Minn. Stat. Ch. 345 · Minnesota Dept. of Commerce — Unclaimed Property Unit
Minnesota Department of Commerce Compliance & $100 Due-Diligence Standard
Minnesota enforces a 3-year general AP/AR and 1-year payroll schedule administered by the Department of Commerce with a $100 mailing threshold.
Deadline: November 1
Cutoff: June 30
No Statutory B2B Exemption
Zero Report: Not Required
Minnesota Statutory Dormancy & Compliance Schedule
| NAUPA Property Stream | Statutory Dormancy | Compliance Rule |
|---|---|---|
| Uncashed AP Vendor Checks (CK13) | 3 yrs | Minnesota has no general B2B exemption; commercial AP checks and AR credits are reportable after 3 years. |
| Payroll, Wages & Commissions (MS01) | 1 yr | Never B2B exempt; applies to employee final & bonus checks. |
| AR Credit Balances & Overpayments (MS09) | 3 yrs | Write-offs to income do not extinguish reporting obligation. |
| Customer Refunds (MS05) | 3 yrs | Due diligence window: 60–120 days prior to November 1. |
| Gift Cards & Stored Value (GC / MS12) | Exempt (qualified gift certificates) | Unaddressed cards route to corporate domicile under 2nd Priority. |
| Securities & Dividends (SC01 / SC08) | 3 yrs | First-class mail for items >= $100 |
| Virtual Currency / Digital Assets (VC) | 3 yrs | Verify liquidation vs. native custodial transfer mandate. |
Key Minnesota Compliance Traps & Enforcement Risks
1-Year Payroll & Co-Op Rebates
Agribusiness, healthcare, and distribution employers in Minnesota frequently face audit adjustments on 1-year wages and uncashed co-op patronage checks.
Minnesota Dept. of Commerce Voluntary Disclosure
Voluntary disclosure resolution eliminating penalties for proactive multi-year filings.
Statutory Interest & Penalties: Statutory interest + penalties. Negative Report Policy: Not mandated for zero-property entities.
Statutory Questions & Answers
When are Minnesota due-diligence letters required?
60 to 120 days before November 1 for items valued at $100 or more.