Maryland 2022 Regular Session

Maryland House Bill HB305 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1		-	LAWRENCE J. HOGAN, JR., Governor Ch. 648
2	1
3		-	– 1 –
4		-	Chapter 648
5		-	(House Bill 305)
6	2
7		-	AN ACT concerning
	3	+	EXPLANATION: CAPITALS INDICATE MAT TER ADDED TO EXISTIN G LAW.
	4	+	[Brackets] indicate matter deleted from existing law.
	5	+	Underlining indicates amendments to bill.
	6	+	Strike out indicates matter stricken from the bill by amendment or deleted from the law by
	7	+	amendment.
	8	+	Italics indicate opposite chamber/conference committee amendments.
	9	+	hb0305
8	10
9		-	Financial Institutions – Abandoned Presumption of Property Abandonment –
10		-	Notice and Records Revisions
	11	+	HOUSE BILL 305
	12	+	I1 (2lr1949)
	13	+	ENROLLED BILL
	14	+	— Economic Matters/Finance —
	15	+	Introduced by Delegate Kerr
11	16
12		-	FOR the purpose of requiring the holder of presumed abandoned property over a certain
13		-	value to send written notice to the apparent owner by certified mail, return receipt
14		-	requested, rather than by first–class mail; requiring the holder of abandoned
15		-	property over a certain value to keep records relating to that property; altering the
16		-	circumstances under which certain property is presumed abandoned; altering the
17		-	circumstances under which the running of the period of abandonment of certain
18		-	property ceases; providing that the period of abandonment of certain property ceases
19		-	under certain circumstances; and generally relating to abandoned property.
	17	+	Read and Examined by Proofreaders:
20	18
21		-	BY repealing and reenacting, without amendments,
22		-	Article – Commercial Law
23		-	Section 17–101(a), (i), and (k)
24		-	Annotated Code of Maryland
25		-	(2013 Replacement Volume and 2021 Supplement)
	19	+	_______________________________________________
	20	+	Proofreader.
	21	+	_______________________________________________
	22	+	Proofreader.
26	23
27		-	BY repealing and reenacting, with amendments,
28		-	Article – Commercial Law
29		-	Section 17–308.2 and 17–312 17–301, 17–304, 17–308(d), and 17–308.1(b)
30		-	Annotated Code of Maryland
31		-	(2013 Replacement Volume and 2021 Supplement)
	24	+	Sealed with the Great Seal and presented to the Governor, for his approval this
32	25
33		-	BY repealing and reenacting, without amendments,
34		-	Article – Commercial Law
35		-	Section 17–310
36		-	Annotated Code of Maryland
37		-	(2013 Replacement Volume and 2021 Supplement)
	26	+	_______ day of _______________ at _________________ _______ o’clock, ________M.
38	27
39		-	~~SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND,~~
40		-	~~That the Laws of Maryland read as follows:~~
	28	+	______________________________________________
	29	+	Speaker.
41	30
42		-	~~Article – Commercial Law~~
	31	+	CHAPTER ______
43	32
44		-	~~17–308.2.~~
	33	+	AN ACT concerning 1
45	34
46		-	~~(A) Not more than 120 days or less than 30 days before the filing~~ of ~~the report~~
47		-	~~required under § 17–310 of this subtitle, the holder in possession of presumed abandoned Ch. 648 2022 LAWS OF MARYLAND~~
	35	+	Financial Institutions – Abandoned Presumption of Property Abandonment – 2
	36	+	Notice and Records Revisions 3
48	37
49		-	– 2 –
50		-	property shall send, TO THE APPARENT OWNE R’S LAST KNOWN ADDRESS , a written
51		-	notice:
	38	+	FOR the purpose of requiring the holder of presumed abandoned property over a certain 4
	39	+	value to send written notice to the apparent owner by certified mail, return receipt 5
	40	+	requested, rather than by first–class mail; requiring the holder of abandoned 6
	41	+	property over a certain value to keep records relating to that property; altering the 7
	42	+	circumstances under which certain property is presumed abandoned; altering the 8
	43	+	circumstances under which the running of the period of abandonment of certain 9
	44	+	property ceases; providing that the period of abandonment of certain property ceases 10
	45	+	under certain circumstances; and generally relating to abandoned property. 11
52	46
53		-	(1) FOR PRESUMED ABANDONE D PROPERTY VALUED AT $100 OR
54		-	MORE BUT LESS THAN $10,000, by first–class mail [to the apparent owner of]; OR
	47	+	BY repealing and reenacting, without amendments, 12
	48	+	Article – Commercial Law 13
	49	+	Section 17–101(a), (i), and (k) 14 2 HOUSE BILL 305
55	50
56		-	(2) FOR presumed abandoned property valued at [$100] $10,000 or more
57		-	[to the owner’s last known address informing], BY CERTIFIED MAIL , RETURN RECEIPT
58		-	REQUESTED .
59	51
60		-	(B) THE WRITTEN NOTICE SH ALL INFORM the owner that:
	52	+	Annotated Code of Maryland 1
	53	+	(2013 Replacement Volume and 2021 Supplement) 2
61	54
62		-	(1) The holder is in possession of property subject to the provisions of this
63		-	title; and
	55	+	BY repealing and reenacting, with amendments, 3
	56	+	Article – Commercial Law 4
	57	+	Section 17–308.2 and 17–312 17–301, 17–304, 17–308(d), and 17–308.1(b) 5
	58	+	Annotated Code of Maryland 6
	59	+	(2013 Replacement Volume and 2021 Supplement) 7
64	60
65		-	(2) The property will be considered abandoned unless the owner responds
66		-	within 30 days of the notification to the holder.
	61	+	BY repealing and reenacting, without amendments, 8
	62	+	Article – Commercial Law 9
	63	+	Section 17–310 10
	64	+	Annotated Code of Maryland 11
	65	+	(2013 Replacement Volume and 2021 Supplement) 12
67	66
68		-	17–310.
	67	+	SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 13
	68	+	That the Laws of Maryland read as follows: 14
69	69
70		-	(a) Every person holding funds or other tangible or intangible property presumed
71		-	abandoned under this subtitle shall report to the Administrator with respect to the property
72		-	as provided in this section.
	70	+	Article – Commercial Law 15
73	71
74		-	~~(b) The report shall be made under oath and shall include:~~
	72	+	17–308.2. 16
75	73
76		-	(1) The name, if known, and last known address, if any, of each person who
77		-	appears from the records of the holder to be the owner of any property valued at $100 or
78		-	more and presumed abandoned under this subtitle;
	74	+	(A) Not more than 120 days or less than 30 days before the filing of the report 17
	75	+	required under § 17–310 of this subtitle, the holder in possession of presumed abandoned 18
	76	+	property shall send, TO THE APPARENT OWNE R’S LAST KNOWN ADDRESS , a written 19
	77	+	notice: 20
79	78
80		-	(2) In case of unclaimed funds of an insurance corporation, the full name
81		-	of the insured, annuitant, principal, or claimant, and the last known address according to
82		-	the insurance corporation’s records;
	79	+	(1) FOR PRESUMED ABANDONE D PROPERTY VALUED AT $100 OR 21
	80	+	MORE BUT LESS THAN $10,000, by first–class mail [to the apparent owner of]; OR 22
83	81
84		-	(3) ~~The nature and identifying number~~, ~~if any,~~ or ~~description of the~~
85		-	~~property and~~ the ~~amount which appears from the records to be due~~, ~~except that items~~
86		-	~~valued at less than $100 each may be reported in the aggregate;~~
	82	+	(2) FOR presumed abandoned property valued at [$100] $10,000 or more 23
	83	+	[to the owner’s last known address informing], BY CERTIFIED MAIL , RETURN RECEIPT 24
	84	+	REQUESTED . 25
87	85
88		-	(4) The date when the property became payable, demandable, or
89		-	returnable, and the date of the last transaction with the owner with respect to the property;
90		-	and
	86	+	(B) THE WRITTEN NOTICE SH ALL INFORM the owner that: 26
91	87
92		-	(5) Any other information which the Administrator prescribes by rule as
93		-	necessary for the administration of this title.
