EXPLANATION: CAPITALS INDICATE MAT TER ADDED TO EXISTIN G 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.
Italics indicate opposite chamber/conference committee amendments.
*hb0305*
HOUSE BILL 305
I1 (2lr1949)
ENROLLED BILL
— Economic Matters/Finance —
Introduced by Delegate Kerr
Read and Examined by Proofreaders:
_______________________________________________
Proofreader.
_______________________________________________
Proofreader.
Sealed with the Great Seal and presented to the Governor, for his approval this
_______ day of _______________ at _________________ _______ o’clock, ________M.
______________________________________________
Speaker.
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 2 HOUSE BILL 305
Annotated Code of Maryland 1
(2013 Replacement Volume and 2021 Supplement) 2
BY repealing and reenacting, with amendments, 3
Article – Commercial Law 4
Section 17–308.2 and 17–312 17–301, 17–304, 17–308(d), and 17–308.1(b) 5
Annotated Code of Maryland 6
(2013 Replacement Volume and 2021 Supplement) 7
BY repealing and reenacting, without amendments, 8
Article – Commercial Law 9
Section 17–310 10
Annotated Code of Maryland 11
(2013 Replacement Volume and 2021 Supplement) 12
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 13
That the Laws of Maryland read as follows: 14
Article – Commercial Law 15
17–308.2. 16
(A) Not more than 120 days or less than 30 days before the filing of the report 17
required under § 17–310 of this subtitle, the holder in possession of presumed abandoned 18
property shall send, TO THE APPARENT OWNE R’S LAST KNOWN ADDRESS , a written 19
notice: 20
(1) FOR PRESUMED ABANDONE D PROPERTY VALUED AT $100 OR 21
MORE BUT LESS THAN $10,000, by first–class mail [to the apparent owner of]; OR 22
(2) FOR presumed abandoned property valued at [$100] $10,000 or more 23
[to the owner’s last known address informing], BY CERTIFIED MAIL , RETURN RECEIPT 24
REQUESTED . 25
(B) THE WRITTEN NOTICE SH ALL INFORM the owner that: 26
(1) The holder is in possession of property subject to the provisions of this 27
title; and 28
(2) The property will be considered abandoned unless the owner responds 29
within 30 days of the notification to the holder. 30
17–310. 31
HOUSE BILL 305 3
(a) Every person holding funds or other tangible or intangible property presumed 1
abandoned under this subtitle shall report to the Administrator with respect to the property 2
as provided in this section. 3
(b) The report shall be made under oath and shall include: 4
(1) The name, if known, and last known address, if any, of each person who 5
appears from the records of the holder to be the owner of any property valued at $100 or 6
more and presumed abandoned under this subtitle; 7
(2) In case of unclaimed funds of an insurance corporation, the full name 8
of the insured, annuitant, principal, or claimant, and the last known address according to 9
the insurance corporation’s records; 10
(3) The nature and identifying number, if any, or description of the 11
property and the amount which appears from the records to be due, except that items 12
valued at less than $100 each may be reported in the aggregate; 13
(4) The date when the property became payable, demandable, or 14
returnable, and the date of the last transaction with the owner with respect to the property; 15
and 16
(5) Any other information which the Administrator prescribes by rule as 17
necessary for the administration of this title. 18
(c) If the person holding property presumed abandoned is a successor to any other 19
person who previously held the property for the owner, or if the holder has changed his 20
name while holding the property, the person shall file with the report all prior known 21
names and addresses of each holder of the property. 22
(d) The report shall be for the period of July 1 through June 30 of each year and 23
filed no later than October 31 of that year. However, the reporting period for an insurance 24
