EXPLANATION: CAPITALS INDICATE MAT TER ADDED TO EXISTIN G LAW.
[Brackets] indicate matter deleted from existing law.
Underlining indicates amendments to bill.
Strike out indicates matter stricken from the bill by amendment or deleted from the law by
amendment.
*hb0761*
HOUSE BILL 761
I4 5lr1720
CF SB 665
By: The Speaker (By Request – Office of the Comptroller)
Introduced and read first time: January 27, 2025
Assigned to: Economic Matters
Reassigned: Health and Government Operations, February 3, 2025
Committee Report: Favorable with amendments
House action: Adopted
Read second time: March 1, 2025
CHAPTER ______
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; altering the dollar value at which the 9
Comptroller is required to publish certain notice; authorizing the Comptroller to 10
retain, for certain purposes, certain funding from proceeds obtained through the 11
disposition of abandoned property; altering the procedures for filing a claim with the 12
Comptroller to reclaim abandoned property; and generally relating to the Maryland 13
Uniform Disposition of Abandoned Property Act. 14
BY repealing and reenacting, with amendments, 15
Article – Commercial Law 16
Section 17–101, 17–301, 17–302, 17–304(a)(2)(i), 17–308(d), 17–308.1(b), 17–311(c), 17
17–317(a)(1), and 17–318 through 17–320 18
Annotated Code of Maryland 19
(2013 Replacement Volume and 2024 Supplement) 20
BY adding to 21
Article – Commercial Law 22 2 HOUSE BILL 761
Section 17–301, 17–302.1, 17–306.1, 17–307.2, and 17–319.1 1
Annotated Code of Maryland 2
(2013 Replacement Volume and 2024 Supplement) 3
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 4
That the Laws of Maryland read as follows: 5
Article – Commercial Law 6
17–101. 7
(a) In this title the following words have the meanings indicated. 8
(b) (1) “Abandoned property” means personal property that is considered 9
abandoned under this title. 10
(2) “Abandoned property” includes property in the custody of the federal 11
government that is classified as “unclaimed property” under federal law. 12
(c) “Administrator” means the State Comptroller. 13
(D) “APPARENT OWNER ” MEANS A PERSON WHOSE NAME APPEARS ON A 14
RECORD OF A HOLDER AS THE OWNER OF PROP ERTY HELD, ISSUED, OR OWING BY 15
THE HOLDER. 16
[(d)] (E) “Banking organization” means any bank, trust company, savings bank, 17
land bank, and any other similar organization engaged in business in the State. 18
[(e)] (F) “Business association” means any corporation, joint stock company, 19
business trust, statutory trust, partnership, or any association for business purposes of two 20
or more individuals. 21
[(f)] (G) “County” includes Baltimore City. 22
[(g)] (H) “Federal government” includes any of its agencies or instrumentalities. 23
[(h)] (I) “Financial organization” means any savings and loan association or 24
credit union engaged in business in the State. 25
(J) “GIFT CARD” MEANS A GIFT CARD DE SCRIBED IN § 14–1320 OF THIS 26
ARTICLE. 27
(K) “GIFT CERTIFICATE” HAS THE MEANING STAT ED IN § 14–1319 OF THIS 28
ARTICLE. 29
[(i)] (J) (L) “Holder” means any person who is: 30 HOUSE BILL 761 3
(1) In possession of property subject to this title belonging to another; 1
(2) A trustee, in the case of a trust; or 2
(3) Indebted to another on an obligation subject to this title. 3
(K) (M) “INDICATION OF APPAREN T OWNER INTEREST IN PROPERTY” 4
MEANS: 5
(1) A RECORD COMMUNICATED BY THE APPARENT OWNE R TO THE 6
HOLDER OR AGENT OF T HE HOLDER CONCERNING THE PROPERTY OR THE ACCOUNT 7
IN WHICH THE PROPERTY IS HELD ; 8
(2) AN ORAL COMMUNICATION BY THE APPARENT OWNE R TO THE 9
HOLDER OR AGENT OF T HE HOLDER CONCERNING THE PROPERTY OR THE ACCOUNT 10
IN WHICH THE PROPERT Y IS HELD , IF THE HOLDER OR ITS AGENT 11
CONTEMPORANEOUSLY MA KES AND PRESERVES A RECORD OF THE FACT OF THE 12
APPARENT OWNER ’S COMMUNICATION ; 13
(3) FOR AN ACCOUNT , UNDERLYING SECURITY , OR INTEREST IN A 14
BUSINESS ASSOCIATION , THE PRESENTMENT OF : 15
(I) A CHECK OR OTHER INSTR UMENT OF PAYMENT OF A 16
DIVIDEND, INTEREST PAYMENT , OR OTHER DISTRIBUTIO N; OR 17
(II) EVIDENCE OF RECEIPT O F A DISTRIBUTION MAD E BY 18
ELECTRONIC OR SIMILA R MEANS; 19
(4) ACTIVITY DIRECTED BY AN APPARENT OWNER IN THE ACCOUNT 20
IN WHICH THE PROPERT Y IS HELD, INCLUDING: 21
(I) ACCESSING THE ACCOUNT OR INFORMATION CONCE RNING 22
THE ACCOUN T; OR 23
(II) A DIRECTION BY THE APP ARENT OWNER TO INCRE ASE, 24
DECREASE, OR OTHERWISE CHANGE THE AMOUNT OR TYPE O F PROPERTY HELD IN 25
THE ACCOUNT ; 26
(5) A DEPOSIT INTO OR WITH DRAWAL FROM AN ACCOU NT AT A 27
FINANCIAL INSTITUTIO N, INCLUDING AN AUTOMAT IC DEPOSIT OR WITHDRAWAL 28
PREVIOUSLY AUTHORIZE D BY THE APPARENT OW NER OTHER THAN AN AU TOMATIC 29
REINVESTMENT OF DIVI DENDS OR INTEREST ; 30
4 HOUSE BILL 761
(6) SUBJECT TO § 17–301(A)(3) OF THIS TITLE , PAYMENT OF A 1
PREMIUM ON AN INSURA NCE POLICY; AND 2
