EXPLANATION: CAPITALS INDICATE MAT TER ADDED TO EXISTIN G LAW.
[Brackets] indicate matter deleted from existing law.
*hb0761*
HOUSE BILL 761
I4 5lr1720
CF 5lr1891
By: The Speaker (By Request – Office of the Comptroller)
Introduced and read first time: January 27, 2025
Assigned to: Economic Matters
A BILL ENTITLED
AN ACT concerning 1
Maryland Uniform Disposition of Abandoned Property Act – Revisions 2
FOR the purpose of making certain virtual currency subject to the abandoned property laws 3
in the State; establishing provisions to determine certain information about certain 4
apparent owners of abandoned property; providing that a certain operation does not 5
prevent certain insurance policies from maturing or terminating; altering and 6
establishing certain provisions pertaining to the presumption of abandonment for 7
certain types of property; establishing certain procedures to establish the death of a 8
certain insured or certain annuitant; authorizing the Comptroller to retain, for 9
certain purposes, certain funding from proceeds obtained through the disposition of 10
abandoned property; altering the procedures for filing a claim with the Comptroller 11
to reclaim abandoned property; and generally relating to the Maryland Uniform 12
Disposition of Abandoned Property Act. 13
BY repealing and reenacting, with amendments, 14
Article – Commercial Law 15
Section 17–101, 17–301, 17–302, 17–304(a)(2)(i), 17–308(d), 17–308.1(b), 16
17–317(a)(1), and 17–318 through 17–320 17
Annotated Code of Maryland 18
(2013 Replacement Volume and 2024 Supplement) 19
BY adding to 20
Article – Commercial Law 21
Section 17–301, 17–302.1, 17–306.1, 17–307.2, and 17–319.1 22
Annotated Code of Maryland 23
(2013 Replacement Volume and 2024 Supplement) 24
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 25
That the Laws of Maryland read as follows: 26
Article – Commercial Law 27 2 HOUSE BILL 761
17–101. 1
(a) In this title the following words have the meanings indicated. 2
(b) (1) “Abandoned property” means personal property that is considered 3
abandoned under this title. 4
(2) “Abandoned property” includes property in the custody of the federal 5
government that is classified as “unclaimed property” under federal law. 6
(c) “Administrator” means the State Comptroller. 7
(D) “APPARENT OWNER ” MEANS A PERSON WHOSE NAME APPEARS ON A 8
RECORD OF A HOLDER A S THE OWNER OF PROPE RTY HELD, ISSUED, OR OWING BY 9
THE HOLDER. 10
[(d)] (E) “Banking organization” means any bank, trust company, savings bank, 11
land bank, and any other similar organization engaged in business in the State. 12
[(e)] (F) “Business association” means any corporation, joint stock company, 13
business trust, statutory trust, partnership, or any association for business purposes of two 14
or more individuals. 15
[(f)] (G) “County” includes Baltimore City. 16
[(g)] (H) “Federal government” includes any of its agencies or instrumentalities. 17
[(h)] (I) “Financial organization” means any savings and loan association or 18
credit union engaged in business in the State. 19
[(i)] (J) “Holder” means any person who is: 20
(1) In possession of property subject to this title belonging to another; 21
(2) A trustee, in the case of a trust; or 22
(3) Indebted to another on an obligation subject to this title. 23
(K) “INDICATION OF APPAREN T OWNER INTEREST IN PROPERTY” MEANS: 24
(1) A RECORD COMMUNICATED BY THE APPARENT OWNER TO TH E 25
HOLDER OR AGENT OF T HE HOLDER CONCERNING THE PROPERTY OR THE ACCOUNT 26
IN WHICH THE PROPERT Y IS HELD; 27
HOUSE BILL 761 3
(2) AN ORAL COMMUNICATION BY THE APPARENT OWNE R TO THE 1
HOLDER OR AGENT OF T HE HOLDER CONCERNING THE PROPERTY OR THE ACCOUNT 2
IN WHICH THE PROPERT Y IS HELD , IF THE HOLDER OR ITS AGENT 3
CONTEMPORANEOUSLY MA KES AND PRESERVES A RECORD OF THE FACT O F THE 4
APPARENT OWNER ’S COMMUNICATION ; 5
(3) FOR AN ACCOUNT , UNDERLYING SECURITY , OR INTEREST IN A 6
BUSINESS ASSOCIATION , THE PRESENTMENT OF : 7
(I) A CHECK OR OTHER INSTR UMENT OF PAYMENT OF A 8
DIVIDEND, INTEREST PAYMENT , OR OTHER DISTRIBUTIO N; OR 9
(II) EVIDENCE OF RECEIPT O F A DISTRIBUTION MAD E BY 10
ELECTRONIC OR SIMILA R MEANS; 11
(4) ACTIVITY DIRECTED BY AN APPARENT OWNER IN THE ACCOUNT 12
IN WHICH THE PROPERT Y IS HELD, INCLUDING: 13
(I) ACCESSING THE ACCOUNT OR INFORMATION CONCE RNING 14
THE ACCOUNT ; OR 15
(II) A DIRECTION BY THE APP ARENT OWNER TO INCRE ASE, 16
DECREASE, OR OTHERWISE CHANGE THE AMOUNT OR TYPE O F PROPERTY HELD IN 17
THE ACCOUNT ; 18
(5) A DEPOSIT INTO OR WITH DRAWAL FROM AN ACCOU NT AT A 19
FINANCIAL INSTITUTIO N, INCLUDING AN AUTOMAT IC DEPOSIT OR WITHDR AWAL 20
PREVIOUSLY AUTHORIZED B Y THE APPARENT OWNER OTHER THAN AN AUTOMA TIC 21
REINVESTMENT OF DIVI DENDS OR INTEREST ; 22
(6) SUBJECT TO § 17–301(A)(3) OF THIS TITLE, PAYMENT OF A 23
