports
• Outreach Manager – Delivers timely due diligence notices and maintains full audit trails
• Disbursement Manager – Manages pre-escheatment payments via ACH, wire, or check
• Audit Readiness – Ensures data accuracy and reporting documentation for regulator or internal review

We also support edge cases like escheatment of outstanding checks and utility company requirements.

Turn Minnesota Compliance Into a Strength

When managed proactively, escheatment compliance in Minnesota becomes more than a regulatory requirement—it becomes an opportunity to reduce risk, build trust, and improve your operational resiliency.

With Eisen, you’ll:

• Stay ahead of reporting deadlines
• Ensure accurate, complete submissions
• Reduce manual effort and audit exposure

For a national perspective, explore our full guide on Escheatment Laws by State.