EXPLANATION: CAPITALS INDICATE MAT TER ADDED TO EXISTIN G LAW.
[Brackets] indicate matter deleted from existing law.
*hb0305*
HOUSE BILL 305
I1 2lr1949
HB 882/20 – ECM
By: Delegate Kerr
Introduced and read first time: January 19, 2022
Assigned to: Economic Matters
A BILL ENTITLED
AN ACT concerning 1
Financial Institutions – Abandoned Property – Notice and Records 2
FOR the purpose of requiring the holder of presumed abandoned property over a certain 3
value to send written notice to the apparent owner by certified mail, return receipt 4
requested, rather than by first–class mail; requiring the holder of abandoned 5
property over a certain value to keep records relating to that property; and generally 6
relating to abandoned property. 7
BY repealing and reenacting, with amendments, 8
Article – Commercial Law 9
Section 17–308.2 and 17–312 10
Annotated Code of Maryland 11
(2013 Replacement Volume and 2021 Supplement) 12
BY repealing and reenacting, without amendments, 13
Article – Commercial Law 14
Section 17–310 15
Annotated Code of Maryland 16
(2013 Replacement Volume and 2021 Supplement) 17
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 18
That the Laws of Maryland read as follows: 19
Article – Commercial Law 20
17–308.2. 21
(A) Not more than 120 days or less than 30 days before the filing of the report 22
required under § 17–310 of this subtitle, the holder in possession of presumed abandoned 23
property shall send, TO THE APPARENT OWNE R’S LAST KNOWN ADDRESS , a written 24 2 HOUSE BILL 305
notice: 1
(1) FOR PRESUMED ABANDONE D PROPERTY VALUED AT $100 OR 2
MORE BUT LESS TH AN $10,000, by first–class mail [to the apparent owner of]; OR 3
(2) FOR presumed abandoned property valued at [$100] $10,000 or more 4
[to the owner’s last known address informing], BY CERTIFIED MAIL , RETURN RECEIPT 5
REQUESTED . 6
(B) THE WRITTEN NOTICE SH ALL INFORM the owner that: 7
(1) The holder is in possession of property subject to the provisions of this 8
title; and 9
(2) The property will be considered abandoned unless the owner responds 10
within 30 days of the notification to the holder. 11
17–310. 12
(a) Every person holding funds or other tangible or intangible property presumed 13
abandoned under this subtitle shall report to the Administrator with respect to the property 14
as provided in this section. 15
(b) The report shall be made under oath and shall include: 16
(1) The name, if known, and last known address, if any, of each person who 17
appears from the records of the holder to be the owner of any property valued at $100 or 18
more and presumed abandoned under this subtitle; 19
(2) In case of unclaimed funds of an insurance corporation, the full name 20
of the insured, annuitant, principal, or claimant, and the last known address according to 21
the insurance corporation’s records; 22
(3) The nature and identifying number, if any, or description of the 23
property and the amount which appears from the records to be due, except that items 24
valued at less than $100 each may be reported in the aggregate; 25
(4) The date when the property became payable, demandable, or 26
returnable, and the date of the last transaction with the owner with respect to the property; 27
and 28
(5) Any other information which the Administrator prescribes by rule as 29
necessary for the administration of this title. 30
(c) If the person holding property presumed abandoned is a successor to any other 31
person who previously held the property for the owner, or if the holder has changed his 32 HOUSE BILL 305 3
name while holding the property, the person shall file with the report all prior known 1
names and addresses of each holder of the property. 2
(d) The report shall be for the period of July 1 through June 30 of each year and 3
filed no later than October 31 of that year. However, the reporting period for an insurance 4
corporation shall be from January 1 through December 31 of each year and the report shall 5
be filed no later than April 30 of the following year. The Administrator may postpone the 6
reporting date on the written request of any person required to file a report. 7
(e) Verification, if made by a partnership, shall be executed by a partner; if made 8
by an unincorporated association or private corporation, by an officer; and if made by a 9
public corporation, by its chief fiscal officer. 10
17–312. 11
(A) Every person who has filed a report as provided in § 17–310 of this subtitle, 12
at the time of the filing of the report, shall pay or deliver to the Administrator all abandoned 13
property specified in the report. 14
(B) (1) A HOLDER SHALL KEEP AC CURATE RECORDS RELAT ING TO 15
ABANDONED PROPERTY V ALUED AT $10,000 OR MORE FOR AT LEAST 3 YEARS AFTER 16
THE HOLDER HAS PAID OR DELIVERED THE ABA NDONED PROPERTY TO THE 17
ADMINISTRATOR . 18
(2) THE RECORDS SHALL BE SUFFICIENT TO ALLOW A PERSON WHO 19
IS ABLE TO RECOVER T HE ABANDONED PROPERT Y TO ESTABLISH A TAX BASIS. 20
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect 21
October 1, 2022. 22