PREMIUM ON AN INSURA NCE POLICY; AND 24
(7) ANY OTHER ACTION BY T HE APPARENT OWNER THAT 25
REASONABLY DEMONSTRA TES TO THE HOLDER TH AT THE APPARENT OWNE R KNOWS 26
THAT THE PROPERTY EX ISTS. 27
[(j)] (L) “Insurance corporation” means any association or corporation 28
transacting in the State the business of insurance on the lives of persons or insurance 29
pertaining to life insurance, including endowments and annuities, disability, accident and 30
health insurance, and property, casualty, and surety insurance, as these terms are defined 31
in the Insurance Article. 32
[(k)] (M) “Owner” means: 33 4 HOUSE BILL 761
(1) In the case of a deposit, a depositor or a person entitled to receive the 1
funds as reflected on the records of the bank or financial organization; 2
(2) In the case of a trust, a beneficiary; 3
(3) In the case of other choses in action, a creditor, claimant, or payee; 4
(4) In the case of abandoned property in federal custody, the person who is 5
defined as the owner by any applicable federal law; [or] 6
(5) Any person who has a legal or equitable interest in property subject to 7
this title, or the legal representative of that person; OR 8
(6) IN THE CASE OF A PENS ION ACCOUNT OR RETIR EMENT ACCOUNT 9
THAT QUALIFIES FOR T AX DEFERRAL UNDER TH E INCOME TAX PROVISION S OF THE 10
INTERNAL REVENUE CODE, THE PAYEE. 11
[(l)] (N) “Person” includes the State, any county, municipal corporation, or other 12
political subdivision of the State, or any of their units, an individual, business association, 13
corporation, business trust, statutory trust, estate, trust, partnership, association, two or 14
more persons having a joint or common interest, or any other legal or commercial entity. 15
[(m)] (O) “Personal property” does not include: 16
(1) A gift certificate OR A GIFT CARD; 17
(2) Credits in connection with the sale of consumer goods to a wholesaler 18
or retailer in the ordinary course of business; 19
(3) Outstanding checks or credits issued to vendors or commercial 20
customers in the ordinary course of business, other than property described in [§ 17–301(a)] 21
§ 17–301.1(A) of this title held by a banking organization or financial organization; 22
(4) Credit balances in vendor or commercial customer accounts that occur 23
in the ordinary course of business, other than property described in [§ 17–301(a)] § 24
17–301.1(A) of this title held by a banking organization or financial organization; or 25
(5) Purchase price rebates issued to customers in the ordinary course of 26
business. 27
(P) “RECORD” MEANS INFORMATION TH AT IS: 28
(1) INSCRIBED ON A TANGIB LE MEDIUM; OR 29
HOUSE BILL 761 5
(2) STORED IN AN ELECTRON IC OR OTHER MEDIUM A ND 1
RETRIEVABLE IN PERCE IVABLE FORM. 2
[(n)] (Q) “Service charge” means any type of deduction or charge made by a 3
holder on property presumed abandoned under this title. 4
[(o)] (R) “Utility” means any person who owns or operates in the State, for public 5
use, any plant, equipment, property, franchise, or license for the transmission of 6
communications, for the production, storage, transmission, sale, delivery, or furnishing of 7
electricity, water, steam, or gas, or for the transportation of persons or property. 8
(S) (1) “VIRTUAL CURRENCY ” MEANS A DIGITAL REPRESENTATION OF 9
VALUE USED AS A MEDI UM OF EXCHANGE , UNIT OF ACCOUNT , OR STORE OF VALUE 10
THAT DOES NOT HAVE LEGAL TENDER STATUS RECOGN IZED BY THE UNITED 11
STATES. 12
(2) “VIRTUAL CURRENCY ” DOES NOT INCLUDE : 13
(I) THE SOFTWARE OR PROTO COLS GOVERNING THE 14
TRANSFER OF THE DIGITA L REPRESENTATION OF VALUE; 15
(II) GAME–RELATED DIGITAL CONT ENT; OR 16
(III) A LOYALTY CARD . 17
17–301. 18
(A) FOR PURPOSES OF THIS SUBTITLE: 19
(1) AN ACTION BY AN AGENT OR OTHER REPRESENTAT IVE OF AN 20
APPARENT OWNER , OTHER THAN A HOLDER ACTING AS THE APPARENT OWNER ’S 21
AGENT, IS PRESUMED TO BE AN ACTION ON BEHALF OF THE APPARENT OWNER ; 22
(2) A COMMUNICATION WITH A N APPARENT OWNER BY A PERSON 23
OTHER THAN THE HOLDE R OR THE HOLDER ’S REPRESENTATIVE IS NOT AN 24
INDICATION OF APPARE NT OWNER INTEREST IN PROPERTY UNLESS A RECORD OF 25
THE COMMUNICATION EV IDENCES THE APPARENT OWNER’S KNOWLEDGE OF A 26
RIGHT TO THE PROPERT Y; AND 27
(3) IF AN INSURED DIES OR THE INSURED OR BENEFICIA RY OF AN 28
INSURANCE POLICY OTH ERWISE BECOMES ENTIT LED TO THE PROCEEDS BEFORE 29
DEPLETION OF THE CAS H SURRENDER VALUE OF THE POLICY BY OPERAT ION OF AN 30
AUTOMATIC–PREMIUM–LOAN PROVISION OR OT HER NONFORFEITURE PR OVISION 31 6 HOUSE BILL 761
CONTAINED IN THE POL ICY, THE OPERATION OF THE PROVISION DOES NOT 1
PREVENT THE POLICY F ROM MATURING OR TERM INATING. 2
(B) WHEN DETERMINING THE ADDRESS OF AN APPARE NT OWNER UNDER 3
THIS SUBTITLE: 4
(1) (I) THE LAST KNOWN ADDRES S OF AN APPARENT OWN ER 5
INCLUDES ANY DESCRIP TION, CODE, OR OTHER INDICATION OF THE LOCATION OF 6