corporation shall be from January 1 through December 31 of each year and the report shall 25
be filed no later than April 30 of the following year. The Administrator may postpone the 26
reporting date on the written request of any person required to file a report. 27
(e) Verification, if made by a partnership, shall be executed by a partner; if made 28
by an unincorporated association or private corporation, by an officer; and if made by a 29
public corporation, by its chief fiscal officer. 30
17–312. 31
(A) Every person who has filed a report as provided in § 17–310 of this subtitle, 32
at the time of the filing of the report, shall pay or deliver to the Administrator all abandoned 33
property specified in the report. 34
4 HOUSE BILL 305
(B) (1) A HOLDER SHALL KEEP ACCURATE RECORDS REL ATING TO 1
ABANDONED PROPERTY V ALUED AT $10,000 OR MORE FOR AT LEAST 3 YEARS AFTER 2
THE HOLDER HAS PAID OR DELIVERED THE ABA NDONED PROPERTY TO T HE 3
ADMINISTRATOR . 4
(2) THE RECORDS SHALL BE SUFFICIENT TO ALLOW A PERSON WHO 5
IS ABLE TO RECOVER THE ABANDONE D PROPERTY TO ESTABL ISH A TAX BASIS. 6
17–101. 7
(a) In this title the following words have the meanings indicated. 8
(i) “Holder” means any person who is: 9
(1) In possession of property subject to this title belonging to another; 10
(2) A trustee, in the case of a trust; or 11
(3) Indebted to another on an obligation subject to this title. 12
(k) “Owner” means: 13
(1) In the case of a deposit, a depositor or a person entitled to receive the 14
funds as reflected on the records of the bank or financial organization; 15
(2) In the case of a trust, a beneficiary; 16
(3) In the case of other choses in action, a creditor, claimant, or payee; 17
(4) In the case of abandoned property in federal custody, the person who is 18
defined as the owner by any applicable federal law; or 19
(5) Any person who has a legal or equitable interest in property subject to 20
this title, or the legal representative of that person. 21
17–301. 22
(a) (1) FOR PURPOSES OF THIS SECTION AND SUBJECT TO PARAGRAPH 23
(2) OF THIS SUBSECTION, A HOLDER SHALL BE DE EMED TO NO LONGER HA VE A 24
VALID ADDRESS FOR TH E OWNER OF THE PROPE RTY AS OF THE LATER OF: 25
(I) THE DATE A SECOND COM MUNICATION IS RETURN ED BY 26
THE U.S. POSTAL SERVICE TO A HOLDER A S UNDELIVERABLE TO A N APPARENT 27
OWNER, IF: 28
HOUSE BILL 305 5
1. THE HOLDER SENT THE S ECOND COMMUNICATION TO 1
THE APPARENT OWNER B Y FIRST–CLASS MAIL; AND 2
2. A PREVIOUS COMMUNICATI ON WAS: 3
A. SENT BY FIRST–CLASS MAIL; 4
B. SENT IMMEDIATELY PREC EDING THE SECOND 5
COMMUNICATION ; AND 6
C. RETURNED BY THE U.S. POSTAL SERVICE TO THE 7
HOLDER AS UNDELIVERA BLE TO THE APPARENT OWNER; OR 8
(II) THE DATE A PREVIOUS C OMMUNICATION IS RETU RNED BY 9
THE U.S. POSTAL SERVICE TO A HOLDER A S UNDELIVERABLE TO A N APPARENT 10
OWNER, IF THE HOLDER: 11
1. SENT THE PREVIOUS COM MUNICATION TO THE 12
APPARENT OWNER : 13
A. BY FIRST–CLASS MAIL; AND 14
B. IMMEDIATELY PRECEDING A SECOND 15
COMMUNICATION ; AND 16
2. SENT THE SECOND COMMU NICATION TO THE 17
APPARENT OWNER : 18
A. BY FIRST–CLASS MAIL; AND 19
B. MORE THAN 30 DAYS AFTER THE PREVI OUS 20
COMMUNICATION UNDER THIS SUBPARAGRAPH WA S SENT. 21
(2) (I) SUBJECT TO SUBPARAGRA PH (II) OF THIS PARAGRAPH , IF 22
THE HOLDER DOES NOT SEND COMMUNICATIONS TO AN APPARENT OWNER BY 23
FIRST–CLASS MAIL, THE HOLDER SHALL ATT EMPT TO CONFIRM THE APPARE NT 24
OWNER’S INTEREST IN THE PR OPERTY BY E–MAILING THE APPARENT OWNER NOT 25
LATER THAN 2 YEARS AFTER THE APPA RENT OWNER ’S LAST INDICATION OF 26
INTEREST IN THE PROP ERTY. 27
(II) THE HOLDER SHALL PROM PTLY ATTEMPT TO CONT ACT THE 28
APPARENT OWNER BY FIRST–CLASS MAIL IF: 29
6 HOUSE BILL 305
1. THE HOLDER DOES NOT H AVE THE INFORMATION 1
NEEDED TO SEND AN E –MAIL TO THE APPARENT OWNER; 2
2. THE HOLDER BELIEVES T HE APPARENT OWNER ’S 3
E–MAIL ADDRESS IN THE HOLDER’S RECORDS IS NOT VAL ID; 4
3. THE HOLDER RECEIVES N OTIFICATION THAT THE 5
E–MAIL WAS NOT RECEIVE D; OR 6
4. THE APPARENT OWNER DO ES NOT RESPOND TO TH E 7