94		-	LAWRENCE J. HOGAN, JR., Governor Ch. 648
	88	+	(1) The holder is in possession of property subject to the provisions of this 27
	89	+	title; and 28
95	90
96		-	– 3 –
97		-	(c) If the person holding property presumed abandoned is a successor to any other
98		-	person who previously held the property for the owner, or if the holder has changed his
99		-	name while holding the property, the person shall file with the report all prior known
100		-	names and addresses of each holder of the property.
	91	+	(2) The property will be considered abandoned unless the owner responds 29
	92	+	within 30 days of the notification to the holder. 30
101	93
102		-	(d) The report shall be for the period of July 1 through June 30 of each year and
103		-	filed no later than October 31 of that year. However, the reporting period for an insurance
104		-	corporation shall be from January 1 through December 31 of each year and the report shall
105		-	be filed no later than April 30 of the following year. The Administrator may postpone the
106		-	reporting date on the written request of any person required to file a report.
	94	+	17–310. 31
	95	+	HOUSE BILL 305 3
107	96
108		-	(e) Verification, if made by a partnership, shall be executed by a partner; if made
109		-	by an unincorporated association or private corporation, by an officer; and if made by a
110		-	public corporation, by its chief fiscal officer.
111	97
112		-	17–312.
	98	+	(a) Every person holding funds or other tangible or intangible property presumed 1
	99	+	abandoned under this subtitle shall report to the Administrator with respect to the property 2
	100	+	as provided in this section. 3
113	101
114		-	(A) Every person who has filed a report as provided in § 17–310 of this subtitle,
115		-	at the time of the filing of the report, shall pay or deliver to the Administrator all abandoned
116		-	property specified in the report.
	102	+	(b) The report shall be made under oath and shall include: 4
117	103
118		-	(B) (1) A HOLDER SHALL KEEP AC CURATE RECORDS RELAT ING TO
119		-	ABANDONED PROPERTY V ALUED AT $10,000 OR MORE FOR AT LEAST 3 YEARS AFTER
120		-	THE HOLDER HAS PAID OR DELIVERED THE ABA NDONED PROPERTY TO T HE
121		-	ADMINISTRATOR .
	104	+	(1) The name, if known, and last known address, if any, of each person who 5
	105	+	appears from the records of the holder to be the owner of any property valued at $100 or 6
	106	+	more and presumed abandoned under this subtitle; 7
122	107
123		-	(2) THE RECORDS SHALL BE SUFFICIENT TO ALLOW A PERSON WHO
124		-	IS ABLE TO RECOVER T HE ABANDONED PROPERT Y TO ESTABLISH A TAX BASIS.
	108	+	(2) In case of unclaimed funds of an insurance corporation, the full name 8
	109	+	of the insured, annuitant, principal, or claimant, and the last known address according to 9
	110	+	the insurance corporation’s records; 10
125	111
126		-	17–101.
	112	+	(3) The nature and identifying number, if any, or description of the 11
	113	+	property and the amount which appears from the records to be due, except that items 12
	114	+	valued at less than $100 each may be reported in the aggregate; 13
127	115
128		-	(a) In this title the following words have the meanings indicated.
	116	+	(4) The date when the property became payable, demandable, or 14
	117	+	returnable, and the date of the last transaction with the owner with respect to the property; 15
	118	+	and 16
129	119
130		-	(i) “Holder” means any person who is:
	120	+	(5) Any other information which the Administrator prescribes by rule as 17
	121	+	necessary for the administration of this title. 18
131	122
132		-	(1) In possession of property subject to this title belonging to another;
	123	+	(c) If the person holding property presumed abandoned is a successor to any other 19
	124	+	person who previously held the property for the owner, or if the holder has changed his 20
	125	+	name while holding the property, the person shall file with the report all prior known 21
	126	+	names and addresses of each holder of the property. 22
133	127
134		-	(2) A trustee, in the case of a trust; or
	128	+	(d) The report shall be for the period of July 1 through June 30 of each year and 23
	129	+	filed no later than October 31 of that year. However, the reporting period for an insurance 24
	130	+	corporation shall be from January 1 through December 31 of each year and the report shall 25
	131	+	be filed no later than April 30 of the following year. The Administrator may postpone the 26
	132	+	reporting date on the written request of any person required to file a report. 27
135	133
136		-	(3) Indebted to another on an obligation subject to this title.
	134	+	(e) Verification, if made by a partnership, shall be executed by a partner; if made 28
	135	+	by an unincorporated association or private corporation, by an officer; and if made by a 29
	136	+	public corporation, by its chief fiscal officer. 30
137	137
138		-	~~(k) “Owner” means:~~
	138	+	17–312. 31
139	139
140		-	(1) In the case of a deposit, a depositor or a person entitled to receive the
141		-	funds as reflected on the records of the bank or financial organization;
142		-	Ch. 648 2022 LAWS OF MARYLAND
	140	+	(A) Every person who has filed a report as provided in § 17–310 of this subtitle, 32
	141	+	at the time of the filing of the report, shall pay or deliver to the Administrator all abandoned 33
	142	+	property specified in the report. 34
	143	+	4 HOUSE BILL 305
143	144
144		-	– 4 –
145		-	(2) In the case of a trust, a beneficiary;
146	145
147		-	(3) In the case of other choses in action, a creditor, claimant, or payee;
	146	+	(B) (1) A HOLDER SHALL KEEP ACCURATE RECORDS REL ATING TO 1
	147	+	ABANDONED PROPERTY V ALUED AT $10,000 OR MORE FOR AT LEAST 3 YEARS AFTER 2
	148	+	THE HOLDER HAS PAID OR DELIVERED THE ABA NDONED PROPERTY TO T HE 3
	149	+	ADMINISTRATOR . 4
148	150
149		-	(4) In the ~~case of abandoned property in federal custody, the~~ person who is
150		-	~~defined as~~ the ~~owner by any applicable federal law;~~ or
	151	+	(2) THE RECORDS SHALL BE SUFFICIENT TO ALLOW A PERSON WHO 5
	152	+	IS ABLE TO RECOVER THE ABANDONE D PROPERTY TO ESTABL ISH A TAX BASIS. 6
151	153
152		-	(5) Any person who has a legal or equitable interest in property subject to
153		-	this title, or the legal representative of that person.
	154	+	17–101. 7
154	155
155		-	~~17–301~~.
