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Can you summarize MNAC Chapter 2885?
Commerce Department > UNCLAIMED PROPERTY
Short Summary
The provided legal document content pertains to the implementation of the Uniform Disposition of Unclaimed Property Act in Minnesota. It defines the term ‘service charges’ in the context of property presumed abandoned and specifies that service charges include deductions made by a holder from such property. The document also outlines the reporting requirements for service charges deducted from unclaimed property, including the information that must be included or attached when filing a report. Additionally, it mentions that if payment of interest or dividends on abandoned property was discontinued due to inactivity, dormancy, or unclaimed status, the holder must include the contract or authority for such discontinuance in the report. The document further states that certain provisions of the Minnesota Statutes regarding unclaimed property are effective as of July 1, 1977, and if those provisions are not satisfied, the property must be reported to the commissioner of commerce. It also clarifies that a tax report or regular statement of deposit can be considered the required statement for certain sections of the Minnesota Statutes. Finally, it mentions that holders with no reportable property must report that fact if requested by the commissioner of commerce. The document was published electronically on May 9, 1997.
Whom does it apply to?
Holders of unclaimed property in Minnesota
What does it govern?
Unclaimed Property
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Minnesota