Old | New | Differences | |
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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 | - | ||
40 | - | ||
28 | + | ______________________________________________ | |
29 | + | Speaker. | |
41 | 30 | ||
42 | - | ||
31 | + | CHAPTER ______ | |
43 | 32 | ||
44 | - | ||
33 | + | AN ACT concerning 1 | |
45 | 34 | ||
46 | - | ||
47 | - | ||
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 | - | ||
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 | - | ( | |
85 | - | ||
86 | - | ||
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 | - | ||
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 | - | ( | |
150 | - | ||
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 | - | ||
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 | - | | |
164 | + | (3) Indebted to another on an obligation subject to this title. 12 | |
169 | 165 | ||
170 | - | | |
166 | + | (k) “Owner” means: 13 | |
171 | 167 | ||
172 | - | | |
173 | - | ||
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 | - | | |
183 | - | ||
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 | - | | |
198 | - | ||
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 | - | | |
211 | - | ||
200 | + | B. SENT IMMEDIATELY PREC EDING THE SECOND 5 | |
201 | + | COMMUNICATION ; AND 6 | |
212 | 202 | ||
213 | - | | |
214 | - | ||
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 | - | | |
220 | - | ||
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 | - | | |
244 | - | ||
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 | - | | |
254 | - | ||
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 | - | | |
257 | - | ||
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 | - | | |
260 | - | ||
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 | - | | |
273 | - | ||
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 | - | ( | |
294 | - | ||
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 | - | [( | |
309 | - | ||
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 | |
322 | - | ||
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 | - | | |
382 | - | ||
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 | - | | |
392 | - | ||
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 | - | | |
407 | - | ||
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 | - | | |
412 | - | ||
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 | - | | |
433 | - | ||
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 | - | | |
484 | - | ||
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 | - | ( | |
536 | - | ||
488 | + | (2) THE DATE THE OWNER LA ST COMMUNICATED WITH THE BUSINESS 14 | |
489 | + | ASSOCIATION REGARDIN G THE PROPERTY if: 15 | |
537 | 490 | ||
538 | - | ( | |
539 | - | ||
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 | - | [( | |
542 | - | ||
543 | - | of | |
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 | - | ( | |
556 | - | the | |
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. |