EXPLANATION: CAPITALS INDICATE MAT TER ADDED TO EXISTING LAW.
[Brackets] indicate matter deleted from existing law.
Underlining indicates amendments to bill.
Strike out indicates matter stricken from the bill by amendment or deleted from the law by
amendment.
*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
Committee Report: Favorable with amendments
House action: Adopted
Read second time: February 22, 2022
CHAPTER ______
AN ACT concerning 1
Financial Institutions – Abandoned Presumption of Property Abandonment – 2
Notice and Records Revisions 3
FOR the purpose of requiring the holder of presumed abandoned property over a certain 4
value to send written notice to the apparent owner by certified mail, return receipt 5
requested, rather than by first–class mail; requiring the holder of abandoned 6
property over a certain value to keep records relating to that property; altering the 7
circumstances under which certain property is presumed abandoned; altering the 8
circumstances under which the running of the period of abandonment of certain 9
property ceases; providing that the period of abandonment of certain property ceases 10
under certain circumstances; and generally relating to abandoned property. 11
BY repealing and reenacting, without amendments, 12
Article – Commercial Law 13
Section 17–101(a), (i), and (k) 14
Annotated Code of Maryland 15
(2013 Replacement Volume and 2021 Supplement) 16
BY repealing and reenacting, with amendments, 17
Article – Commercial Law 18
Section 17–308.2 and 17–312 17–301, 17–304, 17–308(d), and 17–308.1(b) 19
Annotated Code of Maryland 20
(2013 Replacement Volume and 2021 Supplement) 21
BY repealing and reenacting, without amendments, 22 2 HOUSE BILL 305
Article – Commercial Law 1
Section 17–310 2
Annotated Code of Maryland 3
(2013 Replacement Volume and 2021 Supplement) 4
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 5
That the Laws of Maryland read as follows: 6
Article – Commercial Law 7
17–308.2. 8
(A) Not more than 120 days or less than 30 days before the filing of the report 9
required under § 17–310 of this subtitle, the holder in possession of presumed abandoned 10
property shall send, TO THE APPARENT OWNE R’S LAST KNOWN ADDRESS , a written 11
notice: 12
(1) FOR PRESUMED ABANDONE D PROPERTY VALUED AT $100 OR 13
MORE BUT LESS THAN $10,000, by first–class mail [to the apparent owner of]; OR 14
(2) FOR presumed abandoned property valued at [$100] $10,000 or more 15
[to the owner’s last known address informing], BY CERTIFIED MAIL , RETURN RECEIPT 16
REQUESTED . 17
(B) THE WRITTEN NOTICE SH ALL INFORM the owner that: 18
(1) The holder is in possession of property subject to the provisions of this 19
title; and 20
(2) The property will be considered abandoned unless the owner responds 21
within 30 days of the notification to the holder. 22
17–310. 23
(a) Every person holding funds or other tangible or intangible property presumed 24
abandoned under this subtitle shall report to the Administrator with respect to the property 25
as provided in this section. 26
(b) The report shall be made under oath and shall include: 27
(1) The name, if known, and last known address, if any, of each person who 28
appears from the records of the holder to be the owner of any property valued at $100 or 29
more and presumed abandoned under this subtitle; 30
HOUSE BILL 305 3
(2) In case of unclaimed funds of an insurance corporation, the full name 1
of the insured, annuitant, principal, or claimant, and the last known address according to 2
