70-9-808 Report of abandoned property

70-9-808 . Report of abandoned property. (1) A holder of property presumed abandoned shall make a report to the administrator concerning the property.

(2) The report must be verified and must contain:

(a) a description of the property;

(b) except with respect to a traveler's check or money order, the name, if known, and last-known address, if any, and the social security number or taxpayer identification number, if readily ascertainable, of the apparent owner of property of the value of $50 or more;

(c) an aggregated amount of items valued under $50 each;

(d) in the case of an amount of $50 or more held or owing under an annuity or a life or endowment insurance policy, the full name and last-known address of the annuitant or insured and of the beneficiary;

(e) in the case of property held in a safe deposit box or other safekeeping depository, an indication of the place where it is held and where it may be inspected by the administrator and any amounts owing to the holder;

(f) the date, if any, on which the property became payable, demandable, or returnable and the date of the last transaction with the apparent owner with respect to the property; and

(g) other information that the administrator by rule prescribes as necessary for the administration of this part, including personal information as defined in 70-9-802 about the apparent owner or the apparent owner's property to the extent not otherwise prohibited by federal law.

(3) If a holder of property presumed abandoned is a successor to another person that previously held the property for the apparent owner or the holder has changed its name while holding the property, the holder shall file with the report its former names, if any, and the known names and addresses of all previous holders of the property.

(4) The report must be filed before November 1 of each year and cover the 12 months next preceding July 1 of that year, but a report with respect to a life insurance company must be filed before May 1 of each year for the calendar year next preceding.

(5) The holder of property that is presumed abandoned shall send written notice to the apparent owner, not more than 120 days or less than 60 days before filing the report, stating that the holder is in possession of property subject to this part if:

(a) the holder has in its records an address for the apparent owner that the holder's records do not disclose to be inaccurate;

(b) the claim of the apparent owner is not barred by a statute of limitations; and

(c) the value of the property is $50 or more.

(6) (a) If an apparent owner has consented to receive electronic mail delivery from the holder, the holder shall send the notice described in this subsection (6) by either first-class United States mail to the apparent owner's last-known mailing address or by electronic mail, unless the holder believes that the apparent owner's electronic mail address is invalid.

(b) Notice under this subsection (6) must contain a heading that reads substantially as follows: Notice. The State of Montana requires us to notify you that your property may be transferred to the custody of the Unclaimed Property Program of the Montana Department of Revenue if you do not contact us within 30 days of this notice.

(c) The notice must additionally:

(i) identify the nature and, except for property that does not have a fixed value, the value of the property that is the subject of the notice;

(ii) state that the property will be turned over to the administrator;

(iii) state that after the property is turned over to the administrator an apparent owner who seeks return of the property must file a claim with the administrator;

(iv) state that property that is not legal tender of the United States may be sold by the administrator; and

e of the property that is the subject of the notice;

(ii) state that the property will be turned over to the administrator;

(iii) state that after the property is turned over to the administrator an apparent owner who seeks return of the property must file a claim with the administrator;

(iv) state that property that is not legal tender of the United States may be sold by the administrator; and

(v) provide instructions that the apparent owner shall follow to prevent the holder from reporting and paying or delivering the property to the administrator.

(7) Before the date for filing the report, the holder of property presumed abandoned may request the administrator to extend the time for filing the report. The administrator may grant the extension for good cause. The holder, upon receipt of the extension, may make an interim payment on the amount the holder estimates will ultimately be due, which terminates the accrual of additional interest on the amount paid.

(8) The holder of property presumed abandoned shall file with the report an affidavit stating that the holder has complied with subsection (5).