(7) ANY OTHER ACTION BY T HE APPAREN T OWNER THAT 3
REASONABLY DEMONSTRA TES TO THE HOLDER TH AT THE APPARENT OWNE R KNOWS 4
THAT THE PROPERTY EX ISTS. 5
[(j)] (L) (N) “Insurance corporation” means any association or corporation 6
transacting in the State the business of insurance on the lives of persons or insurance 7
pertaining to life insurance, including endowments and annuities, disability, accident and 8
health insurance, and property, casualty, and surety insurance, as these terms are defined 9
in the Insurance Article. 10
[(k)] (M) (O) “Owner” means: 11
(1) In the case of a deposit, a depositor or a person entitled to receive the 12
funds as reflected on the records of the bank or financial organization; 13
(2) In the case of a trust, a beneficiary; 14
(3) In the case of other choses in action, a creditor, claimant, or payee; 15
(4) In the case of abandoned property in federal custody, the person who is 16
defined as the owner by any applicable federal law; [or] 17
(5) Any person who has a legal or equitable interest in property subject to 18
this title, or the legal representative of that person; OR 19
(6) IN THE CASE OF A PENS ION ACCOUNT OR RETIR EMENT ACCOUNT 20
THAT QUALIFIES FOR T AX DEFERRAL UNDER TH E INCOME TAX PROVISI ONS OF THE 21
INTERNAL REVENUE CODE, THE PAYEE. 22
[(l)] (N) (P) “Person” includes the State, any county, municipal corporation, or other 23
political subdivision of the State, or any of their units, an individual, business association, 24
corporation, business trust, statutory trust, estate, trust, partnership, association, two or 25
more persons having a joint or common interest, or any other legal or commercial entity. 26
[(m)] (O) (Q) “Personal property” does not include: 27
(1) A gift certificate OR A GIFT CARD; 28
(2) Credits in connection with the sale of consumer goods to a wholesaler 29
or retailer in the ordinary course of business; 30
HOUSE BILL 761 5
(3) Outstanding checks or credits issued to vendors or commercial 1
customers in the ordinary course of business, other than property described in [§ 17–301(a)] 2
§ 17–301.1(A) of this title held by a banking organization or financial organization; 3
(4) Credit balances in vendor or commercial customer accounts that occur 4
in the ordinary course of business, other than property described in [§ 17–301(a)] § 5
17–301.1(A) of this title held by a banking organization or financial organization; or 6
(5) Purchase price rebates issued to customers in the ordinary course of 7
business. 8
(P) (R) “RECORD” MEANS INFORMATION TH AT IS: 9
(1) INSCRIBED ON A TANGIB LE MEDIUM; OR 10
(2) STORED IN AN ELECTRON IC OR OTHER MEDIUM A ND 11
RETRIEVABLE IN PERCEIVABLE FORM . 12
[(n)] (Q) (S) “Service charge” means any type of deduction or charge made by a 13
holder on property presumed abandoned under this title. 14
[(o)] (R) (T) “Utility” means any person who owns or operates in the State, for public 15
use, any plant, equipment, property, franchise, or license for the transmission of 16
communications, for the production, storage, transmission, sale, delivery, or furnishing of 17
electricity, water, steam, or gas, or for the transportation of persons or property. 18
(S) (U) (1) “VIRTUAL CURRENCY ” MEANS A DIGITAL REPR ESENTATION 19
OF VALUE USED AS A M EDIUM OF EXCHANGE , UNIT OF ACCOUNT , OR STORE OF 20
VALUE THAT DOES NOT HAVE LEGAL TENDER ST ATUS RECOGNIZED BY T HE UNITED 21
STATES. 22
(2) “VIRTUAL CURRENCY ” DOES NOT INCLUDE : 23
(I) THE SOFTWARE OR PROTO COLS GOVERNING THE 24
TRANSFER OF THE DIGI TAL REPRESENTATION O F VALUE; 25
(II) GAME–RELATED DIGITAL CONT ENT; OR 26
(III) A LOYALTY CARD . 27
17–301. 28
(A) FOR PURPOSES OF THIS SUBTITLE: 29
6 HOUSE BILL 761
(1) AN ACTION BY AN AGENT OR OTHER REPRESENTAT IVE OF AN 1
APPARENT OWNER , OTHER THAN A HOLDER ACTING AS THE APPARE NT OWNER’S 2
AGENT, IS PRESUMED TO BE AN ACTION ON BEHALF OF THE APPARENT OWNER ; AND 3
(2) A COMMUNICATION WITH A N APPARENT OWNER BY A PERSON 4
OTHER T HAN THE HOLDER OR TH E HOLDER’S REPRESENTATIVE IS NOT AN 5
INDICATION OF APPARE NT OWNER INTEREST IN PROPERTY UNLESS A RE CORD OF 6
THE COMMUNICATION EV IDENCES THE APPARENT OWNER’S KNOWLEDGE OF A 7
RIGHT TO THE PROPERT Y; AND. 8
(3) IF AN INSURED DIES OR THE INSURED OR BENEFICIA RY OF AN 9
INSURANCE POLICY OTH ERWISE BECOMES ENTIT LED TO THE PROCEEDS BEFORE 10
DEPLETION OF THE CAS H SURRENDER VALUE OF THE POLICY BY OPERAT ION OF AN 11
AUTOMATIC–PREMIUM–LOAN PROVISION OR OT HER NONFORFEITURE PR OVISION 12
CONTAINED IN THE POL ICY, THE OPERATION OF THE PROVISION DOES NOT 13
PREVENT THE POLICY F ROM MATURING OR TERM INATING. 14
(B) WHEN DETERMINING THE ADDRESS OF AN APPARE NT OWNER UNDER 15
THIS SUBTITLE: 16
(1) (I) THE LAST KNOWN ADDRES S OF AN APPARENT OWN ER 17
INCLUDES ANY DESCRIP TION, CODE, OR OTHER INDICATION O F THE LOCATION OF 18
THE APPARENT OWNER T HAT IDENTIFIES A STA TE; AND 19