the insurance corporation’s records; 3
(3) The nature and identifying number, if any, or description of the 4
property and the amount which appears from the records to be due, except that items 5
valued at less than $100 each may be reported in the aggregate; 6
(4) The date when the property became payable, demandable, or 7
returnable, and the date of the last transaction with the owner with respect to the property; 8
and 9
(5) Any other information which the Administrator prescribes by rule as 10
necessary for the administration of this title. 11
(c) If the person holding property presumed abandoned is a successor to any other 12
person who previously held the property for the owner, or if the holder has changed his 13
name while holding the property, the person shall file with the report all prior known 14
names and addresses of each holder of the property. 15
(d) The report shall be for the period of July 1 through June 30 of each year and 16
filed no later than October 31 of that year. However, the reporting period for an insurance 17
corporation shall be from January 1 through December 31 of each year and the report shall 18
be filed no later than April 30 of the following year. The Administrator may postpone the 19
reporting date on the written request of any person required to file a report. 20
(e) Verification, if made by a partnership, shall be executed by a partner; if made 21
by an unincorporated association or private corporation, by an officer; and if made by a 22
public corporation, by its chief fiscal officer. 23
17–312. 24
(A) Every person who has filed a report as provided in § 17–310 of this subtitle, 25
at the time of the filing of the report, shall pay or deliver to the Administrator all abandoned 26
property specified in the report. 27
(B) (1) A HOLDER SHALL KEEP ACCURATE RECORDS RELATING TO 28
ABANDONED PROPERTY V ALUED AT $10,000 OR MORE FOR AT LEAST 3 YEARS AFTER 29
THE HOLDER HAS PAID OR DELIVERED THE ABA NDONED PROPERTY TO T HE 30
ADMINISTRATOR . 31
(2) THE RECORDS SHALL BE SUFFICIENT TO ALLOW A PERSON WHO 32
IS ABLE TO RECOVER THE ABANDONED PROPERTY T O ESTABLISH A TAX BA SIS. 33
17–101. 34
4 HOUSE BILL 305
(a) In this title the following words have the meanings indicated. 1
(i) “Holder” means any person who is: 2
(1) In possession of property subject to this title belonging to another; 3
(2) A trustee, in the case of a trust; or 4
(3) Indebted to another on an obligation subject to this title. 5
(k) “Owner” means: 6
(1) In the case of a deposit, a depositor or a person entitled to receive the 7
funds as reflected on the records of the bank or financial organization; 8
(2) In the case of a trust, a beneficiary; 9
(3) In the case of other choses in action, a creditor, claimant, or payee; 10
(4) In the case of abandoned property in federal custody, the person who is 11
defined as the owner by any applicable federal law; or 12
(5) Any person who has a legal or equitable interest in property subject to 13
this title, or the legal representative of that person. 14
17–301. 15
(a) (1) FOR PURPOSES OF THIS SECTION AND SUBJECT TO PARAGRAPH 16
(2) OF THIS SUBSECTION , A HOLDER SHALL BE DE EMED TO NO LONGER HA VE A 17
VALID ADDRESS FOR TH E OWNER OF THE PROPE RTY AS OF THE LATER OF: 18
(I) THE DATE A SECOND COM MUNICATION IS RETURN ED BY 19
THE U.S. POSTAL SERVICE TO A HOLDER A S UNDELIVERABLE TO A N APPARENT 20
OWNER, IF: 21
1. THE HOLDER SENT THE S ECOND COMMUNICATION TO 22
