New Unclaimed Property Law for the Northern Mariana Islands

The Commonwealth of the Northern Mariana Islands (CNMI), of which Saipan is the largest island and has the largest population, has a new unclaimed property law which provides for the escheat of dormant bank accounts and other financial institution accounts and funds. The new law only applies to financial institutions and not general corporations.

The new law does not follow the Uniform Unclaimed Property Act. If your bank does business in Saipan or elsewhere in the CNMI, it is important to carefully review the statute to maintain full compliance.

Full Text: Public Law 17-69

Additional Coverage: Saipan Tribune: Fitial signs dormant account bill into law