(II) AN INDICATION OF THE LOCATION OF THE APPA RENT 20
OWNER THAT IDENTIFIE S A STATE DOES NOT N EED TO BE SUFFICIENT TO DIRECT 21
THE DELIVERY OF FIRS T–CLASS MAIL TO THE AP PARENT OWNER ; 22
(2) THIS STATE IS DEEMED TO BE THE STATE OF THE LAS T KNOWN 23
ADDRESS OF THE APPAR ENT OWNER IF: 24
(I) THE POSTAL ZIP CODE A SSOCIATED WITH THE A PPARENT 25
OWNER IS FOR A POST OFFICE LOCATED IN TH IS STATE; AND 26
(II) THERE ARE NO OTHER RE CORDS ASSOCIATED WITH THE 27
APPARENT OWNER THAT SPECIFICALLY IDENTIF Y THE PHYSICAL ADDRE SS OF THE 28
APPARENT OWNER TO BE IN ANOTHER STATE ; 29
(3) ANOTHER STATE IS DEEM ED TO BE THE STATE O F THE LAST 30
KNOWN ADDRESS OF THE APPARENT OWNER IF : 31
(I) THE POSTAL ZIP CODE ASSOCIATED WITH THE APPARENT 32
OWNER IS FOR A POST OFFICE LOCATED OUTSI DE THIS STATE; AND 33
HOUSE BILL 761 7
(II) THERE ARE NO OTHER RE CORDS ASSOCIATED WIT H THE 1
APPARENT OWNER THAT SPECIFICALLY IDENTIF Y THE PHYSICAL ADDRE SS OF THE 2
APPARENT OWNER TO BE IN THIS STATE; AND 3
(4) THE ADDRESS OF THE AP PARENT OWNER OF A LI FE OR 4
ENDOWMENT INSURANCE POLICY OR ANNUITY CO NTRACT OR ITS PROCEE DS IS 5
PRESUMED TO BE THE A DDRESS OF THE INSURE D OR ANNUITANT IF : 6
(I) A PERSON OTHER THAN TH E INSURED OR ANNUITA NT IS 7
ENTITLED TO THE AMOU NT OWED UNDER THE POLIC Y OR CONTRACT ; AND 8
(II) THE ADDRESS OF THE PE RSON ENTITLED TO THE AMOUNT 9
OWED UNDER THE POLIC Y OR CONTRACT IS : 10
1. NOT KNOWN BY THE INSU RANCE COMPANY ; AND 11
2. CANNOT BE DETERMINED UNDER § 17–301.1(D) OF 12
THIS SUBTITLE. 13
[17–301.] 17–301.1. 14
(a) (1) For purposes of this section and subject to paragraph (2) of this 15
subsection, a holder shall be deemed to no longer have a valid address for the owner of the 16
property as of the later of: 17
(i) The date a second communication is returned by the U.S. Postal 18
Service to a holder as undeliverable to an apparent owner, if: 19
1. The holder sent the second communication to the apparent 20
owner by first–class mail; and 21
2. A previous communication was: 22
A. Sent by first–class mail; 23
B. Sent immediately preceding the second communication; 24
and 25
C. Returned by the U.S. Postal Service to the holder as 26
undeliverable to the apparent owner; or 27
(ii) The date a previous communication is returned by the U.S. 28
Postal Service to a holder as undeliverable to an apparent owner, if the holder: 29
1. Sent the previous communication to the apparent owner: 30
8 HOUSE BILL 761
A. By first–class mail; and 1
B. Immediately preceding a second communication; and 2
2. Sent the second communication to the apparent owner: 3
A. By first–class mail; and 4
B. More than 30 days after the previous communication 5
under this subparagraph was sent. 6
(2) (i) Subject to subparagraph (ii) of this paragraph, if the holder does 7
not send communications to an apparent owner by first–class mail, the holder shall attempt 8
to confirm the apparent owner’s interest in the property by e–mailing the apparent owner 9
not later than 2 years after the apparent owner’s last indication of interest in the property. 10
(ii) The holder shall promptly attempt to contact the apparent owner 11
by first–class mail if: 12
1. The holder does not have the information needed to send 13
an e–mail to the apparent owner; 14
2. The holder believes the apparent owner’s e–mail address 15
in the holder’s records is not valid; 16
3. The holder receives notification that the e–mail was not 17
received; or 18
4. The apparent owner does not respond to the e –mail 19
communication within 30 days after the e–mail was sent. 20
(iii) 1. If a mailing sent in accordance with subparagraph (ii) of 21
this paragraph is returned by the U.S. Postal Service to the holder as undeliverable to the 22
apparent owner, the mailing shall constitute a communication for purposes of paragraph 23
(1) of this subsection. 24
2. If a mailing sent in accordance with subparagraph (ii) of 25
this paragraph is not returned by the U.S. Postal Service to the holder as undeliverable to 26
the apparent owner, the holder shall be presumed to have a valid address for the owner of 27
the property. 28
(b) The following property held by a banking or financial organization[,] or 29
business association is presumed abandoned: 30
(1) Any demand, savings, or matured time deposit account made with a 31
banking organization, together with any interest or dividend on it, excluding any charges 32
that lawfully may be withheld, 3 years after the later of: 33 HOUSE BILL 761 9
(i) The date the holder is deemed to no longer have a valid address 1
for the owner of the property; or 2
(ii) The date the owner last: 3
1. Increased or decreased the amount of the deposit; 4
2. Presented evidence of the deposit for the crediting of 5
interest; 6
3. Corresponded in writing with the banking organization 7
concerning the deposit; 8
4. ACCESSED THE ACCOUNT OR INFORMATION 9
CONCERNING THE ACCOU NT; 10