THE APPARENT OWNER B Y FIRST–CLASS MAIL; AND 23
2. A PREVIOUS COMMUNICATI ON WAS: 24
A. SENT BY FIRST–CLASS MAIL; 25
B. SENT IMMEDIATELY PREC EDING THE SECOND 26
COMMUNICATION ; AND 27
HOUSE BILL 305 5
C. RETURNED B Y THE U.S. POSTAL SERVICE TO THE 1
HOLDER AS UNDELIVERA BLE TO THE APPARENT OWNER; OR 2
(II) THE DATE A PREVIOUS C OMMUNICATION IS RETU RNED BY 3
THE U.S. POSTAL SERVICE TO A HOLDER A S UNDELIVERABLE TO A N APPARENT 4
OWNER, IF THE HOLDER: 5
1. SENT THE PREVIOUS COMMUNICATION TO THE 6
APPARENT OWNER : 7
A. BY FIRST–CLASS MAIL; AND 8
B. IMMEDIATELY PRECEDING A SECOND 9
COMMUNICATION ; AND 10
2. SENT THE SECOND COMMU NICATION TO THE 11
APPARENT OWNER : 12
A. BY FIRST–CLASS MAIL; AND 13
B. MORE THAN 30 DAYS AFTER THE PREVI OUS 14
COMMUNICATION UNDER THIS SUBPARAGRAPH WA S SENT. 15
(2) (I) SUBJECT TO SUBPARAGRA PH (II) OF THIS PARAGRAPH , IF 16
THE HOLDER DOES NOT SEND COMMUNICATIONS TO AN APPARENT OWNER BY 17
FIRST–CLASS MAIL, THE HOLDER SHALL ATT EMPT TO CONFIRM THE APPARE NT 18
OWNER’S INTEREST IN THE PR OPERTY BY E–MAILING THE APPARENT OWNER NOT 19
LATER THAN 2 YEARS AFTER THE APPA RENT OWNER ’S LAST INDICATION OF 20
INTEREST IN THE PROP ERTY. 21
(II) THE HOLDER SHALL PROM PTLY ATTEMPT TO CONT ACT THE 22
APPARENT OWNER BY FIRST–CLASS MAIL IF: 23
1. THE HOLDER DOES NOT H AVE THE INFORMATION 24
NEEDED TO SEND AN E –MAIL TO THE APPARENT OWNER; 25
2. THE HOLDER BELIEVES T HE APPARENT OWNER ’S 26
E–MAIL ADDRESS IN THE HOLDER’S RECORDS IS NOT VAL ID; 27
3. THE HOLDER RECEIVES N OTIFICATION THAT THE 28
E–MAIL WAS NOT RECEIVE D; OR 29
4. THE APPARENT OWNER DO ES NOT RESPOND TO TH E 30
E–MAIL COMMUNICATION W ITHIN 30 DAYS AFTER THE E –MAIL WAS SENT. 31 6 HOUSE BILL 305
(III) 1. IF A MAILING SENT IN ACCORDANCE WITH 1
SUBPARAGRAPH (II) OF THIS PARAGRAPH IS RETURNED BY THE U.S. POSTAL 2
SERVICE TO THE HOLDER AS UNDELIVERABLE TO THE APPARENT OWNER , THE 3
MAILING SHALL CONSTI TUTE A COMMUNICATION FOR PURPOSES OF PARA GRAPH (1) 4
OF THIS SUBSECTION . 5
2. IF A MAILING SENT IN ACCORDANCE WITH 6
SUBPARAGRAPH (II) OF THIS PARAGRAPH IS NOT RETURNED BY THE U.S. POSTAL 7
SERVICE TO THE HOLDER AS UNDELIVERABLE TO THE APPARENT OWNER , THE 8
HOLDER SHALL BE PRES UMED TO HAVE A VALID ADDRESS FOR THE OWNE R OF THE 9
PROPERTY. 10
(B) The following property held by a banking or financial organization, or business 11
association is presumed abandoned: 12
(1) Any demand, savings, or matured time deposit account made with a 13
banking organization, together with any interest or dividend on it, excluding any charges 14
that lawfully may be withheld, [unless, within 3 years,] 3 YEARS AFTER THE LATE R OF: 15
(I) THE DATE THE HOLDER I S DEEMED TO NO LONGE R HAVE A 16
VALID ADDRESS FOR TH E OWNER OF THE PROPE RTY; OR 17
(II) THE DATE the owner [has] LAST: 18
[(i)] 1. Increased or decreased the amount of the deposit; 19
[(ii)] 2. Presented evidence of the deposit for the crediting of 20
interest; 21
[(iii)] 3. Corresponded in writing with the banking organization 22
concerning the deposit; 23
[(iv)] 4. Engaged in any credit, trust, or other deposit transaction 24
with the banking organization; or 25
[(v)] 5. Otherwise indicated an interest in the deposit as 26
evidenced by a memorandum on file with the banking organization; 27
(2) Any funds paid toward the purchase of shares or other interest in a 28
financial organization, or any deposit made with these funds, and any interest or dividends 29
on these, excluding any charges that lawfully may be withheld, [unless, within 3 years,] 3 30