THE APPARENT OWNER T HAT IDENTIFIES A STA TE; AND 7
(II) AN INDICATION OF THE LOCATION OF THE APPA RENT 8
OWNER THAT IDENTIFIE S A STATE DOES NOT N EED TO BE SUFFICIENT TO DIRECT 9
THE DELIVERY OF FIRS T–CLASS MAIL TO THE AP PARENT OWNER ; 10
(2) THIS STATE IS DEEMED TO BE THE STATE OF THE LAS T KNOWN 11
ADDRESS OF THE APPARENT OWNER IF : 12
(I) THE POSTAL ZIP CODE A SSOCIATED WITH THE A PPARENT 13
OWNER IS FOR A POST OFFICE LOCATED IN TH IS STATE; AND 14
(II) THERE ARE NO OTHER RE CORDS ASSOCIATED WIT H THE 15
APPARENT OWNER THAT SPECIFICALLY IDENTIF Y THE PHYSICAL ADDRE SS OF THE 16
APPARENT OWNER TO BE IN ANOTHER STATE ; 17
(3) ANOTHER STATE IS DEEM ED TO BE THE STATE O F THE LAST 18
KNOWN ADDRESS OF THE APPARENT OWNER IF : 19
(I) THE POSTAL ZIP CODE ASSOCIATED WITH THE APPARENT 20
OWNER IS FOR A POST OFFICE LOCATED OUTSI DE THIS STATE; AND 21
(II) THERE ARE NO OTHER RE CORDS ASSOCIATED WIT H THE 22
APPARENT OWNER THAT SPECIFICALLY IDENTIF Y THE PHYSICAL ADDRE SS OF THE 23
APPARENT OWNER TO BE IN THIS STATE; AND 24
(4) THE ADDRESS OF THE AP PARENT OWNER OF A LI FE OR 25
ENDOWMENT INSURANCE POLICY OR ANNUITY CONTRACT OR ITS PROC EEDS IS 26
PRESUMED TO BE THE A DDRESS OF THE INSURE D OR ANNUITANT IF : 27
(I) A PERSON OTHER THAN TH E INSURED OR ANNUITA NT IS 28
ENTITLED TO THE AMOU NT OWED UNDER THE PO LICY OR CONTRACT ; AND 29
(II) THE ADDRESS OF THE PE RSON ENTITLED TO THE AMOUNT 30
OWED UNDER THE POLIC Y OR CONTRACT IS : 31 HOUSE BILL 761 7
1. NOT KNOWN BY THE INSU RANCE COMPANY ; AND 1
2. CANNOT BE DETERMINED UNDER § 17–301.1(D) OF 2
THIS SUBTITLE. 3
[17–301.] 17–301.1. 4
(a) (1) For purposes of this section and subject to paragraph (2) of this 5
subsection, a holder shall be deemed to no longer have a valid address for the owner of the 6
property as of the later of: 7
(i) The date a second communication is returned by the U.S. Postal 8
Service to a holder as undeliverable to an apparent owner, if: 9
1. The holder sent the second communication to the apparent 10
owner by first–class mail; and 11
2. A previous communication was: 12
A. Sent by first–class mail; 13
B. Sent immediately preceding the second communication; 14
and 15
C. Returned by the U.S. Postal Service to the holder as 16
undeliverable to the apparent owner; or 17
(ii) The date a previous communication is returned by the U.S. 18
Postal Service to a holder as undeliverable to an apparent owner, if the holder: 19
1. Sent the previous communication to the apparent owner: 20
A. By first–class mail; and 21
B. Immediately preceding a second communication; and 22
2. Sent the second communication to the apparent owner: 23
A. By first–class mail; and 24
B. More than 30 days after the previous communication 25
under this subparagraph was sent. 26
(2) (i) Subject to subparagraph (ii) of this paragraph, if the holder does 27
not send communications to an apparent owner by first–class mail, the holder shall attempt 28 8 HOUSE BILL 761
to confirm the apparent owner’s interest in the property by e–mailing the apparent owner 1
not later than 2 years after the apparent owner’s last indication of interest in the property. 2
(ii) The holder shall promptly attempt to contact the apparent owner 3
by first–class mail if: 4
1. The holder does not have the information needed to send 5
an e–mail to the apparent owner; 6
2. The holder believes the apparent owner’s e–mail address 7
in the holder’s records is not valid; 8
3. The holder receives notification that the e–mail was not 9
received; or 10
4. The apparent owner does not respond to the e –mail 11
communication within 30 days after the e–mail was sent. 12
(iii) 1. If a mailing sent in accordance with subparagraph (ii) of 13
this paragraph is returned by the U.S. Postal Service to the holder as undeliverable to the 14
apparent owner, the mailing shall constitute a communication for purposes of paragraph 15
(1) of this subsection. 16
2. If a mailing sent in accordance with subparagraph (ii) of 17
this paragraph is not returned by the U.S. Postal Service to the holder as undeliverable to 18
the apparent owner, the holder shall be presumed to have a valid address for the owner of 19
the property. 20
(b) The following property held by a banking or financial organization[,] or 21
business association is presumed abandoned: 22
(1) Any demand, savings, or matured time deposit account made with a 23
banking organization, together with any interest or dividend on it, excluding any charges 24
that lawfully may be withheld, 3 years after the later of: 25
(i) The date the holder is deemed to no longer have a valid address 26
for the owner of the property; or 27
(ii) The date the owner last: 28
1. Increased or decreased the amount of the deposit; 29
2. Presented evidence of the deposit for the crediting of 30
interest; 31