	156	+	(a) In this title the following words have the meanings indicated. 8
156	157
157		-	(a) (1) FOR PURPOSES OF THIS SECTION AND SUBJECT TO PARAGRAPH
158		-	(2) OF THIS SUBSECTION , A HOLDER SHALL BE DE EMED TO NO LONGER HA VE A
159		-	VALID ADDRESS FOR TH E OWNER OF THE PROPE RTY AS OF THE LATER OF:
	158	+	(i) “Holder” means any person who is: 9
160	159
161		-	(I) THE DATE A SECOND COM MUNICATION IS RETURN ED BY
162		-	THE U.S. POSTAL SERVICE TO A HOLDE R AS UNDELIVERABLE T O AN APPARENT
163		-	OWNER, IF:
	160	+	(1) In possession of property subject to this title belonging to another; 10
164	161
165		-	1. THE HOLDER SENT THE S ECOND COMMUNICATION TO
166		-	THE APPARENT OWNER B Y FIRST–CLASS MAIL; AND
	162	+	(2) A trustee, in the case of a trust; or 11
167	163
168		-	~~2. A PREVIOUS COMMUNICATI~~ ON ~~WAS:~~
	164	+	(3) Indebted to another on an obligation subject to this title. 12
169	165
170		-	~~A. SENT BY FIRST–CLASS MAIL;~~
	166	+	(k) “Owner” means: 13
171	167
172		-	~~B. SENT IMMEDIATELY PREC EDING~~ THE ~~SECOND~~
173		-	~~COMMUNICATION~~ ; ~~AND~~
	168	+	(1) In the case of a deposit, a depositor or a person entitled to receive the 14
	169	+	funds as reflected on the records of the bank or financial organization; 15
174	170
175		-	C. RETURNED BY THE U.S. POSTAL SERVICE TO THE
176		-	HOLDER AS UNDELIVERA BLE TO THE APPARENT OWNER; OR
	171	+	(2) In the case of a trust, a beneficiary; 16
177	172
178		-	(II) THE DATE A PREVIOUS C OMMUNICATION IS RETU RNED BY
179		-	THE U.S. POSTAL SERVICE TO A HOLDER A S UNDELIVERABLE TO AN APPARENT
180		-	OWNER, IF THE HOLDER :
	173	+	(3) In the case of other choses in action, a creditor, claimant, or payee; 17
181	174
182		-	~~1. SENT~~ THE ~~PREVIOUS COM MUNICATION TO~~ THE
183		-	~~APPARENT~~ OWNER :
	175	+	(4) In the case of abandoned property in federal custody, the person who is 18
	176	+	defined as the owner by any applicable federal law; or 19
184	177
185		-	A. BY FIRST–CLASS MAIL; AND
	178	+	(5) Any person who has a legal or equitable interest in property subject to 20
	179	+	this title, or the legal representative of that person. 21
186	180
187		-	B. IMMEDIATELY PRECEDING A SECOND
188		-	COMMUNICATION ; AND LAWRENCE J. HOGAN, JR., Governor Ch. 648
	181	+	17–301. 22
189	182
190		-	– 5 –
	183	+	(a) (1) FOR PURPOSES OF THIS SECTION AND SUBJECT TO PARAGRAPH 23
	184	+	(2) OF THIS SUBSECTION, A HOLDER SHALL BE DE EMED TO NO LONGER HA VE A 24
	185	+	VALID ADDRESS FOR TH E OWNER OF THE PROPE RTY AS OF THE LATER OF: 25
191	186
192		-	2. SENT THE SECOND COMMU NICATION TO THE
193		-	APPARENT OWNER :
	187	+	(I) THE DATE A SECOND COM MUNICATION IS RETURN ED BY 26
	188	+	THE U.S. POSTAL SERVICE TO A HOLDER A S UNDELIVERABLE TO A N APPARENT 27
	189	+	OWNER, IF: 28
	190	+	HOUSE BILL 305 5
194	191
195		-	A. BY FIRST–CLASS MAIL; AND
196	192
197		-	B. ~~MORE THAN 30 DAYS AFTER~~ THE ~~PREVI OUS~~
198		-	~~COMMUNICATION UNDER THIS SUBPARAGRAPH WA S SENT.~~
	193	+	1. THE HOLDER SENT THE S ECOND COMMUNICATION TO 1
	194	+	THE APPARENT OWNER B Y FIRST–CLASS MAIL; AND 2
199	195
200		-	(2) (I) SUBJECT TO SUBPARAGRA PH (II) OF THIS PARAGRAPH , IF
201		-	THE HOLDER DOES NOT SEND COMMUNICATIONS TO AN APPAR ENT OWNER BY
202		-	FIRST–CLASS MAIL, THE HOLDER SHALL ATT EMPT TO CONFIRM THE APPARENT
203		-	OWNER’S INTEREST IN THE PR OPERTY BY E–MAILING THE APPARENT OWNER NOT
204		-	LATER THAN 2 YEARS AFTER THE APPA RENT OWNER ’S LAST INDICATION OF
205		-	INTEREST IN THE PROP ERTY.
	196	+	2. A PREVIOUS COMMUNICATI ON WAS: 3
206	197
207		-	(II) THE HOLDER SHALL PROMPTLY A TTEMPT TO CONTACT TH E
208		-	APPARENT OWNER BY FI RST–CLASS MAIL IF:
	198	+	A. SENT BY FIRST–CLASS MAIL; 4
209	199
210		-	1. THE ~~HOLDER DOES NOT H AVE THE INFORMATION~~
211		-	~~NEEDED TO SEND AN E –MAIL TO THE APPARENT OWNER~~;
	200	+	B. SENT IMMEDIATELY PREC EDING THE SECOND 5
	201	+	COMMUNICATION ; AND 6
212	202
213		-	2. THE ~~HOLDER BELIEVES T HE APPARENT OWNER ’S~~
214		-	~~E–MAIL ADDRESS IN~~ THE ~~HOLDER’S RECORDS IS NOT VAL ID~~;
	203	+	C. RETURNED BY THE U.S. POSTAL SERVICE TO THE 7
	204	+	HOLDER AS UNDELIVERA BLE TO THE APPARENT OWNER; OR 8
215	205
216		-	3. THE HOLDER RECEIVES N OTIFICATION THAT THE
217		-	E–MAIL WAS NOT RECEIVE D; OR
	206	+	(II) THE DATE A PREVIOUS C OMMUNICATION IS RETU RNED BY 9
	207	+	THE U.S. POSTAL SERVICE TO A HOLDER A S UNDELIVERABLE TO A N APPARENT 10
	208	+	OWNER, IF THE HOLDER: 11
218	209
219		-	4. THE ~~APPARENT OWNER DO ES NOT RESPOND~~ TO ~~TH E~~
220		-	~~E–MAIL COMMUNICATION W ITHIN 30 DAYS AFTER THE E –MAIL WAS SENT .~~
	210	+	1. SENT THE PREVIOUS COM MUNICATION TO THE 12
	211	+	APPARENT OWNER : 13
221	212
222		-	(III) 1. IF A MAILING SENT IN ACCORDANCE WITH
223		-	SUBPARAGRAPH (II) OF THIS PARAGRAPH IS RETURNED BY THE U.S. POSTAL
224		-	SERVICE TO THE HOLDER AS UNDELIVERABLE TO THE APPARENT OWNER , THE
225		-	MAILING SHALL CONSTI TUTE A COMMUNICATION FOR PURPOSES OF PARA GRAPH (1)
226		-	OF THIS SUBSECTION .
	213	+	A. BY FIRST–CLASS MAIL; AND 14
227	214
228		-	2. IF A MAILING SENT IN ACCO RDANCE WITH
229		-	SUBPARAGRAPH (II) OF THIS PARAGRAPH IS NOT RETURNED BY THE U.S. POSTAL
230		-	SERVICE TO THE HOLDER AS UNDELIVERABLE TO THE APPARENT OWNER , THE
231		-	HOLDER SHALL BE PRES UMED TO HAVE A VALID ADDRESS FOR THE OWNE R OF THE
232		-	PROPERTY.