YEARS AFTER THE LATE R OF: 31
HOUSE BILL 305 7
(I) THE DATE THE HOLDER I S DEEMED TO NO LONGE R HAVE A 1
VALID ADDRESS FOR TH E OWNER OF THE PROPE RTY; OR 2
(II) THE DATE the owner [has] LAST: 3
[(i)] 1. Increased or decreased the amount of the funds or deposit, 4
or presented an appropriate record for the crediting of interest or dividends; 5
[(ii)] 2. Corresponded in writing with the financial organization 6
concerning the funds or deposit; 7
[(iii)] 3. Engaged in any credit, share, or other deposit transaction 8
with the financial organization; or 9
[(iv)] 4. Otherwise indicated an interest in the funds or deposit as 10
evidenced by a memorandum on file with the financial organization; 11
(3) Any sum payable on a check certified in this State or on a written 12
instrument issued in this State on which a banking or financial organization or business 13
association is directly liable, including any certificate of deposit, draft, traveler’s check, and 14
money order, that has been outstanding for more than 3 years from the date it was payable 15
(or 15 years in the case of a traveler’s check) or, if payable on demand, from the date of its 16
issuance, unless, within 3 years or 15 years in the case of a traveler’s check, the owner has: 17
(i) Corresponded in writing with the banking or financial 18
organization or business association concerning it; or 19
(ii) Otherwise indicated an interest as evidenced by a memorandum 20
on file with the banking or financial organization or business association; and 21
(4) Any property removed from a safekeeping repository on which the lease 22
or rental period has expired or any surplus amounts arising from the sale of the property 23
pursuant to law, that have been unclaimed by the owner for more than 3 years from the 24
date on which the lease or rental period expired. 25
[(b)] (C) Nothing in this section shall be construed to apply to any demand, 26
savings, or matured time deposits that are designated subject to the order of any court of 27
this State. 28
[(c)] (D) Property is subject to the custody of this State as unclaimed property if 29
the conditions raising a presumption of abandonment under this section are met and: 30
(1) The last known address, as shown on the records of the holder, of the 31
apparent owner is in this State; 32
8 HOUSE BILL 305
(2) The records of the holder do not reflect the identity of the person 1
entitled to the property and it is established that the last known address of the person 2
entitled to the property is in this State; 3
(3) The records of the holder do not reflect the last known address of the 4
apparent owner, and it is established that: 5
(i) The last known address of the person entitled to the property is 6
in this State; or 7
(ii) The holder is a domiciliary or a government or governmental 8
subdivision or agency of this State and has not previously paid or delivered the property to 9
the State of the last known address of the apparent owner or other person entitled to the 10
property; 11
(4) The last known address, as shown on the records of the holder, of the 12
apparent owner is in a state that does not provide by law for the escheat or custodial taking 13
of the property or its escheat or unclaimed property law is not applicable to the property 14
and the holder is a domiciliary or a government or governmental subdivision or agency of 15
this State; 16
(5) The last known address, as shown on the records of the holder, of the 17