3. Corresponded in writing with the banking organization 32
concerning the deposit; 33 HOUSE BILL 761 9
4. ACCESSED THE ACCOUNT OR INFORMATION 1
CONCERNING THE ACCOU NT; 2
[4.] 5. Engaged in any credit, trust, or other deposit transaction 3
with the banking organization; or 4
[5.] 6. Otherwise indicated an interest in the deposit as 5
evidenced by a memorandum on file with the banking organization; 6
(2) Any funds paid toward the purchase of shares or other interest in a 7
financial organization, or any deposit made with these funds, and any interest or dividends 8
on these, excluding any charges that lawfully may be withheld, 3 years after the later of: 9
(i) The date the holder is deemed to no longer have a valid address 10
for the owner of the property; or 11
(ii) The date the owner last: 12
1. Increased or decreased the amount of the funds or deposit, 13
or presented an appropriate record for the crediting of interest or dividends; 14
2. Corresponded in writing with the financial organization 15
concerning the funds or deposit; 16
3. ACCESSED THE ACCOUNT OR INFORMATION 17
CONCERNING THE ACCOU NT; 18
[3.] 4. Engaged in any credit, share, or other deposit transaction 19
with the financial organization; or 20
[4.] 5. Otherwise indicated an interest in the funds or deposit as 21
evidenced by a memorandum on file with the financial organization; 22
(3) Any sum payable on a check certified in this State or on a written 23
instrument issued in this State on which a banking or financial organization or business 24
association is directly liable, including any certificate of deposit, draft, traveler’s check, and 25
money order, that has been outstanding for more than 3 years from the date it was payable 26
(or 15 years in the case of a traveler’s check) or, if payable on demand, from the date of its 27
issuance, unless, within 3 years or 15 years in the case of a traveler’s check, the owner has: 28
(i) Corresponded in writing with the banking or financial 29
organization or business association concerning it; [or] 30
(II) ACCESSED THE ACCOUNT OR INFORMATION CONCERNING 31
THE ACCOUNT ; OR 32 10 HOUSE BILL 761
[(ii)] (III) Otherwise indicated an interest as evidenced by a 1
memorandum on file with the banking or financial organization or business association; 2
and 3
(4) Any property removed from a safekeeping repository on which the lease 4
or rental period has expired or any surplus amounts arising from the sale of the property 5
pursuant to law, that have been unclaimed by the owner for more than 3 years from the 6
date on which the lease or rental period expired. 7
(c) Nothing in this section shall be construed to apply to any demand, savings, or 8
matured time deposits that are designated subject to the order of any court of this State. 9
(d) Property is subject to the custody of this State as unclaimed property if the 10
conditions raising a presumption of abandonment under this section are met and: 11
(1) The last known address, as shown on the records of the holder, of the 12
apparent owner is in this State; 13
(2) The records of the holder do not reflect the identity of the person 14
entitled to the property and it is established that the last known address of the person 15
entitled to the property is in this State; 16
(3) The records of the holder do not reflect the last known address of the 17
apparent owner, and it is established that: 18
(i) The last known address of the person entitled to the property is 19
in this State; or 20
(ii) The holder is a domiciliary or a government or governmental 21
subdivision or agency of this State and has not previously paid or delivered the property to 22
the State of the last known address of the apparent owner or other person entitled to the 23
property; 24
(4) The last known address, as shown on the records of the holder, of the 25
apparent owner is in a state that does not provide by law for the escheat or custodial taking 26
of the property or its escheat or unclaimed property law is not applicable to the property 27
and the holder is a domiciliary or a government or governmental subdivision or agency of 28
this State; 29
(5) The last known address, as shown on the records of the holder, of the 30
apparent owner is in a foreign nation and the holder is a domiciliary or a government or 31
governmental subdivision or agency of this State; or 32
(6) The transaction out of which the property arose occurred in this State 33
and: 34
HOUSE BILL 761 11
(i) The last known address of the apparent owner or other person 1
entitled to the property is unknown or the last known address of the apparent owner or 2
other person entitled to the property is in a state that does not provide by law for the escheat 3
or custodial taking of the property or its escheat or unclaimed property law is not applicable 4
