Unclaimed property regulated, Revised Minnesota Unclaimed Property Act established, administrative rulemaking authorized, and money appropriated.

This bill updates Minnesota's unclaimed property laws by creating a revised act that clarifies rules for how businesses and financial institutions must handle money and property left unclaimed by owners. It directly affects businesses, financial organizations, and other entities that hold or owe money to individuals, requiring them to report and turn over unclaimed assets to the state. The bill establishes clear definitions for key terms like "apparent owner" and "business association," authorizes the Commerce Department to create administrative rules, and provides funding for implementation. By replacing outdated statutes, the legislation aims to improve transparency and ensure unclaimed property is properly managed and returned to rightful owners.