apparent owner is in a foreign nation and the holder is a domiciliary or a government or 18
governmental subdivision or agency of this State; or 19
(6) The transaction out of which the property arose occurred in this State 20
and: 21
(i) The last known address of the apparent owner or other person 22
entitled to the property is unknown or the last known address of the apparent owner or 23
other person entitled to the property is in a state that does not provide by law for the escheat 24
or custodial taking of the property or its escheat or unclaimed property law is not applicable 25
to the property; and 26
(ii) The holder is a domiciliary of a state that does not provide by law 27
for the escheat or custodial taking of the property or its escheat or unclaimed property law 28
is not applicable to the property. 29
(E) (1) THE RUNNING OF THE 3–YEAR PERIOD OF ABAND ONMENT CEASES 30
IMMEDIATELY ON : 31
(I) THE HOLDER OBTAINING A VALID ADDRESS FOR THE 32
OWNER OF THE PROPERT Y; OR 33
(II) THE OCCURRENCE OF AN ACTION REFERRED TO IN 34
SUBSECTION (B)(1)(II) OR (2)(II) OF THIS SECTION. 35 HOUSE BILL 305 9
(2) IF ANY FUTURE DIVIDEN D, DISTRIBUTION, OR OTHER SUM 1
PAYABLE TO THE OWNER AS A RESULT OF THE I NTEREST IS SUBSEQUEN TLY NOT 2
CLAIMED BY THE OWNER , A NEW PERIOD OF ABAN DONMENT COMMENCES AN D 3
RELATES BACK TO THE TIME A S UBSEQUENT DIVIDEND , DISTRIBUTION, OR OTHER 4
SUM BECAME DUE AND P AYABLE. 5
17–304. 6
(a) (1) FOR PURPOSES OF THIS SECTION AND SUBJECT TO PARAGRAPH 7
(2) OF THIS SUBSECTION , A HOLDER SHALL BE DE EMED TO NO LONGER HA VE A 8
VALID ADDRESS FOR TH E OWNER OF THE PROPERT Y AS OF THE LATER OF : 9
(I) THE DATE A SECOND COM MUNICATION IS RETURN ED BY 10
THE U.S. POSTAL SERVICE TO A HOLDER A S UNDELIVERABLE TO A N APPARENT 11
OWNER, IF: 12
1. THE HOLDER SENT THE S ECOND COMMUNICATION TO 13
THE APPARENT OWNER B Y FIRST–CLASS MAIL; AND 14
2. A PREVIOUS COMMUNICATI ON WAS: 15
A. SENT BY FIRST–CLASS MAIL; 16
B. SENT IMMEDIATELY PREC EDING THE SECOND 17
COMMUNICATION ; AND 18
C. RETURNED BY THE U.S. POSTAL SERVICE TO THE 19
HOLDER AS UNDELIVERA BLE TO THE APPARENT OWNER; OR 20
(II) THE DATE A PREVIOUS C OMMUNICATION IS RETU RNED BY 21
THE U.S. POSTAL SERVICE TO A HOLDER A S UNDELIVERABLE TO A N APPARENT 22
OWNER, IF THE HOLDER: 23
1. SENT THE PREVIOUS COM MUNICATION TO THE 24
APPARENT OWNER : 25
A. BY FIRST–CLASS MAIL; AND 26
B. IMMEDIATELY PRECEDING A SECOND 27
COMMUNICATION ; AND 28
2. SENT THE SECOND COMMU NICATION TO THE 29
APPARENT OWNER : 30
10 HOUSE BILL 305
A. BY FIRST–CLASS MAIL; AND 1
B. MORE THAN 30 DAYS AFTER THE PREVI OUS 2
COMMUNICATION UNDER THIS SUBPARAGRAPH WA S SENT. 3
(2) (I) SUBJECT TO SUBPARAGRA PH (II) OF THIS PARAGRAPH , IF 4
THE HOLDER DOES NOT SEND COMMUNICATIONS TO AN APPARENT OWNER BY 5
FIRST–CLASS MAIL, THE HOLDER SHALL ATT EMPT TO CONFIRM THE APPARENT 6
OWNER’S INTEREST IN THE PR OPERTY BY E–MAILING THE APPARENT OWNER NOT 7
LATER THAN 2 YEARS AFTER THE APPA RENT OWNER ’S LAST INDICATION OF 8
INTEREST IN THE PROP ERTY. 9
(II) THE HOLDER SHALL PROM PTLY ATTEMPT TO CONT ACT THE 10
APPARENT OWNER BY FI RST–CLASS MAIL IF: 11
1. THE HOLDER DOES NOT H AVE THE INFORMATION 12
NEEDED TO SEND AN E –MAIL TO THE APPARENT OWNE R; 13
2. THE HOLDER BELIEVES T HE APPARENT OWNER ’S 14
E–MAIL ADDRESS IN THE HOLDER’S RECORDS IS NOT VAL ID; 15
3. THE HOLDER RECEIVES N OTIFICATION THAT THE 16
E–MAIL WAS NOT RECEIVE D; OR 17
4. THE APPARENT OWNER DO ES NOT RESPOND TO TH E 18
E–MAIL COMMUNICATION W ITHIN 30 DAYS AFTER THE E –MAIL WAS SENT. 19