to the property; and 5
(ii) The holder is a domiciliary of a state that does not provide by law 6
for the escheat or custodial taking of the property or its escheat or unclaimed property law 7
is not applicable to the property. 8
(e) The running of the 3–year period of abandonment ceases immediately on: 9
(1) The holder obtaining a valid address for the owner of the property; or 10
(2) The occurrence of an action referred to in subsection (b)(1)(ii) or (2)(ii) 11
of this section. 12
17–302. 13
(a) Funds held or owing under any life or endowment insurance policy or annuity 14
contract that has matured or terminated are presumed abandoned if unclaimed for more 15
than 3 years after the funds FIRST become due and payable [as established from the 16
records of the insurance company holding or owing the funds] IN ACCORDANCE WITH : 17
(1) THE INSURANCE POLICY OR ANNUITY CONT RACT; OR 18
(2) SECTION 16–118 OF THE INSURANCE ARTICLE. 19
(b) [If a person other than the insured or annuitant is entitled to the funds and 20
an address of the person is not known to the company or it is not definite and certain from 21
the records of the company who is entitled to the funds, it is presumed that the last known 22
address of the person entitled to the funds is the same as the last known address of the 23
insured or annuitant according to the records of the company. 24
(c)] For purposes of this subtitle, a life or endowment insurance policy or annuity 25
contract not matured by actual proof of the death of the insured or annuitant according to 26
the records of the INSURANCE company is matured and the proceeds due and payable if: 27
(1) The company knows that the insured or annuitant has died; or 28
(2) (i) The insured has attained, or would have attained if [he] THE 29
INSURED were living, the limiting age under the mortality table on which the reserve is 30
based; 31
(ii) The policy was in force at the time the insured attained, or would 32
have attained, the limiting age specified in item (i) of this paragraph; and 33 12 HOUSE BILL 761
(iii) Neither the insured nor any other person appearing to have an 1
interest in the policy within the preceding 3 years, according to the records of the company, 2
has assigned, readjusted, or paid premiums on the policy, subjected the policy to a loan, 3
corresponded in writing with the company concerning the policy, or otherwise indicated an 4
interest as evidenced by a memorandum or other record on file prepared by an employee of 5
the company. 6
[(d)] (C) (1) (I) “Unclaimed funds”, as defined in paragraph (2) of this 7
subsection, held by a fire, casualty, or surety insurance corporation, shall be presumed 8
abandoned if the last known address of the person entitled to the funds, according to the 9
records of the corporation, is in this State. 10
(II) If a person other than the insured, the principal, or the claimant 11
is entitled to the funds and the address of the person is not known to the corporation or if 12
it is not definite and certain from the records of the corporation which person is entitled to 13
the funds, it is presumed that the last known address of the person entitled to the funds is 14
the same as the last known address of the insured, the principal, or the claimant according 15
to the records of the corporation. 16
(2) “Unclaimed funds”, as used in this subsection, means all money held by 17
any fire, casualty, or surety insurance corporation unclaimed and unpaid for more than 3 18
years after the money becomes due and payable, as established from the records of the 19
corporation, either to an insured, a principal, or a claimant under any fire, casualty, or 20
surety insurance policy or contract. 21
[(e)] (D) Money otherwise payable according to the records of the corporation is 22
considered due and payable although the policy or contract has not been surrendered as 23
required. 24
17–302.1. 25
(A) IN THIS SECTION, “DEATH MASTER FILE ” MEANS: 26
(1) THE SOCIAL SECURITY ADMINISTRATION DEATH MASTER FILE; 27
OR 28
(2) ANY OTHER DATABASE OR SER VICE THAT IS AT LEAS T AS 29
COMPREHENSIVE AS THE SOCIAL SECURITY ADMINISTRATION DEATH MASTER 30
FILE FOR DETERMINING THAT AN INDIVIDUAL R EPORTEDLY HAS DIED . 31
(B) FOR PURPOSES OF THIS SECTION: 32
HOUSE BILL 761 13
(1) A DEATH MASTER FILE MATCH DESCRIBED UNDER SUBSECTION 1
(C)(3) AND (4) OF THIS SECTION OCCU RS IF THE CRITERIA F OR AN EXACT OR 2
PARTIAL MATCH ARE SA TISFIED AS PROVIDED BY: 3
(I) THE INSURANCE ARTICLE; OR 4
(II) A RULE OR POLICY ADOPT ED BY THE MARYLAND 5
INSURANCE COMMISSIONER . 6
(2) A DEATH MASTER FILE MATCH OR VALIDA TION OF THE INSURED ’S 7
OR ANNUITANT ’S DEATH DOES NOT ALTER THE REQUIREMEN TS FOR A BENEFICIARY , 8
ANNUITANT, OR OWNER OF THE POLI CY OR CONTRACT TO MA KE A CLAIM TO 9