[4.] 5. Engaged in any credit, trust, or other deposit transaction 11
with the banking organization; or 12
[5.] 6. Otherwise indicated an interest in the deposit as 13
evidenced by a memorandum on file with the banking organization; 14
(2) Any funds paid toward the purchase of shares or other interest in a 15
financial organization, or any deposit made with these funds, and any interest or dividends 16
on these, excluding any charges that lawfully may be withheld, 3 years after the later of: 17
(i) The date the holder is deemed to no longer have a valid address 18
for the owner of the property; or 19
(ii) The date the owner last: 20
1. Increased or decreased the amount of the funds or deposit, 21
or presented an appropriate record for the crediting of interest or dividends; 22
2. Corresponded in writing with the financial organization 23
concerning the funds or deposit; 24
3. ACCESSED THE ACCOUNT OR INFORMATION 25
CONCERNING THE ACCOU NT; 26
[3.] 4. Engaged in any credit, share, or other deposit transaction 27
with the financial organization; or 28
[4.] 5. Otherwise indicated an interest in the funds or deposit as 29
evidenced by a memorandum on file with the financial organization; 30 10 HOUSE BILL 761
(3) Any sum payable on a check certified in this State or on a written 1
instrument issued in this State on which a banking or financial organization or business 2
association is directly liable, including any certificate of deposit, draft, traveler’s check, and 3
money order, that has been outstanding for more than 3 years from the date it was payable 4
(or 15 years in the case of a traveler’s check) or, if payable on demand, from the date of its 5
issuance, unless, within 3 years or 15 years in the case of a traveler’s check, the owner has: 6
(i) Corresponded in writing with the banking or financial 7
organization or business association concerning it; [or] 8
(II) ACCESSED THE ACCOUNT OR INFORMATION CONCE RNING 9
THE ACCOUNT ; OR 10
[(ii)] (III) Otherwise indicated an interest as evidenced by a 11
memorandum on file with the banking or financial organization or business association; 12
and 13
(4) Any property removed from a safekeeping repository on which the lease 14
or rental period has expired or any surplus amounts arising from the sale of the property 15
pursuant to law, that have been unclaimed by the owner for more than 3 years from the 16
date on which the lease or rental period expired. 17
(c) Nothing in this section shall be construed to apply to any demand, savings, or 18
matured time deposits that are designated subject to the order of any court of this State. 19
(d) Property is subject to the custody of this State as unclaimed property if the 20
conditions raising a presumption of abandonment under this section are met and: 21
(1) The last known address, as shown on the records of the holder, of the 22
apparent owner is in this State; 23
(2) The records of the holder do not reflect the identity of the person 24
entitled to the property and it is established that the last known address of the person 25
entitled to the property is in this State; 26
(3) The records of the holder do not reflect the last known address of the 27
apparent owner, and it is established that: 28
(i) The last known address of the person entitled to the property is 29
in this State; or 30
(ii) The holder is a domiciliary or a government or governmental 31
subdivision or agency of this State and has not previously paid or delivered the property to 32
the State of the last known address of the apparent owner or other person entitled to the 33
property; 34
HOUSE BILL 761 11
(4) The last known address, as shown on the records of the holder, of the 1
apparent owner is in a state that does not provide by law for the escheat or custodial taking 2
of the property or its escheat or unclaimed property law is not applicable to the property 3
and the holder is a domiciliary or a government or governmental subdivision or agency of 4
this State; 5
(5) The last known address, as shown on the records of the holder, of the 6
apparent owner is in a foreign nation and the holder is a domiciliary or a government or 7
governmental subdivision or agency of this State; or 8
(6) The transaction out of which the property arose occurred in this State 9
and: 10
(i) The last known address of the apparent owner or other person 11
entitled to the property is unknown or the last known address of the apparent owner or 12
other person entitled to the property is in a state that does not provide by law for the escheat 13
or custodial taking of the property or its escheat or unclaimed property law is not applicable 14
to the property; and 15
(ii) The holder is a domiciliary of a state that does not provide by law 16
for the escheat or custodial taking of the property or its escheat or unclaimed property law 17