233		-	Ch. 648 2022 LAWS OF MARYLAND
	215	+	B. IMMEDIATELY PRECEDING A SECOND 15
	216	+	COMMUNICATION ; AND 16
234	217
235		-	– 6 –
236		-	(B) The following property held by a banking or financial organization, or business
237		-	association is presumed abandoned:
	218	+	2. SENT THE SECOND COMMU NICATION TO THE 17
	219	+	APPARENT OWNER : 18
238	220
239		-	(1) Any demand, savings, or matured time deposit account made with a
240		-	banking organization, together with any interest or dividend on it, excluding any charges
241		-	that lawfully may be withheld, [unless, within 3 years,] 3 YEARS AFTER THE LATE R OF:
	221	+	A. BY FIRST–CLASS MAIL; AND 19
242	222
243		-	~~(I)~~ THE ~~DATE THE HOLDER I S DEEMED TO NO LONGE R HAVE A~~
244		-	~~VALID ADDRESS FOR TH E OWNER OF THE PROPE RTY; OR~~
	223	+	B. MORE THAN 30 DAYS AFTER THE PREVI OUS 20
	224	+	COMMUNICATION UNDER THIS SUBPARAGRAPH WA S SENT. 21
245	225
246		-	(II) THE DATE the owner [has] LAST:
	226	+	(2) (I) SUBJECT TO SUBPARAGRA PH (II) OF THIS PARAGRAPH , IF 22
	227	+	THE HOLDER DOES NOT SEND COMMUNICATIONS TO AN APPARENT OWNER BY 23
	228	+	FIRST–CLASS MAIL, THE HOLDER SHALL ATT EMPT TO CONFIRM THE APPARE NT 24
	229	+	OWNER’S INTEREST IN THE PR OPERTY BY E–MAILING THE APPARENT OWNER NOT 25
	230	+	LATER THAN 2 YEARS AFTER THE APPA RENT OWNER ’S LAST INDICATION OF 26
	231	+	INTEREST IN THE PROP ERTY. 27
247	232
248		-	[(i)] 1. Increased or decreased the amount of the deposit;
	233	+	(II) THE HOLDER SHALL PROM PTLY ATTEMPT TO CONT ACT THE 28
	234	+	APPARENT OWNER BY FIRST–CLASS MAIL IF: 29
	235	+	6 HOUSE BILL 305
249	236
250		-	[(ii)] 2. Presented evidence of the deposit for the crediting of
251		-	interest;
252	237
253		-	~~[(iii)] 3~~. ~~Corresponded in writing with~~ the ~~banking organization~~
254		-	~~concerning~~ the ~~deposit~~;
	238	+	1. THE HOLDER DOES NOT H AVE THE INFORMATION 1
	239	+	NEEDED TO SEND AN E –MAIL TO THE APPARENT OWNER; 2
255	240
256		-	~~[(iv)] 4~~. ~~Engaged in any credit,~~ ~~trust, or other deposit transaction~~
257		-	~~with~~ the ~~banking organization~~; or
	241	+	2. THE HOLDER BELIEVES T HE APPARENT OWNER ’S 3
	242	+	E–MAIL ADDRESS IN THE HOLDER’S RECORDS IS NOT VAL ID; 4
258	243
259		-	~~[(v)] 5~~. ~~Otherwise indicated an interest in~~ the ~~deposit as~~
260		-	~~evidenced by a memorandum on file with the banking organization~~;
	244	+	3. THE HOLDER RECEIVES N OTIFICATION THAT THE 5
	245	+	E–MAIL WAS NOT RECEIVE D; OR 6
261	246
262		-	(2) Any funds paid toward the purchase of shares or other interest in a
263		-	financial organization, or any deposit made with these funds, and any interest or dividends
264		-	on these, excluding any charges that lawfully may be withheld, [unless, within 3 years,] 3
265		-	YEARS AFTER THE LATE R OF:
	247	+	4. THE APPARENT OWNER DO ES NOT RESPOND TO TH E 7
	248	+	E–MAIL COMMUNICATION W ITHIN 30 DAYS AFTER THE E –MAIL WAS SENT. 8
266	249
267		-	(I) THE DATE THE HOLDER IS DEEMED TO NO LONGER HAVE A
268		-	VALID ADDRESS FOR TH E OWNER OF THE PROPE RTY; OR
	250	+	(III) 1. IF A MAILING SENT IN ACCORDANCE WITH 9
	251	+	SUBPARAGRAPH (II) OF THIS PARAGRAPH IS RE TURNED BY THE U.S. POSTAL 10
	252	+	SERVICE TO THE HOLDER AS UNDELIVERABLE TO THE APPARENT OWNER , THE 11
	253	+	MAILING SHALL CONSTI TUTE A COMMUNICATION FOR PURPOSES OF PARA GRAPH (1) 12
	254	+	OF THIS SUBSECTION . 13
269	255
270		-	(II) THE DATE the owner [has] LAST:
	256	+	2. IF A MAILING SENT IN ACCORDANCE WITH 14
	257	+	SUBPARAGRAPH (II) OF THIS PARAGRAPH IS NOT RETURNED BY THE U.S. POSTAL 15
	258	+	SERVICE TO THE HOLDER AS UNDELIVERABLE TO THE APPARENT OWNER , THE 16
	259	+	HOLDER SHALL BE PRES UMED TO HAVE A VALID ADDRESS FOR THE OWNE R OF THE 17
	260	+	PROPERTY. 18
271	261
272		-	[(i)~~] 1.~~ ~~Increased~~ or ~~decreased the amount of the funds~~ or ~~deposit,~~
273		-	~~or presented an appropriate record for the crediting of interest or dividends;~~
	262	+	(B) The following property held by a banking or financial organization, or business 19
	263	+	association is presumed abandoned: 20
274	264
275		-	[(ii)] 2. Corresponded in writing with the financial organization
276		-	concerning the funds or deposit;
	265	+	(1) Any demand, savings, or matured time deposit account made with a 21
	266	+	banking organization, together with any interest or dividend on it, excluding any charges 22
	267	+	that lawfully may be withheld, [unless, within 3 years,] 3 YEARS AFTER THE LATE R OF: 23
277	268
278		-	[(iii)] 3. Engaged in any credit, share, or other deposit transaction
279		-	with the financial organization; or
280		-	LAWRENCE J. HOGAN, JR., Governor Ch. 648
	269	+	(I) THE DATE THE HOLDER I S DEEMED TO NO LONGE R HAVE A 24
	270	+	VALID ADDRESS FOR TH E OWNER OF THE PROPE RTY; OR 25
281	271
282		-	– 7 –
283		-	[(iv)] 4. Otherwise indicated an interest in the funds or deposit as
284		-	evidenced by a memorandum on file with the financial organization;
	272	+	(II) THE DATE the owner [has] LAST: 26
285	273
286		-	(3) Any sum payable on a check certified in this State or on a written
287		-	instrument issued in this State on which a banking or financial organization or business
288		-	association is directly liable, including any certificate of deposit, draft, traveler’s check, and
289		-	money order, that has been outstanding for more than 3 years from the date it was payable
290		-	(or 15 years in the case of a traveler’s check) or, if payable on demand, from the date of its
291		-	issuance, unless, within 3 years or 15 years in the case of a traveler’s check, the owner has:
	274	+	[(i)] 1. Increased or decreased the amount of the deposit; 27
292	275
293		-	(i) ~~Corresponded in writing with~~ the ~~banking or financial~~
294		-	~~organization or business association concerning it~~; or
	276	+	[(ii)] 2. Presented evidence of the deposit for the crediting of 28
	277	+	interest; 29
295	278
296		-	(ii) Otherwise indicated an interest as evidenced by a memorandum
297		-	on file with the banking or financial organization or business association; and
	279	+	[(iii)] 3. Corresponded in writing with the banking organization 30
	280	+	concerning the deposit; 31
	281	+	HOUSE BILL 305 7
298	282
299		-	(4) Any property removed from a safekeeping repository on which the lease
300		-	or rental period has expired or any surplus amounts arising from the sale of the property
301		-	pursuant to law, that have been unclaimed by the owner for more than 3 years from the
302		-	date on which the lease or rental period expired.
303	283
304		-	[(b)] (C) Nothing in this section shall be construed to apply to any demand,
305		-	savings, or matured time deposits that are designated subject to the order of any court of
306		-	this State.