RECEIVE PROCEEDS UND ER THE TERMS OF THE POLICY OR CONTRACT . 10
(3) AN INSURED OR AN ANNU ITANT IS PRESUMED DE AD IF THE DATE 11
OF THE INSURED ’S OR ANNUITANT’S DEATH IS INDICATED BY A DEATH MASTER FILE 12
MATCH DESCRIBED UNDER SUBSECTION (C)(3) AND (4) OF THIS SECTION , UNLESS 13
THE INSURANCE COMPANY HAS COMPETENT AND SU BSTANTIAL EVIDENCE T HAT 14
THE INSURED OR ANNUITANT IS LIVING, INCLUDING A CONTACT MADE BY THE 15
COMPANY WITH THE INSURED OR ANNUITANT OR THE INS URED’S OR ANNUITANT ’S 16
LEGAL REPRESENTATIVE . 17
(C) WITH RESPECT TO A LIF E OR ENDOWMENT INSUR ANCE POLICY OR 18
ANNUITY CONTRACT FOR WHICH AN AMOUNT IS O WED ON PROOF OF DEAT H, BUT 19
THAT HAS NOT MATURED BY P ROOF OF DEATH OF THE INSURED OR ANNUITANT , THE 20
INSURANCE COMPANY SHALL BE DEEMED TO H AVE KNOWLEDGE OF THE DEATH OF 21
AN INSURED OR ANNUIT ANT WHEN: 22
(1) THE COMPANY RECEIVES A DEATH CERTIFICATE OR COURT 23
ORDER DETERMINING TH AT THE INSURED OR AN NUITANT HAS DIED ; 24
(2) THE COMPANY RECEIVES NOTICE OF THE DEATH OF THE INSURED 25
OR ANNUITANT FROM : 26
(I) THE ADMINISTRATOR OR AN UNCLAIMED PROPERTY 27
ADMINISTRATOR OF ANO THER STATE; 28
(II) A BENEFICIARY; 29
(III) A POLICY OWNER ; 30
(IV) A RELATIVE OF THE INSU RED OR ANNUITANT ; 31
14 HOUSE BILL 761
(V) A REPRESENTATIVE OF THE INSURED OR AN NUITANT, 1
INCLUDING AN ADMINIS TRATOR, A GUARDIAN, A STANDBY GUARDIAN , OR A 2
TEMPORARY GUARDIAN ; OR 3
(VI) AN EXECUTOR OR OTHER LEGAL REPRESENTATIVE OF THE 4
INSURED’S OR ANNUITANT ’S ESTATE; 5
(3) (I) THE COMPANY CONDUCTS A COMPARISON FOR ANY 6
PURPOSE BETWEEN A DE ATH MASTER FILE AND THE NAMES OF SOME OR ALL OF THE 7
COMPANY’S INSUREDS OR ANNUIT ANTS; AND 8
(II) FINDS A MATCH THAT PR OVIDES NOTICE THAT T HE 9
INSURED OR ANNUITANT HAS DIED; OR 10
(4) (I) THE ADMINISTRATOR OR THE ADMINISTRATOR ’S AGENT IN 11
THE NORMAL COURSE OF BUSINESS CONDUCTS A COMPARISON FOR THE PURPOSE 12
OF FINDING MATCHES B ETWEEN A DEATH MASTE R FILE AND THE NAMES OF SOME 13
OR ALL OF THE COMPAN Y’S INSUREDS OR ANNUIT ANTS; AND 14
(II) FINDS A MATCH THAT PROVIDES NOTICE THAT THE 15
INSURED OR ANNUITANT HAS DIED. 16
(D) A HOLDER OF FUNDS UNDER § 17–302 OF THIS SUBTITLE SHALL, ON AT 17
LEAST AN ANNUAL BASI S: 18
(1) CONDUCT A DEATH MASTER FILE EXAMINATION AND 19
COMPARISON DESCRIBED UNDER SUBSECTION (C)(3) OF THIS SECTION ON A LL 20
INSUREDS AND ANNUITANTS ; AND 21
(2) MAKE A RECORD OF THE DATE O N WHICH ANY EXAMINAT ION AND 22
COMPARISON UNDER ITEM (1) OF THIS SUBSECTION OCCURS. 23
17–304. 24
(a) (2) (i) Subject to subparagraph (ii) of this paragraph, if the holder does 25
not send communications to an apparent owner by first–class mail, the holder shall attempt 26
to confirm the apparent owner’s interest in the property by e–mailing the apparent owner 27
not later than 2 years after the apparent owner’s last indication of APPARENT OWNER 28
interest in the property. 29
17–306.1. 30
HOUSE BILL 761 15
(A) IN THIS SECTION, “RETURNED AS UNDELIVE RABLE” MEANS RETURNED 1
BY THE U.S. POSTAL SERVICE TO THE HOLDER AS UNDELIVERABLE TO THE 2
APPARENT OWNER. 3
(B) PROPERTY HELD IN A PE NSION ACCOUNT OR RET IREMENT ACCOUNT 4
THAT QUALIFIES FOR T AX DEFERRAL UNDER TH E INCOME TAX PROVISION S OF THE 5
INTERNAL REVENUE CODE IS PRESUMED ABAN DONED IF IT IS UNCLA IMED BY AN 6
APPARENT OWNER OF THE ACCOUNT AFTER THE LATER OF: 7
(1) SUBJECT TO SUBSECTION S (D) THROUGH (F) OF THIS SECTION, 3 8
YEARS AFTER: 9
(I) THE DATE A FIRST COMMUNICATION SENT B Y THE HOLDER 10
BY FIRST–CLASS MAIL TO THE AP PARENT OWNER IS RETU RNED AS UNDELIVERABLE ; 11
OR 12
(II) THE DATE A SECOND COMMUNICATION SENT BY THE 13
HOLDER BY FIRST–CLASS MAIL TO THE AP PARENT OWNER IS RETURNED AS 14
UNDELIVERABLE , IF THE SECOND COMMUN ICATION IS SENT WITHIN 30 DAYS AFTER 15
THE DATE OF THE FIRS T COMMUNICATION UNDER ITEM (I) OF THIS ITEM IS 16
RETURNED AS UNDELIVERABLE ; OR 17
(2) IF APPLICABLE, THE EARLIER OF THE FOLLOWING DATE S: 18
(I) 3 YEARS AFTER THE DATE THE APPARENT OWNER B ECOMES 19
72 YEARS OLD, IF DETERMINABLE BY T HE HOLDER; OR 20
(II) SUBJECT TO SUBSECTION (C) OF THIS SECTION , IF THE 21
INTERNAL REVENUE CODE REQUIRES DISTRIB UTION TO AVOID A TAX PENALTY, 2 22
YEARS AFTER THE DATE THE HOLDER: 23
1. RECEIVES CONFIRMATION OF THE DEATH OF THE 24
APPARENT OWNER IN TH E ORDINARY COURSE OF ITS BUSINESS; OR 25
2. CONFIRMS THE DEATH OF THE APPARENT OWNER . 26
(C) FOR PURPOSES OF ESTAB LISHING A PRESUMPTIO N OF ABANDONED 27
PROPERTY UNDER THIS SECTION, IF A HOLDER IN THE OR DINARY COURSE OF ITS 28
BUSINESS RECEIVES NO TICE OR AN INDICATIO N OF THE DEATH OF AN APPARENT 29
OWNER AND SUBSECTION (B)(2)(II) OF THIS SECTION APPLIES, THE HOLDER SHALL 30
ATTEMPT NOT LATER TH AN 90 DAYS AFTER RECEIPT O F THE NOTICE OR INDI CATION 31
TO CONFIRM WHETHER T HE APPARENT OWNER IS DECEASED. 32
16 HOUSE BILL 761
(D) SUBJECT TO SUBSECTION (E) OF THIS SECTION , IF THE HOLDER DOES 1