is not applicable to the property. 18
(e) The running of the 3–year period of abandonment ceases immediately on: 19
(1) The holder obtaining a valid address for the owner of the property; or 20
(2) The occurrence of an action referred to in subsection (b)(1)(ii) or (2)(ii) 21
of this section. 22
17–302. 23
(a) Funds held or owing under any life or endowment insurance policy or annuity 24
contract that has matured or terminated are presumed abandoned if unclaimed for more 25
than 3 years after the funds FIRST become due and payable [as established from the 26
records of the insurance company holding or owing the funds] IN ACCORDANCE WITH : 27
(1) THE INSURANCE POLICY OR ANNUITY CONTRACT ; OR 28
(2) SECTION 16–118 OF THE INSURANCE ARTICLE. 29
(b) [If a person other than the insured or annuitant is entitled to the funds and 30
an address of the person is not known to the company or it is not definite and certain from 31
the records of the company who is entitled to the funds, it is presumed that the last known 32
address of the person entitled to the funds is the same as the last known address of the 33
insured or annuitant according to the records of the company. 34
12 HOUSE BILL 761
(c)] For purposes of this subtitle, a life or endowment insurance policy or annuity 1
contract not matured by actual proof of the death of the insured or annuitant according to 2
the records of the INSURANCE company is matured and the proceeds due and payable if: 3
(1) The company knows that the insured or annuitant has died; or 4
(2) (i) The insured has attained, or would have attained if [he] THE 5
INSURED were living, the limiting age under the mortality table on which the reserve is 6
based; 7
(ii) The policy was in force at the time the insured attained, or would 8
have attained, the limiting age specified in item (i) of this paragraph; and 9
(iii) Neither the insured nor any other person appearing to have an 10
interest in the policy within the preceding 3 years, according to the records of the company, 11
has assigned, readjusted, or paid premiums on the policy, subjected the policy to a loan, 12
corresponded in writing with the company concerning the policy, or otherwise indicated an 13
interest as evidenced by a memorandum or other record on file prepared by an employee of 14
the company. 15
[(d)] (C) (1) (I) “Unclaimed funds”, as defined in paragraph (2) of this 16
subsection, held by a fire, casualty, or surety insurance corporation, shall be presumed 17
abandoned if the last known address of the person entitled to the funds, according to the 18
records of the corporation, is in this State. 19
(II) If a person other than the insured, the principal, or the claimant 20
is entitled to the funds and the address of the person is not known to the corporation or if 21
it is not definite and certain from the records of the corporation which person is entitled to 22
the funds, it is presumed that the last known address of the person entitled to the funds is 23
the same as the last known address of the insured, the principal, or the claimant according 24
to the records of the corporation. 25
(2) “Unclaimed funds”, as used in this subsection, means all money held by 26
any fire, casualty, or surety insurance corporation unclaimed and unpaid for more than 3 27
years after the money becomes due and payable, as established from the records of the 28
corporation, either to an insured, a principal, or a claimant under any fire, casualty, or 29
surety insurance policy or contract. 30
[(e)] (D) Money otherwise payable according to the records of the corporation is 31
considered due and payable although the policy or contract has not been surrendered as 32
required. 33
17–302.1. 34
(A) IN THIS SECTION, “DEATH MASTER FILE ” MEANS: 35
HOUSE BILL 761 13
(1) THE SOCIAL SECURITY ADMINISTRATION DEATH MASTER FILE; 1
OR 2
(2) ANY OTHER DATABASE OR SERVICE THAT IS AT L EAST AS 3
COMPREHENSIVE AS THE SOCIAL SECURITY ADMINISTRATION DEATH MASTER 4
FILE FOR DETERMININ G THAT AN INDIVIDUAL REPORTEDLY HAS DIED . 5
(B) FOR PURPOSES OF THIS SECTION: 6
(1) A DEATH MASTER FILE MA TCH DESCRIBED UNDER SUBSECTION 7
(C)(3) AND (4) OF THIS SECTION OCCU RS IF THE CRITERIA F OR AN EXACT OR 8
PARTIAL MATCH ARE SA TISFIED AS PROVIDED BY: 9
(I) THE INSURANCE ARTICLE; OR 10
(II) A RULE OR POLICY ADOPT ED BY THE MARYLAND 11
INSURANCE COMMISSIONER . 12
(2) A DEATH MASTER FILE MA TCH OR VALIDATION OF THE INSURED’S 13
OR ANNUITANT ’S DEATH DOES NOT ALT ER THE REQUIREMENTS FOR A BENEFICIARY , 14
ANNUITANT, OR OWNER OF THE POLICY OR CONTRACT TO MAKE A C LAIM TO 15
RECEIVE PROCEEDS UND ER THE TERMS OF THE POLICY OR CONTRACT . 16
(3) AN INSURED OR AN ANNU ITANT IS PRESUMED DE AD IF THE DATE 17
OF THE INSURED ’S OR ANNUITANT ’S DEATH IS INDICATED BY A DEATH MASTER FI LE 18
MATCH DESCRIBED UNDER SUBS ECTION (C)(3) AND (4) OF THIS SECTION , UNLESS 19