E–MAIL COMMUNICATION W ITHIN 30 DAYS AFTER THE E –MAIL WAS SENT. 8
(III) 1. IF A MAILING SENT IN ACCORDANCE WITH 9
SUBPARAGRAPH (II) OF THIS PARAGRAPH IS RE TURNED BY THE U.S. POSTAL 10
SERVICE TO THE HOLDER AS UNDELIVERABLE TO THE APPARENT OWNER , THE 11
MAILING SHALL CONSTI TUTE A COMMUNICATION FOR PURPOSES OF PARA GRAPH (1) 12
OF THIS SUBSECTION . 13
2. IF A MAILING SENT IN ACCORDANCE WITH 14
SUBPARAGRAPH (II) OF THIS PARAGRAPH IS NOT RETURNED BY THE U.S. POSTAL 15
SERVICE TO THE HOLDER AS UNDELIVERABLE TO THE APPARENT OWNER , THE 16
HOLDER SHALL BE PRES UMED TO HAVE A VALID ADDRESS FOR THE OWNE R OF THE 17
PROPERTY. 18
(B) The following property held by a banking or financial organization, or business 19
association is presumed abandoned: 20
(1) Any demand, savings, or matured time deposit account made with a 21
banking organization, together with any interest or dividend on it, excluding any charges 22
that lawfully may be withheld, [unless, within 3 years,] 3 YEARS AFTER THE LATE R OF: 23
(I) THE DATE THE HOLDER I S DEEMED TO NO LONGE R HAVE A 24
VALID ADDRESS FOR TH E OWNER OF THE PROPE RTY; OR 25
(II) THE DATE the owner [has] LAST: 26
[(i)] 1. Increased or decreased the amount of the deposit; 27
[(ii)] 2. Presented evidence of the deposit for the crediting of 28
interest; 29
[(iii)] 3. Corresponded in writing with the banking organization 30
concerning the deposit; 31
HOUSE BILL 305 7
[(iv)] 4. Engaged in any credit, trust, or other deposit transaction 1
with the banking organization; or 2
[(v)] 5. Otherwise indicated an interest in the deposit as 3
evidenced by a memorandum on file with the banking organization; 4
(2) Any funds paid toward the purchase of shares or other interest in a 5
financial organization, or any deposit made with these funds, and any interest or dividends 6
on these, excluding any charges that lawfully may be withheld, [unless, within 3 years,] 3 7
YEARS AFTER THE LATE R OF: 8
(I) THE DATE THE HOLDER I S DEEMED TO NO LONGE R HAVE A 9
VALID ADDRESS FOR TH E OWNER OF THE PROPE RTY; OR 10
(II) THE DATE the owner [has] LAST: 11
[(i)] 1. Increased or decreased the amount of the funds or deposit, 12
or presented an appropriate record for the crediting of interest or dividends; 13
[(ii)] 2. Corresponded in writing with the financial organization 14
concerning the funds or deposit; 15
[(iii)] 3. Engaged in any credit, share, or other deposit transaction 16
with the financial organization; or 17
[(iv)] 4. Otherwise indicated an interest in the funds or deposit as 18
evidenced by a memorandum on file with the financial organization; 19
(3) Any sum payable on a check certified in this State or on a written 20
instrument issued in this State on which a banking or financial organization or business 21
association is directly liable, including any certificate of deposit, draft, traveler’s check, and 22
money order, that has been outstanding for more than 3 years from the date it was payable 23
(or 15 years in the case of a traveler’s check) or, if payable on demand, from the date of its 24
issuance, unless, within 3 years or 15 years in the case of a traveler’s check, the owner has: 25
(i) Corresponded in writing with the banking or financial 26
organization or business association concerning it; or 27
(ii) Otherwise indicated an interest as evidenced by a memorandum 28
on file with the banking or financial organization or business association; and 29
(4) Any property removed from a safekeeping repository on which the lease 30
or rental period has expired or any surplus amounts arising from the sale of the property 31
pursuant to law, that have been unclaimed by the owner for more than 3 years from the 32
date on which the lease or rental period expired. 33
8 HOUSE BILL 305
[(b)] (C) Nothing in this section shall be construed to apply to any demand, 1
savings, or matured time deposits that are designated subject to the order of any court of 2
this State. 3