(III) 1. IF A MAILING SENT IN ACCORDANCE WITH 20
SUBPARAGRAPH (II) OF THIS PARAGRAPH IS RETURNED BY THE U.S. POSTAL 21
SERVICE TO THE HOLDER AS UNDELIVERABLE TO THE APPARENT OWNER , THE 22
MAILING SHALL CONSTITUTE A C OMMUNICATION FOR PUR POSES OF PARAGRAPH (1) 23
OF THIS SUBSECTION . 24
2. IF A MAILING SENT IN ACCORDANCE WITH 25
SUBPARAGRAPH (II) OF THIS PARAGRAPH IS NOT RETURNED BY THE U.S. POSTAL 26
SERVICE TO THE HOLDER AS UNDELIVERABLE TO THE APPARENT OW NER, THE 27
HOLDER SHALL BE PRES UMED TO HAVE A VALID ADDRESS FOR THE OWNE R OF THE 28
PROPERTY. 29
(B) Any stock or other certificate of ownership, or any dividend, profit, 30
distribution, interest, payment on principal, or other sum held by a business association for 31
or to a shareholder, certificate holder, member, bondholder or other security holder, or 32
participating patron of a cooperative[, who has not claimed it or corresponded in writing 33 HOUSE BILL 305 11
with the business association concerning it within 3 years after the date prescribed for 1
payment or delivery,] is presumed abandoned 3 YEARS AFTER THE LATE R OF: 2
(1) THE DATE THE HOLDER I S DEEMED TO NO LONGE R HAVE A VALID 3
ADDRESS FOR THE OWNE R OF THE PROPERTY ; OR 4
(2) THE DATE THE OWNER LA ST COMMUNICATED WITH THE BUSINESS 5
ASSOCIATION REGARDIN G THE PROPERTY if: 6
[(1)] (I) It is held by a business association organized under the laws of 7
or created in this State; 8
[(2)] (II) It is held by a business association doing business in this State 9
but not organized under the laws of this State, and the records of the business association 10
indicate that the last known address of the person entitled to it is in this State; or 11
[(3)] (III) It is held by a business association not doing business in this 12
State and not organized under the laws of this State, but the records of the business 13
association indicate that the last known address of the person entitled to it is in this State. 14
[(b)] (C) This section shall apply to the stock or other certificate of ownership on, 15
for or from which the amounts described in subsection [(a)] (B) of this section have been 16
presumed abandoned ONLY if [the]: 17
(1) THE HOLDER IS DEEMED TO NO LONGER HAVE A VALID ADDRESS 18
FOR THE OWNER OF THE PROPERTY FOR THE PRE CEDING 3 YEARS; OR 19
(2) THE owner of said underlying stock or certificate has not, within the 20
3–year period giving rise to the presumption of abandonment: 21
[(1)] (I) Communicated in writing with the association regarding the 22
interest or a dividend, distribution, or other sum payable as a result of the interest; or 23
[(2)] (II) Otherwise communicated with the association regarding the 24
interest or a dividend, distribution, or other sum payable as a result of the interest, as 25
evidenced by a memorandum or other record on file with the association prepared by an 26
employee of the association. 27
[(c)] (D) (1) At the expiration of a 3–year period following the failure of the 28
owner to claim a dividend, distribution, or other sum payable to the owner as a result of 29
the interest, the interest is not presumed abandoned unless there have been at least 3 30
dividends, distributions, or other sums paid during the period, none of which has been 31
claimed by the owner. 32
12 HOUSE BILL 305
(2) If 3 dividends, distributions, or other sums are paid during the 3–year 1
period, the period leading to a presumption of abandonment commences on the date 2