THE INSURANCE COMPAN Y HAS COMPETENT AND SUBSTANTIAL EVIDENCE THAT 20
THE INSURED OR ANNUI TANT IS LIVING, INCLUDING A CONTACT MADE BY THE 21
COMPANY WITH THE INS URED OR ANNUITANT OR THE INSURED’S OR ANNUITANT’S 22
LEGAL REPRESENTATIVE . 23
(C) WITH RESPECT TO A LIF E OR ENDOWMENT INSUR ANCE POLICY OR 24
ANNUITY CONTRACT FOR WHICH AN AMOUNT IS O WED ON PROOF OF DEAT H, BUT 25
THAT HAS NOT MATURED BY PROOF OF DEATH OF THE INSURED OR ANNUI TANT, THE 26
INSURANCE COMPANY SHALL BE DEEMED TO H AVE KNOWLEDGE OF THE DEATH OF 27
AN INSURED OR ANNUIT ANT WHEN: 28
(1) THE COMPANY RECEIVES A DEATH CERTIFICATE OR COURT 29
ORDER DETERMINING TH AT THE INSURED OR AN NUITANT HAS DIED ; 30
(2) THE COMPANY RECEIVES NOTICE OF THE DEATH OF THE INSURED 31
OR ANNUITANT FROM : 32
14 HOUSE BILL 761
(I) THE ADMINISTRATOR OR AN U NCLAIMED PROPERTY 1
ADMINISTRATOR OF ANO THER STATE; 2
(II) A BENEFICIARY; 3
(III) A POLICY OWNER ; 4
(IV) A RELATIVE OF THE INSU RED OR ANNUITANT ; 5
(V) A REPRESENTATIVE OF TH E INSURED OR ANNU ITANT, 6
INCLUDING AN ADMINIS TRATOR, A GUARDIAN , A STANDBY GUARDIAN , OR A 7
TEMPORARY GUARDIAN ; OR 8
(VI) AN EXECUTOR OR OTHER LEGAL REPRESENTATIVE OF THE 9
INSURED’S OR ANNUITANT ’S ESTATE; 10
(3) (I) THE COMPANY CONDUCTS A COMPARISON FOR ANY 11
PURPOSE BETWEEN A DEATH MASTER FILE AN D THE NAMES OF SOME OR ALL OF THE 12
COMPANY’S INSUREDS OR ANNUIT ANTS; AND 13
(II) FINDS A MATCH THAT PR OVIDES NOTICE THAT T HE 14
INSURED OR ANNUITANT HAS DIED; OR 15
(4) (I) THE ADMINISTRATOR OR THE ADMINISTRATOR ’S AGENT IN 16
THE NORMAL COU RSE OF BUSINESS COND UCTS A COMPARISON FO R THE PURPOSE 17
OF FINDING MATCHES B ETWEEN A DEATH MASTE R FILE AND THE NAMES OF SOME 18
OR ALL OF THE COMPAN Y’S INSUREDS OR ANNUIT ANTS; AND 19
(II) FINDS A MATCH THAT PR OVIDES NOTICE THAT T HE 20
INSURED OR ANNUITANT HAS DIED. 21
(D) A HOLDER OF FUNDS UNDE R § 17–302 OF THIS SUBTITLE SHA LL, ON AT 22
LEAST AN ANNUAL BASI S: 23
(1) CONDUCT A DEATH MASTE R FILE EXAMINATION A ND 24
COMPARISON DESCRIBED UNDER SUBSECTION (C)(3) OF THIS SECTION ON A LL 25
INSUREDS AND ANNUITA NTS; AND 26
(2) MAKE A RECORD OF THE DATE ON WHICH ANY EXAMINA TION AND 27
COMPARISON UNDER ITE M (1) OF THIS SUBSECTION O CCURS. 28
17–304. 29
(a) (2) (i) Subject to subparagraph (ii) of this paragraph, if the holder does 30
not send communications to an apparent owner by first–class mail, the holder shall attempt 31 HOUSE BILL 761 15
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 APPARENT OWNER 2
interest in the property. 3
17–306.1. 4
(A) IN THIS SECTION, “RETURNED AS UNDELIVE RABLE” MEANS RETURNED 5
BY THE U.S. POSTAL SERVICE TO THE HOLDER AS UNDELIVERABLE TO THE 6
APPARENT OWNER . 7
(B) PROPERTY HELD IN A PE NSION ACCOUNT OR RET IREMENT ACCOUNT 8
THAT QUALIFIES FOR T AX DEFERRAL UNDER TH E INCOME TAX PROVISI ONS OF THE 9
INTERNAL REVENUE CODE IS PRESUMED ABAN DONED IF IT IS UNCLA IMED BY AN 10
APPARENT OWNER OF TH E ACCOUNT AFTER THE LATER OF: 11
(1) SUBJECT TO SUBSECTION S (D) THROUGH (F) OF THIS SECTION, 3 12
YEARS AFTER: 13
(I) THE DATE A FIRST COMM UNICATION SENT BY TH E HOLDER 14
BY FIRST–CLASS MAIL TO THE AP PARENT OWNER IS RETU RNED AS UNDELIVERABL E; 15
OR 16
(II) THE DATE A SECOND COM MUNICATION SENT BY T HE 17
HOLDER BY FIRST –CLASS MAIL TO THE AP PARENT OWNER IS RETU RNED AS 18
UNDELIVERABLE , IF THE SECOND COMMUN ICATION IS SENT WITH IN 30 DAYS AFTER 19
THE DATE OF THE FIRS T COMMUNICATION UNDE R ITEM (I) OF THIS ITEM IS 20
RETURNED AS UNDELIVE RABLE; OR 21
(2) IF APPLICABLE, THE EARLIER OF THE F OLLOWING DATES : 22
(I) 3 YEARS AFTER THE DATE THE APPARENT OWNER B ECOMES 23
72 YEARS OLD, IF DETERMINABL E BY THE HOLDER ; OR 24
(II) SUBJECT TO SUBSECTION (C) OF THIS SECTION , IF THE 25
INTERNAL REVENUE CODE REQUIRES DISTRIB UTION TO AVOID A TAX PENALTY, 2 26
YEARS AFTER THE DATE THE HOLDER: 27
1. RECEIVES CONFIRMATION OF THE DEATH OF THE 28
APPARENT OWNER IN TH E ORDINARY COURSE OF ITS BUSINESS; OR 29
2. CONFIRMS THE DEATH OF THE APPARENT OWNER . 30
(C) FOR PURPOSES OF ESTAB LISHING A PRESUMPTIO N OF ABANDONED 31
PROPERTY UNDER THIS SECTION, IF A HOLDER IN THE O RDINARY COURSE OF IT S 32 16 HOUSE BILL 761
BUSINESS RECEIVES NO TICE OR AN INDICATION OF THE DE ATH OF AN APPARENT 1
OWNER AND SUBSECTION (B)(2)(II) OF THIS SECTION APPL IES, THE HOLDER SHALL 2
ATTEMPT NOT LATER TH AN 90 DAYS AFTER RECEIPT O F THE NOTICE OR INDI CATION 3
TO CONFIRM WHETHER T HE APPARENT OWNER IS DECEASED. 4
(D) SUBJECT TO SU BSECTION (E) OF THIS SECTION , IF THE HOLDER DOES 5
NOT SEND COMMUNICATI ONS TO THE APPARENT OWNER OF AN ACCOUNT BY 6
FIRST–CLASS MAIL AS DESCRI BED IN SUBSECTION (B) OF THIS SECTION , THE 7
HOLDER SHALL ATTEMPT TO CONFIRM THE APPAR ENT OWNER’S INTEREST IN THE 8
PROPERTY BY SENDING THE A PPARENT OWNER AN E –MAIL NOT LATER THAN 2 9
YEARS AFTER THE LAST INDICATION OF APPARE NT OWNER INTEREST IN THE 10
PROPERTY. 11
(E) THE HOLDER SHALL PROM PTLY ATTEMPT TO CONT ACT THE APPARENT 12