[(c)] (D) Property is subject to the custody of this State as unclaimed property if 4
the conditions raising a presumption of abandonment under this section are met and: 5
(1) The last known address, as shown on the records of the holder, of the 6
apparent owner is in this State; 7
(2) The records of the holder do not reflect the identity of the person 8
entitled to the property and it is established that the last known address of the person 9
entitled to the property is in this State; 10
(3) The records of the holder do not reflect the last known address of the 11
apparent owner, and it is established that: 12
(i) The last known address of the person entitled to the property is 13
in this State; or 14
(ii) The holder is a domiciliary or a government or governmental 15
subdivision or agency of this State and has not previously paid or delivered the property to 16
the State of the last known address of the apparent owner or other person entitled to the 17
property; 18
(4) The last known address, as shown on the records of the holder, of the 19
apparent owner is in a state that does not provide by law for the escheat or custodial taking 20
of the property or its escheat or unclaimed property law is not applicable to the property 21
and the holder is a domiciliary or a government or governmental subdivision or agency of 22
this State; 23
(5) The last known address, as shown on the records of the holder, of the 24
apparent owner is in a foreign nation and the holder is a domiciliary or a government or 25
governmental subdivision or agency of this State; or 26
(6) The transaction out of which the property arose occurred in this State 27
and: 28
(i) The last known address of the apparent owner or other person 29
entitled to the property is unknown or the last known address of the apparent owner or 30
other person entitled to the property is in a state that does not provide by law for the escheat 31
or custodial taking of the property or its escheat or unclaimed property law is not applicable 32
to the property; and 33
(ii) The holder is a domiciliary of a state that does not provide by law 34
for the escheat or custodial taking of the property or its escheat or unclaimed property law 35
is not applicable to the property. 36 HOUSE BILL 305 9
(E) (1) THE RUNNING OF THE 3–YEAR PERIOD OF ABAND ONMENT CEASES 1
IMMEDIATELY ON : 2
(I) (1) THE HOLDER OBTAINING A VALID ADDRESS FOR THE 3
OWNER OF THE PROPERT Y; OR 4
(II) (2) THE OCCURRENCE OF AN ACTION REFERRED TO I N 5
SUBSECTION (B)(1)(II) OR (2)(II) OF THIS SECTION. 6
(2) IF ANY FUTURE DIVIDEN D, DISTRIBUTION, OR OTHER SUM 7
PAYABLE TO THE OWNER AS A RESULT OF THE I NTEREST IS SUBSEQUEN TLY NOT 8
CLAIMED BY THE OWNER , A NEW PERIOD OF ABANDONMENT COMME NCES AND 9
RELATES BACK TO THE TIME A SUBSEQUENT DI VIDEND, DISTRIBUTION, OR OTHER 10
SUM BECAME DUE AND P AYABLE. 11
17–304. 12
(a) (1) FOR PURPOSES OF THIS SECTION AND SUBJECT TO PARAGRAPH 13
(2) OF THIS SUBSECTION , A HOLDER SHALL BE DE EMED TO NO LONGER HAVE A 14
VALID ADDRESS FOR TH E OWNER OF THE PROPE RTY AS OF THE LATER OF: 15
(I) THE DATE A SECOND COM MUNICATION IS RETURN ED BY 16
THE U.S. POSTAL SERVICE TO A HOLDER A S UNDELIVERABLE TO A N APPARENT 17
OWNER, IF: 18
1. THE HOLDER SENT THE S ECOND COMMUNICA TION TO 19
THE APPARENT OWNER B Y FIRST–CLASS MAIL; AND 20
2. A PREVIOUS COMMUNICATI ON WAS: 21
A. SENT BY FIRST–CLASS MAIL; 22
B. SENT IMMEDIATELY PREC EDING THE SECOND 23
COMMUNICATION ; AND 24
C. RETURNED BY THE U.S. POSTAL SERVICE TO THE 25
HOLDER AS UNDEL IVERABLE TO THE APPA RENT OWNER ; OR 26
(II) THE DATE A PREVIOUS C OMMUNICATION IS RETU RNED BY 27
THE U.S. POSTAL SERVICE TO A HOLDER A S UNDELIVERABLE TO A N APPARENT 28
OWNER, IF THE HOLDER: 29
10 HOUSE BILL 305
1. SENT THE PREVIOUS COM MUNICATION TO THE 1
APPARENT OWNER : 2
A. BY FIRST–CLASS MAIL; AND 3
B. IMMEDIATELY PRECEDING A SECOND 4
COMMUNICATION ; AND 5
2. SENT THE SECOND COMMU NICATION TO THE 6
APPARENT OWNER : 7
A. BY FIRST–CLASS MAIL; AND 8