	284	+	[(iv)] 4. Engaged in any credit, trust, or other deposit transaction 1
	285	+	with the banking organization; or 2
307	286
308		-	[(c)] ~~(D) Property is subject to~~ the ~~custody of this State~~ as ~~unclaimed property if~~
309		-	~~the conditions raising~~ a ~~presumption of abandonment under this section are met and:~~
	287	+	[(v)] 5. Otherwise indicated an interest in the deposit as 3
	288	+	evidenced by a memorandum on file with the banking organization; 4
310	289
311		-	(1) The last known address, as shown on the records of the holder, of the
312		-	apparent owner is in this State;
	290	+	(2) Any funds paid toward the purchase of shares or other interest in a 5
	291	+	financial organization, or any deposit made with these funds, and any interest or dividends 6
	292	+	on these, excluding any charges that lawfully may be withheld, [unless, within 3 years,] 3 7
	293	+	YEARS AFTER THE LATE R OF: 8
313	294
314		-	(2) The records of the holder do not reflect the identity of the person
315		-	entitled to the property and it is established that the last known address of the person
316		-	entitled to the property is in this State;
	295	+	(I) THE DATE THE HOLDER I S DEEMED TO NO LONGE R HAVE A 9
	296	+	VALID ADDRESS FOR TH E OWNER OF THE PROPE RTY; OR 10
317	297
318		-	(3) The records of the holder do not reflect the last known address of the
319		-	apparent owner, and it is established that:
	298	+	(II) THE DATE the owner [has] LAST: 11
320	299
321		-	(i) The ~~last known address~~ of the ~~person entitled to the property is~~
322		-	~~in this State;~~ or
	300	+	[(i)] 1. Increased or decreased the amount of the funds or deposit, 12
	301	+	or presented an appropriate record for the crediting of interest or dividends; 13
323	302
324		-	(ii) The holder is a domiciliary or a government or governmental
325		-	subdivision or agency of this State and has not previously paid or delivered the property to
326		-	the State of the last known address of the apparent owner or other person entitled to the
327		-	property;
328		-	Ch. 648 2022 LAWS OF MARYLAND
	303	+	[(ii)] 2. Corresponded in writing with the financial organization 14
	304	+	concerning the funds or deposit; 15
329	305
330		-	– 8 –
331		-	(4) The last known address, as shown on the records of the holder, of the
332		-	apparent owner is in a state that does not provide by law for the escheat or custodial taking
333		-	of the property or its escheat or unclaimed property law is not applicable to the property
334		-	and the holder is a domiciliary or a government or governmental subdivision or agency of
335		-	this State;
	306	+	[(iii)] 3. Engaged in any credit, share, or other deposit transaction 16
	307	+	with the financial organization; or 17
336	308
337		-	(5) The last known address, as shown on the records of the holder, of the
338		-	apparent owner is in a foreign nation and the holder is a domiciliary or a government or
339		-	governmental subdivision or agency of this State; or
	309	+	[(iv)] 4. Otherwise indicated an interest in the funds or deposit as 18
	310	+	evidenced by a memorandum on file with the financial organization; 19
340	311
341		-	(6) The transaction out of which the property arose occurred in this State
342		-	and:
	312	+	(3) Any sum payable on a check certified in this State or on a written 20
	313	+	instrument issued in this State on which a banking or financial organization or business 21
	314	+	association is directly liable, including any certificate of deposit, draft, traveler’s check, and 22
	315	+	money order, that has been outstanding for more than 3 years from the date it was payable 23
	316	+	(or 15 years in the case of a traveler’s check) or, if payable on demand, from the date of its 24
	317	+	issuance, unless, within 3 years or 15 years in the case of a traveler’s check, the owner has: 25
343	318
344		-	(i) The last known address of the apparent owner or other person
345		-	entitled to the property is unknown or the last known address of the apparent owner or
346		-	other person entitled to the property is in a state that does not provide by law for the escheat
347		-	or custodial taking of the property or its escheat or unclaimed property law is not applicable
348		-	to the property; and
	319	+	(i) Corresponded in writing with the banking or financial 26
	320	+	organization or business association concerning it; or 27
349	321
350		-	(ii) The holder is a domiciliary of a state that does not provide by law
351		-	for the escheat or custodial taking of the property or its escheat or unclaimed property law
352		-	is not applicable to the property.
	322	+	(ii) Otherwise indicated an interest as evidenced by a memorandum 28
	323	+	on file with the banking or financial organization or business association; and 29
353	324
354		-	(E) (1) THE RUNNING OF THE 3–YEAR PERIOD OF ABAND ONMENT CEASES
355		-	IMMEDIATELY ON :
	325	+	(4) Any property removed from a safekeeping repository on which the lease 30
	326	+	or rental period has expired or any surplus amounts arising from the sale of the property 31
	327	+	pursuant to law, that have been unclaimed by the owner for more than 3 years from the 32
	328	+	date on which the lease or rental period expired. 33
	329	+	8 HOUSE BILL 305
356	330
357		-	(I) (1) THE HOLDER OBTAINING A VALID ADDRESS FOR THE
358		-	OWNER OF THE PROPERT Y; OR
359	331
360		-	(II) (2) THE OCCURRENCE OF AN ACTION REFERRED TO I N
361		-	SUBSECTION (B)(1)(II) OR (2)(II) OF THIS SECTION.
	332	+	[(b)] (C) Nothing in this section shall be construed to apply to any demand, 1
	333	+	savings, or matured time deposits that are designated subject to the order of any court of 2
	334	+	this State. 3
362	335
363		-	(2) IF ANY FUTURE DIVIDEN D, DISTRIBUTION, OR OTHER SUM
364		-	PAYABLE TO THE OWNER AS A RESULT OF THE I NTEREST IS SUBSEQUEN TLY NOT
365		-	CLAIMED BY THE OWNER , A NEW PERIOD OF ABANDONMENT COMME NCES AND
366		-	RELATES BACK TO THE TIME A SUBSEQUENT DI VIDEND, DISTRIBUTION, OR OTHER
367		-	SUM BECAME DUE AND P AYABLE.
	336	+	[(c)] (D) Property is subject to the custody of this State as unclaimed property if 4
	337	+	the conditions raising a presumption of abandonment under this section are met and: 5
368	338
369		-	17–304.
	339	+	(1) The last known address, as shown on the records of the holder, of the 6
	340	+	apparent owner is in this State; 7
370	341
371		-	(a) (1) FOR PURPOSES OF THIS SECTION AND SUBJECT TO PARAGRAPH
372		-	(2) OF THIS SUBSECTION , A HOLDER SHALL BE DE EMED TO NO LONGER HAVE A
373		-	VALID ADDRESS FOR TH E OWNER OF THE PROPE RTY AS OF THE LATER OF:
374		-	LAWRENCE J. HOGAN, JR., Governor Ch. 648
	342	+	(2) The records of the holder do not reflect the identity of the person 8
	343	+	entitled to the property and it is established that the last known address of the person 9
	344	+	entitled to the property is in this State; 10
375	345
376		-	– 9 –
377		-	(I) THE DATE A SECOND COM MUNICATION IS RETURN ED BY
378		-	THE U.S. POSTAL SERVICE TO A HOLDER A S UNDELIVERABLE TO A N APPARENT
379		-	OWNER, IF:
	346	+	(3) The records of the holder do not reflect the last known address of the 11
	347	+	apparent owner, and it is established that: 12
380	348
381		-	1. THE ~~HOLDER SENT~~ THE ~~S ECOND COMMUNICA TION~~ TO
382		-	~~THE APPARENT OWNER B Y FIRST–CLASS MAIL~~; ~~AND~~
	349	+	(i) The last known address of the person entitled to the property is 13
	350	+	in this State; or 14
383	351
384		-	2. A PREVIOUS COMMUNICATI ON WAS:
	352	+	(ii) The holder is a domiciliary or a government or governmental 15
	353	+	subdivision or agency of this State and has not previously paid or delivered the property to 16
	354	+	the State of the last known address of the apparent owner or other person entitled to the 17
	355	+	property; 18
385	356
386		-	A. SENT BY FIRST–CLASS MAIL;
	357	+	(4) The last known address, as shown on the records of the holder, of the 19
	358	+	apparent owner is in a state that does not provide by law for the escheat or custodial taking 20
	359	+	of the property or its escheat or unclaimed property law is not applicable to the property 21
	360	+	and the holder is a domiciliary or a government or governmental subdivision or agency of 22
	361	+	this State; 23
387	362
388		-	B. SENT IMMEDIATELY PREC EDING THE SECOND
389		-	COMMUNICATION ; AND
	363	+	(5) The last known address, as shown on the records of the holder, of the 24
	364	+	apparent owner is in a foreign nation and the holder is a domiciliary or a government or 25
	365	+	governmental subdivision or agency of this State; or 26
390	366
391		-	~~C. RETURNED BY~~ THE ~~U.S. POSTAL SERVICE TO~~ THE
392		-	~~HOLDER AS UNDELIVERABLE TO THE APPARENT OWNER ; OR~~
	367	+	(6) The transaction out of which the property arose occurred in this State 27
	368	+	and: 28
393	369
394		-	(II) THE DATE A PREVIOUS C OMMUNICATION IS RETU RNED BY
395		-	THE U.S. POSTAL SERVICE TO A HOLDER A S UNDELIVERABLE TO A N APPARENT
396		-	OWNER, IF THE HOLDER :
	370	+	(i) The last known address of the apparent owner or other person 29
	371	+	entitled to the property is unknown or the last known address of the apparent owner or 30
	372	+	other person entitled to the property is in a state that does not provide by law for the escheat 31
	373	+	or custodial taking of the property or its escheat or unclaimed property law is not applicable 32
	374	+	to the property; and 33
397	375
398		-	1. SENT THE PREVIOUS COM MUNICATION TO THE
399		-	APPARENT OWNER :
	376	+	(ii) The holder is a domiciliary of a state that does not provide by law 34
	377	+	for the escheat or custodial taking of the property or its escheat or unclaimed property law 35
	378	+	is not applicable to the property. 36 HOUSE BILL 305 9
400	379
401		-	A. BY FIRST–CLASS MAIL; AND
402	380
403		-	B. IMMEDIATELY PRECEDING A SECOND
404		-	COMMUNICATION ; AND
405	381
406		-	~~2. SENT~~ THE ~~SECOND COMMU NICATION TO~~ THE
407		-	~~APPARENT OWNER~~ :
	382	+	(E) (1) THE RUNNING OF THE 3–YEAR PERIOD OF ABAND ONMENT CEASES 1
	383	+	IMMEDIATELY ON : 2
408	384
409		-	A. BY FIRST–CLASS MAIL; AND
	385	+	(I) (1) THE HOLDER OBTAINING A VALID ADDRESS FOR THE 3
	386	+	OWNER OF THE PROPERT Y; OR 4
410	387
411		-	~~B. MORE THAN 30 DAYS AFTER~~ THE ~~PREVI OUS~~
412		-	~~COMMUNICATION UNDER~~ THIS ~~SUBPARAGRAPH WA S SENT~~.