OWNER BY REGISTERED MAIL IF: 13
(1) THE HOLDER DOES NOT HAVE INFORMATION NEE DED TO SEND 14
THE APPARENT OWNER A N E–MAIL OR THE HOLDER B ELIEVES THAT THE APP ARENT 15
OWNER’S E–MAIL ADDRESS IN THE HOLDER’S RECORDS IS NOT VAL ID; 16
(2) THE HOLDER RECEIVES N OTIFICATION THAT THE E–MAIL WAS 17
NOT RECEIVED ; OR 18
(3) THE APPARENT OWNER DOES NOT RESPOND TO THE E –MAIL 19
WITHIN 30 DAYS AFTER THE HOLDE R SENDS THE E–MAIL. 20
(F) (1) IF THE REGISTERED MAI L SENT BY THE HOLDER UNDER 21
SUBSECTION (E) OF THIS SECTION IS R ETURNED AS UNDELIVER ABLE: 22
(I) THE REGISTERED MAIL S HALL CONSTIT UTE A FIRST 23
COMMUNICATION FOR PU RPOSES OF SUBSECTION (B)(1)(I) OF THIS SECTION; AND 24
(II) THE HOLDER SHALL SEND A SECOND COMMUNICATI ON TO 25
THE APPARENT OWNER B Y FIRST–CLASS MAIL. 26
(2) (I) IF THE SECOND COMMUNI CATION UNDER PARAGRA PH 27
(1)(II) OF THIS SUBS ECTION IS RETURNED A S UNDELIVERABLE WITH IN 30 DAYS 28
AFTER SENDING THE FI RST COMMUNICATION UN DER PARAGRAPH (1)(I) OF THIS 29
SUBSECTION, THE DATE THE SECOND COMMUNICATION IS RET URNED AS 30
UNDELIVERABLE SHALL CONSTITUTE THE DATE FOR PURPOSES OF SUBS ECTION 31
(B)(1)(II) OF THIS SECTION. 32
(II) IF THE SECOND COMMUNI CATION UNDER PARAGRA PH 33
(1)(II) OF THIS SUBSECTION I S SENT MORE THAN 30 DAYS AFTER THE FIRST 34 HOUSE BILL 761 17
COMMUNICATION UNDER PARAGRAPH (1)(I) OF THIS SUBSECTION I S RETURNED AS 1
UNDELIVERABLE , THE DATE THE FIRST C OMMUNIC ATION IS RETURNED AS 2
UNDELIVERABLE SHALL CONTROL FOR PURPOSES OF DETERMINING A DAT E UNDER 3
SUBSECTION (B)(1) OF THIS SECTION. 4
17–307.2. 5
(A) VIRTUAL CURRENCY IS P RESUMED ABANDONED IF IT REMAINS 6
UNCLAIMED 5 YEARS AFTER THE LAST INDICATION OF APPARE NT OWNER INTEREST 7
IN THE PROPERTY . 8
(B) WITHIN 30 DAYS BEFORE THE FILI NG OF THE REPORT REQ UIRED 9
UNDER § 17–310 OF THIS SUBTITLE , THE HOLDER OF ABANDO NED VIRTUAL 10
CURRENCY SHALL LIQUI DATE THE VIRTUAL CUR RENCY. 11
(C) THE HOLDER SHALL REMI T ANY LIQUIDATION PR OCEEDS TO THE 12
ADMINISTRATOR . 13
(D) NOTWITHSTANDING ANY O THER PROVISION UNDER THIS SUBTITLE, AN 14
OWNER HAS NO RIGHT O F RECOURSE AGAINST A HOLDER OR THE ADMINISTRATOR 15
TO RECOVER ANY GAIN IN VALUE TO THE VIRT UAL CURRENCY THAT OC CURS AFTER 16
THE LIQUIDATION DESC RIBED UNDER SUBSECTION (B) OF THIS SECTION. 17
17–308. 18
(d) Property is reportable to this State under subsection (b) of this section under 19
the priority rules established under [§ 17–301(d)] § 17–301.1(D) of this subtitle. 20
17–308.1. 21
(b) A holder may consider a money order dormant or inactive for purposes of 22
imposing a service charge if the owner has taken none of the actions set forth in [§ 23
17–301(b)(3)] § 17–301.1(B)(3) of this subtitle for 1 year from the date of issuance of the 24
money order. 25
17–311. 26
(c) The Administrator is not required to publish in the notice any item valued at 27
less than [$100] $50 unless the Administrator considers the publication to be in the public 28
interest. 29
17–317. 30
18 HOUSE BILL 761
(a) (1) (i) All funds received under this title, including the proceeds of the 1
sale of abandoned property under § 17–316 of this subtitle, shall be credited by the 2
Administrator to a special fund. 3
(ii) The Administrator shall retain in the special fund at the end of 4
each fiscal year, from the proceeds received[, an]: 5
1. AN AMOUNT NOT EXCEEDI NG $5,000,000 FOR 6
INFORMATION TECHNOLO GY COSTS OF THE ADMINISTRATOR , INCLUDING 7
CYBERSECURITY , CUSTOMER RELATION SY STEMS, AND A SYSTEM FOR MAN AGING 8
UNCLAIMED PROPERTY ; AND 9
2. AN amount [not to exceed $50,000] OF FUNDS TH E 10
ADMINISTRATOR REASONA BLY ESTIMATES IS SUF FICIENT, from which sum the 11
Administrator shall pay any claim allowed under this title. 12
17–318. 13
(A) (1) Any person who claims a legal interest in any property delivered to the 14
State under this title must [file]: 15
(I) FILE a claim to the property or to the proceeds from its sale on 16
the form prescribed by the Administrator; AND 17
(II) VERIFY THE CLAIM AS T O ITS COMPLETENESS A ND 18
ACCURACY. 19
(2) AFTER A CLAIM IS FILE D UNDER PARAGRAPH (1) OF THIS 20
SUBSECTION, THE ADMINISTRATOR SHALL A LLOW OR DENY THE CLA IM AND 21
PROVIDE THE CLAIMANT NOTICE OF THE DECISI ON. 22
(3) IF A CLAIM FILED IN A CCORDANCE WITH THIS SUBSECTION IS 23
DENIED: 24
(I) THE ADMINISTRATOR SHALL I NFORM THE CLAIMANT O F 25
THE REASON FOR THE D ENIAL AND SPECIF Y WHAT ADDITIONAL EV IDENCE, IF ANY, 26
IS REQUIRED FOR THE CLAIM TO BE ALLOWED ; 27
(II) THE CLAIMANT MAY FILE AN AMENDED CLAIM WIT H THE 28
ADMINISTRATOR OR COMM ENCE AN ACTION UNDER § 17–320 OF THIS SUBTITLE ; 29
AND 30
(III) THE ADMINISTRATOR SHALL C ONSIDER AN AME NDED 31
CLAIM FILED UNDER IT EM (II) OF THIS PARAGRAPH AS THE INITIAL CLAIM. 32
HOUSE BILL 761 19
(4) IF THE ADMINISTRATOR DOES NO T TAKE ACTION ON A C LAIM 1
DURING THE 6–MONTH PERIOD IMMEDIA TELY FOLLOWING THE F ILING OF A CLAIM 2