B. MORE THAN 30 DAYS AFTER THE PREVI OUS 9
COMMUNICATION UNDER THIS SUBPARAGRAPH WA S SENT. 10
(2) (I) SUBJECT TO SUBPARAGRA PH (II) OF THIS PARAGRAPH , IF 11
THE HOLDER DOES NOT SEND COMMUNICATIONS TO AN APPARENT OWNER BY 12
FIRST–CLASS MAIL, THE HOLDER SHALL ATT EMPT TO CONFIRM THE APPARE NT 13
OWNER’S INTEREST IN THE PR OPERTY BY E–MAILING THE APPARENT OWNER NOT 14
LATER THAN 2 YEARS AFTER THE APPA RENT OWNER ’S LAST INDICATION OF 15
INTEREST IN THE PROP ERTY. 16
(II) THE HOLDER SHALL PROM PTLY ATTEMPT TO CONT ACT THE 17
APPARENT OWNER BY FIRST–CLASS MAIL IF: 18
1. THE HOLDER DOES NOT H AVE THE INFORMATION 19
NEEDED TO SEND AN E –MAIL TO THE APPARENT OWNER; 20
2. THE HOLDER BELIEVES T HE APPARENT OWNER ’S 21
E–MAIL ADDRESS IN THE HOLDER’S RECORDS IS NOT VAL ID; 22
3. THE HOLDER RECEIVES N OTIFICATION THAT THE 23
E–MAIL WAS NOT RECEIVE D; OR 24
4. THE APPARENT OWNER DO ES NOT RESPOND TO TH E 25
E–MAIL COMMUNICATION W ITHIN 30 DAYS AFTER THE E –MAIL WAS SENT. 26
(III) 1. IF A MAILING SENT IN ACCORDANCE WITH 27
SUBPARAGRAPH (II) OF THIS PARAGRAPH IS RETURNED BY THE U.S. POSTAL 28
SERVICE TO THE HOLDER AS UNDELIVERABLE TO THE APPARENT OWNER , THE 29
MAILING SHALL CONSTI TUTE A COMMUNICATION FOR PURPOSES OF PARA GRAPH (1) 30
OF THIS SUBSECTION . 31
HOUSE BILL 305 11
2. IF A MAILING SENT IN ACCORDANCE WITH 1
SUBPARAGRAPH (II) OF THIS PARAGRAPH IS NOT RETURNED BY THE U.S. POSTAL 2
SERVICE TO THE HOLDER AS UNDELIVERABLE TO THE APPARENT OWNER , THE 3
HOLDER SHALL BE PRES UMED TO HAVE A VALID ADDRESS FOR THE OWNE R OF THE 4
PROPERTY. 5
(B) Any stock or other certificate of ownership, or any dividend, profit, 6
distribution, interest, payment on principal, or other sum held by a business association for 7
or to a shareholder, certificate holder, member, bondholder or other security holder, or 8
participating patron of a cooperative[, who has not claimed it or corresponded in writing 9
with the business association concerning it within 3 years after the date prescribed for 10
payment or delivery,] is presumed abandoned 3 YEARS AFTER THE LATE R OF: 11
(1) THE DATE THE HOLDER I S DEEMED TO NO LONGE R HAVE A VALID 12
ADDRESS FOR THE OWNE R OF THE PROPERTY ; OR 13
(2) THE DATE THE OWNER LA ST COMMUNICATED WITH THE BUSINESS 14
ASSOCIATION REGARDIN G THE PROPERTY if: 15
[(1)] (I) It is held by a business association organized under the laws of 16
or created in this State; 17
[(2)] (II) It is held by a business association doing business in this State 18
but not organized under the laws of this State, and the records of the business association 19
indicate that the last known address of the person entitled to it is in this State; or 20
[(3)] (III) It is held by a business association not doing business in this 21
State and not organized under the laws of this State, but the records of the business 22
association indicate that the last known address of the person entitled to it is in this State. 23
[(b)] (C) This section shall apply to the stock or other certificate of ownership on, 24
for or from which the amounts described in subsection [(a)] (B) of this section have been 25
presumed abandoned ONLY if [the]: 26
(1) THE HOLDER IS DEEMED TO NO LONGER HAVE A VALID ADDRESS 27
FOR THE OWNER OF THE PROPERTY FOR THE PRE CEDING 3 YEARS; OR 28
(2) THE owner of said underlying stock or certificate has not, within the 29
3–year period giving rise to the presumption of abandonment: 30
[(1)] (I) Communicated in writing with the association regarding the 31
interest or a dividend, distribution, or other sum payable as a result of the interest; or 32
[(2)] (II) Otherwise communicated with the association regarding the 33
interest or a dividend, distribution, or other sum payable as a result of the interest, as 34 12 HOUSE BILL 305
evidenced by a memorandum or other record on file with the association prepared by an 1
employee of the association. 2
[(c)] (D) (1) At the expiration of a 3–year period following the failure of the 3