NOT SEND COMMUNICATI ONS TO THE APPARENT O WNER OF AN ACCOUNT BY 2
FIRST–CLASS MAIL AS DESCRIBED IN SUBSECT ION (B) OF THIS SECTION , THE 3
HOLDER SHALL ATTEMPT TO CONFIRM THE APPAR ENT OWNER’S INTEREST IN THE 4
PROPERTY BY SENDING THE APPARENT OWNER A N E–MAIL NOT LATER THAN 2 5
YEARS AFT ER THE LAST INDICATI ON OF APPARENT OWNER INTEREST IN THE 6
PROPERTY. 7
(E) THE HOLDER SHALL PROM PTLY ATTEMPT TO CONT ACT THE APPARENT 8
OWNER BY REGISTERED MAIL IF: 9
(1) THE HOLDER DOES NOT H AVE INFORMATION NEED ED TO SEND 10
THE APPARENT OWNER A N E–MAIL OR THE HOLDER BELIEVES THAT THE APPARENT 11
OWNER’S E–MAIL ADDRESS IN THE HOLDER’S RECORDS IS NOT VAL ID; 12
(2) THE HOLDER RECEIVES N OTIFICATION THAT THE E–MAIL WAS 13
NOT RECEIVED ; OR 14
(3) THE APPARENT OWNER DO ES NOT RESPOND TO TH E E–MAIL 15
WITHIN 30 DAYS AFTER THE HO LDER SENDS THE E–MAIL. 16
(F) (1) IF THE REGISTERED MAIL SENT BY THE HOLDER U NDER 17
SUBSECTION (E) OF THIS SECTION IS RETURNED AS UNDEL IVERABLE: 18
(I) THE REGISTERED MAIL SHAL L CONSTITUTE A FIRST 19
COMMUNICATION FOR PU RPOSES OF SUBSECTION (B)(1)(I) OF THIS SECTION; AND 20
(II) THE HOLDER SHALL SEND A SECOND COMMUNICATI ON TO 21
THE APPARENT OWNER B Y FIRST–CLASS MAIL. 22
(2) (I) IF THE SECOND COMMUNI CATION UNDER PARAGRA PH 23
(1)(II) OF THIS SUBSECTION I S RETURNED AS UNDELIVERABLE WITHIN 30 DAYS 24
AFTER SENDING THE FI RST COMMUNICATION UN DER PARAGRAPH (1)(I) OF THIS 25
SUBSECTION, THE DATE THE SECOND COMMUNICATION IS RET URNED AS 26
UNDELIVERABLE SHALL CONSTITUTE THE DATE FOR PURPOSES OF SUBSECTION 27
(B)(1)(II) OF THIS SECTION. 28
(II) IF THE SECOND COMMUNI CATION UNDER PARAGRA PH 29
(1)(II) OF THIS SUBSECTION I S SENT MORE THAN 30 DAYS AFTER THE FIRST 30
COMMUNICATION UNDER PARAGRAPH (1)(I) OF THIS SUBSECTION I S RETURNED AS 31
UNDELIVERABLE , THE DATE THE FIRST C OMMUNICATION IS RETU RNED AS 32
UNDELIVER ABLE SHALL CONTROL FOR PURPOSES OF DETERMINING A DATE U NDER 33
SUBSECTION (B)(1) OF THIS SECTION. 34 HOUSE BILL 761 17
17–307.2. 1
(A) VIRTUAL CURRENCY IS P RESUMED ABANDONED IF IT REMAINS 2
UNCLAIMED 5 YEARS AFTER THE LAST INDICATION OF APPARE NT OWNER INTEREST 3
IN THE PROPERTY. 4
(B) WITHIN 30 DAYS BEFORE THE FILING OF THE RE PORT REQUIRED 5
UNDER § 17–310 OF THIS SUBTITLE, THE HOLDER OF ABANDO NED VIRTUAL 6
CURRENCY SHALL LIQUI DATE THE VIRTUAL CUR RENCY. 7
(C) THE HOLDER SHALL REMI T ANY LIQUIDATION PR OCEEDS TO THE 8
ADMINISTRATOR . 9
(D) NOTWITHSTANDING ANY OT HER PROVISION UNDER THIS SUBTITLE, AN 10
OWNER HAS NO RIGHT OF RECOURSE AGAINST A H OLDER OR THE ADMINISTRATOR 11
TO RECOVER ANY GAIN IN VALUE TO THE VIRTUAL CURRE NCY THAT OCCURS AFTER 12
THE LIQUIDATION DESCRIBED UNDER SUBSECTION (B) OF THIS SECTION. 13
17–308. 14
(d) Property is reportable to this State under subsection (b) of this section under 15
the priority rules established under [§ 17–301(d)] § 17–301.1(D) of this subtitle. 16
17–308.1. 17
(b) A holder may consider a money order dormant or inactive for purposes of 18
imposing a service charge if the owner has taken none of the actions set forth in [§ 19
17–301(b)(3)] § 17–301.1(B)(3) of this subtitle for 1 year from the date of issuance of the 20
money order. 21
17–317. 22
(a) (1) (i) All funds received under this title, including the proceeds of the 23
sale of abandoned property under § 17–316 of this subtitle, shall be credited by the 24
Administrator to a special fund. 25
(ii) The Administrator shall retain in the special fund at the end of 26
each fiscal year, from the proceeds received[, an]: 27
1. AN AMOUNT NOT EXCEEDI NG $5,000,000 FOR 28
INFORMATION TECHNOLO GY COSTS OF THE ADMINISTRATOR , INCLUDING 29
CYBERSECURITY , CUSTOMER RELATION SY STEMS, AND A SYSTEM FOR MANAGING 30
UNCLAIMED PROPERTY ; AND 31
18 HOUSE BILL 761
2. AN amount [not to exceed $50,000] OF FUNDS THE 1
ADMINISTRATOR REASONA BLY ESTIMATES IS SUF FICIENT, from which sum the 2
Administrator shall pay any claim allowed under this title. 3
17–318. 4
(A) (1) Any person who claims a legal interest in any property delivered to the 5
State under this title must [file]: 6
(I) FILE a claim to the property or to the proceeds from its sale on 7
the form prescribed by the Administrator; AND 8
(II) VERIFY THE CLAIM AS TO ITS COMPLETENESS AND 9
ACCURACY. 10
(2) AFTER A CLAIM IS FILE D UNDER PARAGRAPH (1) OF THIS 11
SUBSECTION, THE ADMINISTRATOR SHALL ALLOW OR DENY THE CLAIM AN D 12
PROVIDE THE CLAIMANT NOTICE OF THE DECISI ON. 13
(3) IF A CLAIM FILED IN ACCORDANCE WITH THIS SUBSECTION IS 14
DENIED: 15
(I) THE ADMINISTRATOR SHALL I NFORM THE CLAIMANT O F 16
THE REASON FOR THE D ENIAL AND SPECIFY WH AT ADDITIONAL EVIDEN CE, IF ANY, 17
IS REQUIRED FOR THE CLAIM TO BE ALLOWED; 18
(II) THE CLAIMANT MAY FILE AN AMENDED CLAIM WIT H THE 19
ADMINISTRATOR OR COMM ENCE AN ACTION UNDER § 17–320 OF THIS SUBTITLE ; 20