UNDER THIS SUBSECTIO N, THE CLAIM SHALL BE D EEMED DENI ED. 3
(B) (1) THE ADMINISTRATOR MAY WAIVE THE FILING REQ UIREMENT 4
UNDER SUBSECTION (A) OF THIS SECTION IF: 5
(I) THE PERSON RECEIVING THE PROPERTY OR PAYM ENT IS 6
THE APPARENT OWNER I NCLUDED IN A REPORT FILED UNDER § 17–310 OF THIS 7
SUBTITLE; 8
(II) THE ADMINISTRATOR REASONAB LY BELIEVES THE PERS ON 9
IS ENTITLED TO RECEI VE THE PROPERTY OR P AYMENT; AND 10
(III) THE PROPERTY OR PAYME NT HAS A VALUE OF $5,000 OR 11
LESS. 12
(2) IF THE ADMINISTRATOR WAIVES THE FILING REQUIREME NT IN 13
ACCORDANCE WITH PARA GRAPH (1) OF THIS SUBSECTION , THE ADMINISTRATOR 14
SHALL MAKE PAYMENT I N ACCORDANCE WITH § 17–319(B) OF THIS SUBTITLE. 15
(C) THE ADMINISTRATOR SHALL P AY OR DELIVER PROPER TY TO A 16
CLAIMANT UNDER THIS SECTION IF THE ADMINISTRATOR RECEIVE S EVIDENCE 17
SUFFICIENT TO THE SA TISFACTION OF THE ADMINISTRATOR TO ESTA BLISH THAT 18
THE CLAIMANT IS THE OWNER OF THE PROPERT Y. 19
17–319. 20
(a) (1) The Administrator shall consider any claim filed under this title and 21
may hold a hearing and receive evidence concerning it. 22
(2) (I) If a hearing is held, [he] THE ADMINISTRATOR shall prepare a 23
finding and a decision in writing on each claim filed, stating the substance of any evidence 24
heard by [him] THE ADMINISTRATOR and the reasons for [his] THE ADMINISTRATOR ’S 25
decision. 26
(II) The decision shall be a public record. 27
(b) (1) If the claim is allowed, OR IF THE ADMINISTRATOR WAIVES THE 28
FILING REQUIREMENT I N ACCORDANCE WITH § 17–318(B) OF THIS SUBTITLE , the 29
Administrator immediately shall make payment. 30
(2) The claim shall be paid without deduction for costs of notices or sale or 31
for service charges. 32
20 HOUSE BILL 761
(c) In satisfying a claim the Administrator shall pay the claimant an amount 1
equal to the sales price obtained at the public sale. 2
17–319.1. 3
(A) NOT LATER THAN 6 MONTHS AFTER A CLA IM IS ALLOWED UNDER § 4
17–318(A) OF THIS SUBTITLE, THE ADMINISTRATOR SHALL D ELIVER THE PROPERTY 5
TO THE OWNER OR PAY TO THE OWNER THE NET PROCEEDS OF A SALE O F THE 6
PROPERTY. 7
(B) THE ADMINISTRATOR MAY APP LY PROPERTY HELD UND ER THIS TITLE 8
BY THE ADMINISTRAT OR TO A CLAIM FOR TH E PAYMENT OF A DEBT OWED TO THE 9
STATE IDENTIFIED BY O R CERTIFIED TO THE ADMINISTRATOR , INCLUDING DEBTS 10
FOR UNPAID STATE, COUNTY, OR MUNICIPAL TAX . 11
(C) BEFORE DELIVERY TO AN OWNER OF PROPERTY VALUED AT $100 OR 12
MORE OR PAYMENT TO AN OWN ER FOR NET PROCEEDS OF A SALE OF PROPERT Y 13
WHERE THE NET PROCEE DS ARE $100 OR MORE, THE ADMINISTRATOR SHALL : 14
(1) APPLY THE PROPERTY OR NET PROCEEDS TO ANY DEBT UNDER 15
SUBSECTION (B) OF THIS SECTION THAT THE ADMINISTRATOR DETERMI NES IS 16
OWED BY THE OWNER ; 17
(2) PAY THE AMOUNT IDENTI FIED BY OR CERTIFIED TO THE 18
ADMINISTRATOR UNDER S UBSECTION (B) OF THIS SECTION; AND 19
(3) NOTIFY THE OWNER OF A NY PAYMENT TOWARD A DEBT UNDER 20
SUBSECTION (B) OF THIS SECTION THAT THE ADMINISTRATOR DETERMI NES IS 21
OWED BY THE OWNER . 22
(D) (1) THE ADMINISTRATOR MAY MAK E PERIODIC INQUIRIES OF STATE 23
AND LOCAL AGENCIES I N THE ABSENCE OF A C LAIM FILED UNDER § 17–318(A) OF 24
THIS SUBTITLE TO DET ERMINE WHETHER AN AP PARENT OWNER INCLUDE D IN THE 25
UNCLAIMED PROPERTY R ECORDS OF THE STATE HAS ENFOR CEABLE DEBTS UNDER 26
SUBSECTION (B) OF THIS SECTION IF THE AMOUNT OF PRO PERTY IS VALUED AT $100 27
OR MORE. 28
(2) IF THE ADMINISTRATOR IDENTIF IES AN ENFORCEABLE D EBT 29
DURING A PERIODIC IN QUIRY, THE ADMINISTRATOR SHALL : 30
(I) APPLY THE PROPERTY OR NET PROCEEDS OF A SALE OF THE 31
PROPERTY HELD BY THE ADMINISTRATOR TO THE DEBT OF AN APPARENT OWNER 32
WHO APPEARS IN THE R ECORDS OF THE ADMINISTRATOR ; 33
HOUSE BILL 761 21
(II) PAY THE AMOUNT IDENTI FIED BY OR CERTIFIED TO THE 1
ADMINISTRATOR UNDER S UBSECTION (B) OF THIS SECTION; AND 2
(III) NOTIFY THE OWNER OF A NY PAYMENT TOWARD A DEBT 3
UNDER SUBSECTION (B) OF THIS SECTION THAT THE ADMINISTRATOR DETERMI NES 4
IS OWED BY THE OWNER . 5
17–320. 6
(A) Any person aggrieved by a decision of the Administrator or as to whose claim 7
the Administrator has failed to act within [90 days] 6 MONTHS after the filing of the claim, 8
may commence an action in the circuit court for the county to establish [his] THE claim. 9
(B) The proceeding shall be brought within 90 days after the decision of the 10
Administrator or within [180 days] 1 YEAR from the filing of the claim if the Administrator 11
fails to act. 12
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect 13
October 1, 2025. 14
Approved:
________________________________________________________________________________
Governor.
________________________________________________________________________________
Speaker of the House of Delegates.
________________________________________________________________________________
President of the Senate.