owner to claim a dividend, distribution, or other sum payable to the owner as a result of 4
the interest, the interest is not presumed abandoned unless there have been at least 3 5
dividends, distributions, or other sums paid during the period, none of which has been 6
claimed by the owner. 7
(2) If 3 dividends, distributions, or other sums are paid during the 3–year 8
period, the period leading to a presumption of abandonment commences on the date 9
payment of the first such unclaimed dividend, distribution, or other sum became due and 10
payable. 11
(3) If 3 dividends, distributions, or other sums are not paid during the 12
presumptive period, the period continues to run until there have been 3 dividends, 13
distributions, or other sums that have not been claimed by the owner. 14
[(d)] (E) (1) The running of the 3–year period of abandonment ceases 15
immediately upon [the]: 16
(I) THE HOLDER OBTAINING A VALID ADDRESS FOR THE 17
OWNER OF THE PROPERT Y; OR 18
(II) THE occurrence of a communication referred to in subsection 19
[(b)] (C)(2) of this section. 20
(2) If any future dividend, distribution, or other sum payable to the owner 21
as a result of the interest is subsequently not claimed by the owner, a new period of 22
abandonment commences and relates back to the time a subsequent dividend, distribution, 23
or other sum became due and payable. 24
[(e)] (F) At the time an interest is presumed abandoned under this section, any 25
dividend, distribution, or other sum then held for or owing to the owner as a result of the 26
interest, and not previously presumed abandoned, is presumed abandoned. 27
[(f)] (G) This section does not apply to any stock or other intangible ownership 28
interest enrolled in a plan that provides for the automatic reinvestment of dividends, 29
distributions, or other sums payable as a result of the interest unless the records available 30
to the Administrator of the plan show, with respect to any intangible ownership interest 31
not enrolled in the reinvestment plan, that [the]: 32
(1) THE HOLDER IS DEEMED TO NO LONGER HAVE A VALID ADDRESS 33
FOR THE OWNER OF THE STOCK OR OTHER INTAN GIBLE OWNERSHIP INTE REST; OR 34
HOUSE BILL 305 13
(2) THE owner has not within 3 years communicated in any manner 1
described in subsection [(b)] (C)(2) of this section. 2
[(g)] (H) (1) The holder of an interest under this section shall deliver a 3
duplicate certificate or other evidence of ownership if the holder does not issue certificates 4
of ownership to the Administrator. 5
(2) Upon delivery of a duplicate certificate to the Administrator, the holder 6
and any transfer agent, registrar, or other person acting for or on behalf of a holder in 7
executing or delivering the duplicate certificate is relieved of all liability of every kind in 8
accordance with the provision of § 17–313 of this subtitle to every person, including any 9
person acquiring the original certificate or the duplicate of the certificate issued to the 10
Administrator, for any losses or damages resulting to any person by the issuance and 11
delivery to the Administrator of the duplicate certificate. 12
17–308. 13
(d) Property is reportable to this State under subsection (b) of this section under 14
the priority rules established under § [17–301(c)] 17–301(D) of this subtitle. 15
17–308.1. 16
(b) A holder may consider a money order dormant or inactive for purposes of 17
imposing a service charge if the owner has taken none of the actions set forth in § 18
[17–301(a)(3)] 17–301(B)(3) of this subtitle for 1 year from the date of issuance of the 19
money order. 20
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect 21
October 1, 2022. 22
Approved:
________________________________________________________________________________
Governor.
________________________________________________________________________________
Speaker of the House of Delegates.
________________________________________________________________________________
President of the Senate.