AND 21
(III) THE ADMINISTRATOR SHALL C ONSIDER AN AMENDED 22
CLAIM FILED UNDER IT EM (II) OF THIS PARAGRAPH AS THE INITIAL CLAIM. 23
(4) IF THE ADMINISTRATOR DOES NO T TAKE ACTION ON A C LAIM 24
DURING THE 6–MONTH PERIO D IMMEDIATELY FOLLOW ING THE FILING OF A CLAIM 25
UNDER THIS SUBSECTIO N, THE CLAIM SHALL BE D EEMED DENIED . 26
(B) (1) THE ADMINISTRATOR MAY WAIVE THE FILING REQUIREMENT 27
UNDER SUBSECTION (A) OF THIS SECTION IF: 28
(I) THE PERSON RECEIVING THE PROPERTY OR PAYMENT IS 29
THE APPARENT OWNER I NCLUDED IN A REPORT FILED UNDER § 17–310 OF THIS 30
SUBTITLE; 31
HOUSE BILL 761 19
(II) THE ADMINISTRATOR REASONA BLY BELIEVES THE PER SON 1
IS ENTITLED TO RECEI VE THE PROPERTY OR P AYMENT; AND 2
(III) THE PROPERTY OR PAYME NT HAS A VALUE OF $5,000 OR 3
LESS. 4
(2) IF THE ADMINISTRATOR WAIVES THE FILING REQUIREME NT IN 5
ACCORDANCE WITH PARA GRAPH (1) OF THIS SUBSECTION , THE ADMINISTRATOR 6
SHALL MAKE PAYMENT IN ACCO RDANCE WITH § 17–319(B) OF THIS SUBTITLE. 7
(C) THE ADMINISTRATOR SHALL P AY OR DELIVER PROPER TY TO A 8
CLAIMANT UNDER THIS SECTION IF THE ADMINISTRATOR RECEIVE S EVIDENCE 9
SUFFICIENT TO THE SATISFACTION OF THE ADMINISTRATOR TO ESTABLISH THAT 10
THE CLAIMANT IS THE OWNER OF THE PROPERT Y. 11
17–319. 12
(a) (1) The Administrator shall consider any claim filed under this title and 13
may hold a hearing and receive evidence concerning it. 14
(2) (I) If a hearing is held, [he] THE ADMINISTRATOR shall prepare a 15
finding and a decision in writing on each claim filed, stating the substance of any evidence 16
heard by [him] THE ADMINISTRATOR and the reasons for [his] THE ADMINISTRATOR ’S 17
decision. 18
(II) The decision shall be a public record. 19
(b) (1) If the claim is allowed, OR IF THE ADMINISTRATOR WAIVES THE 20
FILING REQUIREMENT IN ACCORDANCE WITH § 17–318(B) OF THIS SUBTITLE , the 21
Administrator immediately shall make payment. 22
(2) The claim shall be paid without deduction for costs of notices or sale or 23
for service charges. 24
(c) In satisfying a claim the Administrator shall pay the claimant an amount 25
equal to the sales price obtained at the public sale. 26
17–319.1. 27
(A) NOT LATER THAN 6 MONTHS AFTER A CLAIM IS ALLOWED UNDER § 28
17–318(A) OF THIS SUBTITLE, THE ADMINISTRATOR SHALL D ELIVER THE PROPERTY 29
TO THE OWNER OR PAY TO THE OWNER THE NET PROCEEDS OF A SALE O F THE 30
PROPERTY. 31
20 HOUSE BILL 761
(B) THE ADMINISTRATOR MAY APP LY PROPERTY HELD UND ER THIS TITLE 1
BY THE ADMINISTRATOR TO A CL AIM FOR THE PAYMENT OF A DEBT OWED TO TH E 2
STATE IDENTIFIED BY O R CERTIFIED TO THE ADMINISTRATOR , INCLUDING DEBTS 3
FOR UNPAID STATE, COUNTY, OR MUNICIPAL TAX . 4
(C) BEFORE DELIVERY TO AN OWNER OF PROPERTY VA LUED AT $100 OR 5
MORE OR PAYMENT TO AN OWNER FOR NET PROCEEDS OF A SA LE OF PROPERTY 6
WHERE THE NET PROCEE DS ARE $100 OR MORE, THE ADMINISTRATOR SHALL : 7
(1) APPLY THE PROPERTY OR NET PROCEEDS TO A NY DEBT UNDER 8
SUBSECTION (B) OF THIS SECTION THAT THE ADMINISTRATOR DETERMI NES IS 9
OWED BY THE OWNER ; 10
(2) PAY THE AMOUNT IDENTI FIED BY OR CERTIFIED TO THE 11
ADMINISTRATOR UNDER SUBSECTION (B) OF THIS SECTION; AND 12
(3) NOTIFY THE OWNER OF ANY PAYMENT TOWARD A DEBT UNDER 13
SUBSECTION (B) OF THIS SECTION THAT THE ADMINISTRATOR DETERMI NES IS 14
OWED BY THE OWNER . 15
(D) (1) THE ADMINISTRATOR MAY MAK E PERIODIC INQUIR IES OF STATE 16
AND LOCAL AGENCIES I N THE ABSENCE OF A C LAIM FILED UNDER § 17–318(A) OF 17
THIS SUBTITLE TO DET ERMINE WHETHER AN AP PARENT OWNER INCLUDE D IN THE 18
UNCLAIMED PROPERTY R ECORDS OF TH E STATE HAS ENFORCEABLE DEBTS UNDER 19
SUBSECTION (B) OF THIS SECTION IF T HE AMOUNT OF PROPERT Y IS VALUED AT $100 20
OR MORE. 21
(2) IF THE ADMINISTRATOR IDENTIFIES AN ENFORC EABLE DEBT 22
DURING A PERIODIC IN QUIRY, THE ADMINISTRATOR SHALL: 23
(I) APPLY THE PROPERTY OR NET PROCEEDS OF A SALE OF THE 24
PROPERTY HELD BY THE ADMINISTRATOR TO THE DEBT OF AN APPARENT OWNER 25
WHO APPEARS IN THE R ECORDS OF THE ADMINISTRATOR ; 26
(II) PAY THE AMOUNT IDENTIF IED BY OR CERTIFIED TO THE 27
ADMINISTRATOR UNDER SUBSECTION (B) OF THIS SECTION; AND 28
(III) NOTIFY THE OWNER OF A NY PAYMENT TOWARD A DEBT 29
UNDER SUBSECTION (B) OF THIS SECTION THAT THE ADMINISTRATOR DETERMI NES 30
IS OWED BY THE OWNER . 31
17–320. 32
HOUSE BILL 761 21
(A) Any person aggrieved by a decision of the Administrator or as to whose claim 1
the Administrator has failed to act within [90 days] 6 MONTHS after the filing of the claim, 2
may commence an action in the circuit court for the county to establish [his] THE claim. 3
(B) The proceeding shall be brought within 90 days after the decision of the 4
Administrator or within [180 days] 1 YEAR from the filing of the claim if the Administrator 5
fails to act. 6
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect 7
October 1, 2025. 8