	388	+	(II) (2) THE OCCURRENCE OF AN ACTION REFERRED TO I N 5
	389	+	SUBSECTION (B)(1)(II) OR (2)(II) OF THIS SECTION. 6
413	390
414		-	(2) (I) SUBJECT TO SUBPARAGRA PH (II) OF THIS PARAGRAPH , IF
415		-	THE HOLDER DOES NOT SEND COMMUNICATIONS TO AN APPARENT OWNER BY
416		-	FIRST–CLASS MAIL, THE HOLDER SHALL ATT EMPT TO CONFIRM THE APPARE NT
417		-	OWNER’S INTEREST IN THE PR OPERTY BY E–MAILING THE APPARENT OWNER NOT
418		-	LATER THAN 2 YEARS AFTER THE APPA RENT OWNER ’S LAST INDICATION OF
419		-	INTEREST IN THE PROP ERTY.
420		-	Ch. 648 2022 LAWS OF MARYLAND
	391	+	(2) IF ANY FUTURE DIVIDEN D, DISTRIBUTION, OR OTHER SUM 7
	392	+	PAYABLE TO THE OWNER AS A RESULT OF THE I NTEREST IS SUBSEQUEN TLY NOT 8
	393	+	CLAIMED BY THE OWNER , A NEW PERIOD OF ABANDONMENT COMME NCES AND 9
	394	+	RELATES BACK TO THE TIME A SUBSEQUENT DI VIDEND, DISTRIBUTION, OR OTHER 10
	395	+	SUM BECAME DUE AND P AYABLE. 11
421	396
422		-	– 10 –
423		-	(II) THE HOLDER SHALL PROM PTLY ATTEMPT TO CONT ACT THE
424		-	APPARENT OWNER BY FIRST–CLASS MAIL IF:
	397	+	17–304. 12
425	398
426		-	1. THE HOLDER DOES NOT H AVE THE INFORMATION
427		-	NEEDED TO SEND AN E –MAIL TO THE APPARENT OWNER;
	399	+	(a) (1) FOR PURPOSES OF THIS SECTION AND SUBJECT TO PARAGRAPH 13
	400	+	(2) OF THIS SUBSECTION , A HOLDER SHALL BE DE EMED TO NO LONGER HAVE A 14
	401	+	VALID ADDRESS FOR TH E OWNER OF THE PROPE RTY AS OF THE LATER OF: 15
428	402
429		-	2. THE HOLDER BELIEVES T HE APPARENT OWNER ’S
430		-	E–MAIL ADDRESS IN THE HOLDER’S RECORDS IS NOT VAL ID;
	403	+	(I) THE DATE A SECOND COM MUNICATION IS RETURN ED BY 16
	404	+	THE U.S. POSTAL SERVICE TO A HOLDER A S UNDELIVERABLE TO A N APPARENT 17
	405	+	OWNER, IF: 18
431	406
432		-	3. THE HOLDER ~~RECEIVES N OTIFICATION THAT~~ THE
433		-	E–MAIL ~~WAS NOT RECEIVE D~~; OR
	407	+	1. THE HOLDER SENT THE S ECOND COMMUNICA TION TO 19
	408	+	THE APPARENT OWNER B Y FIRST–CLASS MAIL; AND 20
434	409
435		-	4. THE APPARENT OWNER DO ES NOT RESPOND TO TH E
436		-	E–MAIL COMMUNICATION W ITHIN 30 DAYS AFTER THE E –MAIL WAS SENT .
	410	+	2. A PREVIOUS COMMUNICATI ON WAS: 21
437	411
438		-	(III) 1. IF A MAILING SENT IN ACCORDANCE WITH
439		-	SUBPARAGRAPH (II) OF THIS PARAGRAPH IS RE TURNED BY THE U.S. POSTAL
440		-	SERVICE TO THE HOLDER AS UNDELIVERABLE TO THE APPARENT OWNER , THE
441		-	MAILING SHALL CONSTI TUTE A COMMUNICATION FOR PURPOSES OF PARA GRAPH (1)
442		-	OF THIS SUBSECTION .
	412	+	A. SENT BY FIRST–CLASS MAIL; 22
443	413
444		-	2. IF A MAILING SENT IN ACCORDANCE WITH
445		-	SUBPARAGRAPH (II) OF THIS PARAGRAPH IS NOT RETURNED BY THE U.S. POSTAL
446		-	SERVICE TO THE HOLDER AS UNDELIVERABLE TO THE APPARENT OWNER , THE
447		-	HOLDER SHALL BE PRES UMED TO HAVE A VALID ADDRESS FOR THE OWNE R OF THE
448		-	PROPERTY.
	414	+	B. SENT IMMEDIATELY PREC EDING THE SECOND 23
	415	+	COMMUNICATION ; AND 24
449	416
450		-	(B) Any stock or other certificate of ownership, or any dividend, profit,
451		-	distribution, interest, payment on principal, or other sum held by a business association for
452		-	or to a shareholder, certificate holder, member, bondholder or other security holder, or
453		-	participating patron of a cooperative[, who has not claimed it or corresponded in writing
454		-	with the business association concerning it within 3 years after the date prescribed for
455		-	payment or delivery,] is presumed abandoned 3 YEARS AFTER THE LATE R OF:
	417	+	C. RETURNED BY THE U.S. POSTAL SERVICE TO THE 25
	418	+	HOLDER AS UNDEL IVERABLE TO THE APPA RENT OWNER ; OR 26
456	419
457		-	(1) THE DATE THE HOLDER I S DEEMED TO NO LONGER HAVE A VALID
458		-	ADDRESS FOR THE OWNE R OF THE PROPERTY ; OR
	420	+	(II) THE DATE A PREVIOUS C OMMUNICATION IS RETU RNED BY 27
	421	+	THE U.S. POSTAL SERVICE TO A HOLDER A S UNDELIVERABLE TO A N APPARENT 28
	422	+	OWNER, IF THE HOLDER: 29
	423	+	10 HOUSE BILL 305
459	424
460		-	(2) THE DATE THE OWNER LA ST COMMUNICATED WITH THE BUSINESS
461		-	ASSOCIATION REGARDIN G THE PROPERTY if:
462	425
463		-	[(1)] (I) It is held by a business association organized under the laws of
464		-	or created in this State;
465		-	LAWRENCE J. HOGAN, JR., Governor Ch. 648
	426	+	1. SENT THE PREVIOUS COM MUNICATION TO THE 1
	427	+	APPARENT OWNER : 2
466	428
467		-	– 11 –
468		-	[(2)] (II) It is held by a business association doing business in this State
469		-	but not organized under the laws of this State, and the records of the business association
470		-	indicate that the last known address of the person entitled to it is in this State; or
	429	+	A. BY FIRST–CLASS MAIL; AND 3
471	430
472		-	[(3)] (III) It is held by a business association not doing business in this
473		-	State and not organized under the laws of this State, but the records of the business
474		-	association indicate that the last known address of the person entitled to it is in this State.