payment of the first such unclaimed dividend, distribution, or other sum became due and 3
payable. 4
(3) If 3 dividends, distributions, or other sums are not paid during the 5
presumptive period, the period continues to run until there have been 3 dividends, 6
distributions, or other sums that have not been claimed by the owner. 7
[(d)] (E) (1) The running of the 3–year period of abandonment ceases 8
immediately upon [the]: 9
(I) THE HOLDER OBTAINING A VALID ADDRESS FOR THE 10
OWNER OF THE PROPERT Y; OR 11
(II) THE occurrence of a communication referred to in subsection 12
[(b)] (C)(2) of this section. 13
(2) If any future dividend, distribution, or other sum payable to the owner 14
as a result of the interest is subsequently not claimed by the owner, a new period of 15
abandonment commences and relates back to the time a subsequent dividend, distribution, 16
or other sum became due and payable. 17
[(e)] (F) At the time an interest is presumed abandoned under this section, any 18
dividend, distribution, or other sum then held for or owing to the owner as a result of the 19
interest, and not previously presumed abandoned, is presumed abandoned. 20
[(f)] (G) This section does not apply to any stock or other intangible ownership 21
interest enrolled in a plan that provides for the automatic reinvestment of dividends, 22
distributions, or other sums payable as a result of the interest unless the records available 23
to the Administrator of the plan show, with respect to any intangible ownership interest 24
not enrolled in the reinvestment plan, that [the]: 25
(1) THE HOLDER IS DEEMED TO NO LONGER HAVE A VALID ADDRESS 26
FOR THE OWNER OF THE STOCK OR OTHER INTANGIBLE OWNERSHIP INTEREST; OR 27
(2) THE owner has not within 3 years communicated in any manner 28
described in subsection [(b)] (C)(2) of this section. 29
[(g)] (H) (1) The holder of an interest under this section shall deliver a 30
duplicate certificate or other evidence of ownership if the holder does not issue certificates 31
of ownership to the Administrator. 32
(2) Upon delivery of a duplicate certificate to the Administrator, the holder 33
and any transfer agent, registrar, or other person acting for or on behalf of a holder in 34 HOUSE BILL 305 13
executing or delivering the duplicate certificate is relieved of all liability of every kind in 1
accordance with the provision of § 17–313 of this subtitle to every person, including any 2
person acquiring the original certificate or the duplicate of the certificate issued to the 3
Administrator, for any losses or damages resulting to any person by the issuance and 4
delivery to the Administrator of the duplicate certificate. 5
17–308. 6
(d) Property is reportable to this State under subsection (b) of this section under 7
the priority rules established under § [17–301(c)] 17–301(D) of this subtitle. 8
17–308.1. 9
(b) A holder may consider a money order dormant or inactive for purposes of 10
imposing a service charge if the owner has taken none of the actions set forth in § 11
[17–301(a)(3)] 17–301(B)(3) of this subtitle for 1 year from the date of issuance of the 12
money order. 13
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect 14
October 1, 2022. 15
Approved:
________________________________________________________________________________
Governor.
________________________________________________________________________________
Speaker of the House of Delegates.
________________________________________________________________________________
President of the Senate.