	431	+	B. IMMEDIATELY PRECEDING A SECOND 4
	432	+	COMMUNICATION ; AND 5
475	433
476		-	[(b)] (C) This section shall apply to the stock or other certificate of ownership on,
477		-	for or from which the amounts described in subsection [(a)] (B) of this section have been
478		-	presumed abandoned ONLY if [the]:
	434	+	2. SENT THE SECOND COMMU NICATION TO THE 6
	435	+	APPARENT OWNER : 7
479	436
480		-	(1) THE HOLDER IS DEEM ED TO NO LONGER HAVE A VALID ADDRESS
481		-	FOR THE OWNER OF THE PROPERTY FOR THE PRE CEDING 3 YEARS; OR
	437	+	A. BY FIRST–CLASS MAIL; AND 8
482	438
483		-	~~(2)~~ THE ~~owner of said underlying stock or certificate has not, within the~~
484		-	~~3–year period giving rise to the presumption of abandonment:~~
	439	+	B. MORE THAN 30 DAYS AFTER THE PREVI OUS 9
	440	+	COMMUNICATION UNDER THIS SUBPARAGRAPH WA S SENT. 10
485	441
486		-	[(1)] (I) Communicated in writing with the association regarding the
487		-	interest or a dividend, distribution, or other sum payable as a result of the interest; or
	442	+	(2) (I) SUBJECT TO SUBPARAGRA PH (II) OF THIS PARAGRAPH , IF 11
	443	+	THE HOLDER DOES NOT SEND COMMUNICATIONS TO AN APPARENT OWNER BY 12
	444	+	FIRST–CLASS MAIL, THE HOLDER SHALL ATT EMPT TO CONFIRM THE APPARE NT 13
	445	+	OWNER’S INTEREST IN THE PR OPERTY BY E–MAILING THE APPARENT OWNER NOT 14
	446	+	LATER THAN 2 YEARS AFTER THE APPA RENT OWNER ’S LAST INDICATION OF 15
	447	+	INTEREST IN THE PROP ERTY. 16
488	448
489		-	[(2)] (II) Otherwise communicated with the association regarding the
490		-	interest or a dividend, distribution, or other sum payable as a result of the interest, as
491		-	evidenced by a memorandum or other record on file with the association prepared by an
492		-	employee of the association.
	449	+	(II) THE HOLDER SHALL PROM PTLY ATTEMPT TO CONT ACT THE 17
	450	+	APPARENT OWNER BY FIRST–CLASS MAIL IF: 18
493	451
494		-	[(c)] (D) (1) At the expiration of a 3–year period following the failure of the
495		-	owner to claim a dividend, distribution, or other sum payable to the owner as a result of
496		-	the interest, the interest is not presumed abandoned unless there have been at least 3
497		-	dividends, distributions, or other sums paid during the period, none of which has been
498		-	claimed by the owner.
	452	+	1. THE HOLDER DOES NOT H AVE THE INFORMATION 19
	453	+	NEEDED TO SEND AN E –MAIL TO THE APPARENT OWNER; 20
499	454
500		-	(2) If 3 dividends, distributions, or other sums are paid during the 3–year
501		-	period, the period leading to a presumption of abandonment commences on the date
502		-	payment of the first such unclaimed dividend, distribution, or other sum became due and
503		-	payable.
	455	+	2. THE HOLDER BELIEVES T HE APPARENT OWNER ’S 21
	456	+	E–MAIL ADDRESS IN THE HOLDER’S RECORDS IS NOT VAL ID; 22
504	457
505		-	(3) If 3 dividends, distributions, or other sums are not paid during the
506		-	presumptive period, the period continues to run until there have been 3 dividends,
507		-	distributions, or other sums that have not been claimed by the owner.
	458	+	3. THE HOLDER RECEIVES N OTIFICATION THAT THE 23
	459	+	E–MAIL WAS NOT RECEIVE D; OR 24
508	460
509		-	[(d)] (E) (1) The running of the 3–year period of abandonment ceases
510		-	immediately upon [the]:
511		-	Ch. 648 2022 LAWS OF MARYLAND
	461	+	4. THE APPARENT OWNER DO ES NOT RESPOND TO TH E 25
	462	+	E–MAIL COMMUNICATION W ITHIN 30 DAYS AFTER THE E –MAIL WAS SENT. 26
512	463
513		-	– 12 –
514		-	(I) THE HOLDER OBTAINING A VALID ADDRESS FOR THE
515		-	OWNER OF THE PROPERT Y; OR
	464	+	(III) 1. IF A MAILING SENT IN ACCORDANCE WITH 27
	465	+	SUBPARAGRAPH (II) OF THIS PARAGRAPH IS RETURNED BY THE U.S. POSTAL 28
	466	+	SERVICE TO THE HOLDER AS UNDELIVERABLE TO THE APPARENT OWNER , THE 29
	467	+	MAILING SHALL CONSTI TUTE A COMMUNICATION FOR PURPOSES OF PARA GRAPH (1) 30
	468	+	OF THIS SUBSECTION . 31
	469	+	HOUSE BILL 305 11
516	470
517		-	(II) THE occurrence of a communication referred to in subsection
518		-	[(b)] (C)(2) of this section.
519	471
520		-	(2) If any future dividend, distribution, or other sum payable to the owner
521		-	as a result of the interest is subsequently not claimed by the owner, a new period of
522		-	abandonment commences and relates back to the time a subsequent dividend, distribution,
523		-	or other sum became due and payable.
	472	+	2. IF A MAILING SENT IN ACCORDANCE WITH 1
	473	+	SUBPARAGRAPH (II) OF THIS PARAGRAPH IS NOT RETURNED BY THE U.S. POSTAL 2
	474	+	SERVICE TO THE HOLDER AS UNDELIVERABLE TO THE APPARENT OWNER , THE 3
	475	+	HOLDER SHALL BE PRES UMED TO HAVE A VALID ADDRESS FOR THE OWNE R OF THE 4
	476	+	PROPERTY. 5
524	477
525		-	[(e)] (F) At the time an interest is presumed abandoned under this section, any
526		-	dividend, distribution, or other sum then held for or owing to the owner as a result of the
527		-	interest, and not previously presumed abandoned, is presumed abandoned.
	478	+	(B) Any stock or other certificate of ownership, or any dividend, profit, 6
	479	+	distribution, interest, payment on principal, or other sum held by a business association for 7
	480	+	or to a shareholder, certificate holder, member, bondholder or other security holder, or 8
	481	+	participating patron of a cooperative[, who has not claimed it or corresponded in writing 9
	482	+	with the business association concerning it within 3 years after the date prescribed for 10
	483	+	payment or delivery,] is presumed abandoned 3 YEARS AFTER THE LATE R OF: 11
528	484
529		-	[(f)] (G) This section does not apply to any stock or other intangible ownership
530		-	interest enrolled in a plan that provides for the automatic reinvestment of dividends,
531		-	distributions, or other sums payable as a result of the interest unless the records available
532		-	to the Administrator of the plan show, with respect to any intangible ownership interest
533		-	not enrolled in the reinvestment plan, that [the]:
	485	+	(1) THE DATE THE HOLDER I S DEEMED TO NO LONGE R HAVE A VALID 12
	486	+	ADDRESS FOR THE OWNE R OF THE PROPERTY ; OR 13
534	487
535		-	(1) THE ~~HOLDER IS DEEMED TO NO LONGER HAVE A VALID ADDRESS~~
536		-	~~FOR~~ THE ~~OWNER OF THE STOCK OR OTHER INTAN GIBLE OWNERSHIP INTE REST; OR~~
	488	+	(2) THE DATE THE OWNER LA ST COMMUNICATED WITH THE BUSINESS 14
	489	+	ASSOCIATION REGARDIN G THE PROPERTY if: 15
537	490
538		-	(2) THE ~~owner has not within 3 years communicated in any manner~~
539		-	~~described~~ in ~~subsection [(b)] (C)(2) of~~ this ~~section.~~
	491	+	[(1)] (I) It is held by a business association organized under the laws of 16
	492	+	or created in this State; 17
540	493
541		-	[(g)] (H) ~~(1) The holder of an interest under~~ this ~~section shall deliver a~~
542		-	~~duplicate certificate or other evidence~~ of ~~ownership if~~ the ~~holder does not issue certificates~~
543		-	of ~~ownership~~ to ~~the Administrator.~~
	494	+	[(2)] (II) It is held by a business association doing business in this State 18
	495	+	but not organized under the laws of this State, and the records of the business association 19
	496	+	indicate that the last known address of the person entitled to it is in this State; or 20
544	497
545		-	(2) Upon delivery of a duplicate certificate to the Administrator, the holder
546		-	and any transfer agent, registrar, or other person acting for or on behalf of a holder in
547		-	executing or delivering the duplicate certificate is relieved of all liability of every kind in
548		-	accordance with the provision of § 17–313 of this subtitle to every person, including any
549		-	person acquiring the original certificate or the duplicate of the certificate issued to the
550		-	Administrator, for any losses or damages resulting to any person by the issuance and
551		-	delivery to the Administrator of the duplicate certificate.
	498	+	[(3)] (III) It is held by a business association not doing business in this 21
	499	+	State and not organized under the laws of this State, but the records of the business 22
	500	+	association indicate that the last known address of the person entitled to it is in this State. 23
552	501
553		-	17–308.
	502	+	[(b)] (C) This section shall apply to the stock or other certificate of ownership on, 24
	503	+	for or from which the amounts described in subsection [(a)] (B) of this section have been 25
	504	+	presumed abandoned ONLY if [the]: 26
554	505
555		-	(d) ~~Property~~ is ~~reportable~~ to ~~this State under subsection (b) of this section under~~
556		-	the ~~priority rules established under § [17–301(c)] 17–301(D)~~ of ~~this subtitle.~~
	506	+	(1) THE HOLDER IS DEEMED TO NO LONGER HAVE A VALID ADDRESS 27
	507	+	FOR THE OWNER OF THE PROPERTY FOR THE PRE CEDING 3 YEARS; OR 28
557	508
558		-	17–308.1. LAWRENCE J. HOGAN, JR., Governor Ch. 648
	509	+	(2) THE owner of said underlying stock or certificate has not, within the 29
	510	+	3–year period giving rise to the presumption of abandonment: 30
559	511
560		-	– 13 –
	512	+	[(1)] (I) Communicated in writing with the association regarding the 31
	513	+	interest or a dividend, distribution, or other sum payable as a result of the interest; or 32
561	514
562		-	(b) A holder may consider a money order dormant or inactive for purposes of
563		-	imposing a service charge if the owner has taken none of the actions set forth in §
564		-	[17–301(a)(3)] 17–301(B)(3) of this subtitle for 1 year from the date of issuance of the
565		-	money order.
	515	+	[(2)] (II) Otherwise communicated with the association regarding the 33
	516	+	interest or a dividend, distribution, or other sum payable as a result of the interest, as 34 12 HOUSE BILL 305
566	517
567		-	SECTION 2. AND BE IT FURTHER ENACTED, Tha t this Act shall take effect
568		-	October 1, 2022.
569	518
570		-	Enacted under Article II, § 17(c) of the Maryland Constitution, May 29, 2022.
	519	+	evidenced by a memorandum or other record on file with the association prepared by an 1
	520	+	employee of the association. 2
	521	+
	522	+	[(c)] (D) (1) At the expiration of a 3–year period following the failure of the 3
	523	+	owner to claim a dividend, distribution, or other sum payable to the owner as a result of 4
	524	+	the interest, the interest is not presumed abandoned unless there have been at least 3 5
	525	+	dividends, distributions, or other sums paid during the period, none of which has been 6
	526	+	claimed by the owner. 7
	527	+
	528	+	(2) If 3 dividends, distributions, or other sums are paid during the 3–year 8
	529	+	period, the period leading to a presumption of abandonment commences on the date 9
	530	+	payment of the first such unclaimed dividend, distribution, or other sum became due and 10
	531	+	payable. 11
	532	+
	533	+	(3) If 3 dividends, distributions, or other sums are not paid during the 12
	534	+	presumptive period, the period continues to run until there have been 3 dividends, 13
	535	+	distributions, or other sums that have not been claimed by the owner. 14
	536	+
	537	+	[(d)] (E) (1) The running of the 3–year period of abandonment ceases 15
	538	+	immediately upon [the]: 16
	539	+
	540	+	(I) THE HOLDER OBTAINING A VALID ADDRESS FOR THE 17
	541	+	OWNER OF THE PROPERT Y; OR 18
	542	+
	543	+	(II) THE occurrence of a communication referred to in subsection 19
	544	+	[(b)] (C)(2) of this section. 20
	545	+
	546	+	(2) If any future dividend, distribution, or other sum payable to the owner 21
	547	+	as a result of the interest is subsequently not claimed by the owner, a new period of 22
	548	+	abandonment commences and relates back to the time a subsequent dividend, distribution, 23
	549	+	or other sum became due and payable. 24
	550	+
	551	+	[(e)] (F) At the time an interest is presumed abandoned under this section, any 25
	552	+	dividend, distribution, or other sum then held for or owing to the owner as a result of the 26
	553	+	interest, and not previously presumed abandoned, is presumed abandoned. 27
	554	+
	555	+	[(f)] (G) This section does not apply to any stock or other intangible ownership 28
	556	+	interest enrolled in a plan that provides for the automatic reinvestment of dividends, 29
	557	+	distributions, or other sums payable as a result of the interest unless the records available 30
	558	+	to the Administrator of the plan show, with respect to any intangible ownership interest 31
	559	+	not enrolled in the reinvestment plan, that [the]: 32
	560	+
	561	+	(1) THE HOLDER IS DEEMED TO NO LONGER HAVE A VALID ADDRESS 33
	562	+	FOR THE OWNER OF THE STOCK OR OTHER INTAN GIBLE OWNERSHIP INTE REST; OR 34
	563	+	HOUSE BILL 305 13
	564	+
	565	+
	566	+	(2) THE owner has not within 3 years communicated in any manner 1
	567	+	described in subsection [(b)] (C)(2) of this section. 2
	568	+
	569	+	[(g)] (H) (1) The holder of an interest under this section shall deliver a 3
	570	+	duplicate certificate or other evidence of ownership if the holder does not issue certificates 4
	571	+	of ownership to the Administrator. 5
	572	+
	573	+	(2) Upon delivery of a duplicate certificate to the Administrator, the holder 6
	574	+	and any transfer agent, registrar, or other person acting for or on behalf of a holder in 7
	575	+	executing or delivering the duplicate certificate is relieved of all liability of every kind in 8
	576	+	accordance with the provision of § 17–313 of this subtitle to every person, including any 9
	577	+	person acquiring the original certificate or the duplicate of the certificate issued to the 10
	578	+	Administrator, for any losses or damages resulting to any person by the issuance and 11
	579	+	delivery to the Administrator of the duplicate certificate. 12
	580	+
	581	+	17–308. 13
	582	+
	583	+	(d) Property is reportable to this State under subsection (b) of this section under 14
	584	+	the priority rules established under § [17–301(c)] 17–301(D) of this subtitle. 15
	585	+
	586	+	17–308.1. 16
	587	+
	588	+	(b) A holder may consider a money order dormant or inactive for purposes of 17
	589	+	imposing a service charge if the owner has taken none of the actions set forth in § 18
	590	+	[17–301(a)(3)] 17–301(B)(3) of this subtitle for 1 year from the date of issuance of the 19
	591	+	money order. 20
	592	+
	593	+	SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect 21
	594	+	October 1, 2022. 22
	595	+
	596	+
	597	+
	598	+
	599	+
	600	+	Approved:
	601	+	________________________________________________________________________________
	602	+	Governor.
	603	+	________________________________________________________________________________
	604	+	Speaker of the House of Delegates.
	605	+	________________________________________________________________________________
	606	+	President of the Senate.