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.
*sb0665*
SENATE BILL 665
I4 5lr1891
CF HB 761
By: The President (By Request – Office of the Comptroller)
Introduced and read first time: January 25, 2025
Assigned to: Finance
Committee Report: Favorable
Senate action: Adopted
Read second time: February 11, 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; 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 2 SENATE BILL 665
(2013 Replacement Volume and 2024 Supplement) 1
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 2
That the Laws of Maryland read as follows: 3
Article – Commercial Law 4
17–101. 5
(a) In this title the following words have the meanings indicated. 6
(b) (1) “Abandoned property” means personal property that is considered 7
abandoned under this title. 8
(2) “Abandoned property” includes property in the custody of the federal 9
government that is classified as “unclaimed property” under federal law. 10
(c) “Administrator” means the State Comptroller. 11
(D) “APPARENT OWNER” MEANS A PERSON WHOSE NAME APPEARS ON A 12
RECORD OF A HOLDER A S THE OWNER OF PROPE RTY HELD, ISSUED, OR OWING BY 13
THE HOLDER. 14
[(d)] (E) “Banking organization” means any bank, trust company, savings bank, 15
land bank, and any other similar organization engaged in business in the State. 16
[(e)] (F) “Business association” means any corporation, joint stock company, 17
business trust, statutory trust, partnership, or any association for business purposes of two 18
or more individuals. 19
[(f)] (G) “County” includes Baltimore City. 20
[(g)] (H) “Federal government” includes any of its agencies or instrumentalities. 21
[(h)] (I) “Financial organization” means any savings and loan association or 22
credit union engaged in business in the State. 23
[(i)] (J) “Holder” means any person who is: 24
(1) In possession of property subject to this title belonging to another; 25
(2) A trustee, in the case of a trust; or 26
(3) Indebted to another on an obligation subject to this title. 27
(K) “INDICATION OF APPAREN T OWNER INTEREST IN PROPERTY” MEANS: 28 SENATE BILL 665 3
(1) A RECORD COMMUNICATED 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; 3
(2) AN ORAL COMMUNICATION BY THE APPARENT OWNE R TO THE 4
HOLDER OR AGENT OF T HE HOLDER CONCERNING TH E PROPERTY OR THE AC COUNT 5
IN WHICH THE PROPERT Y IS HELD , IF THE HOLDER OR ITS AGENT 6
CONTEMPORANEOUSLY MA KES AND PRESERVES A RECORD OF THE FACT O F THE 7
APPARENT OWNER ’S COMMUNICATION ; 8
(3) FOR AN ACCOUNT , UNDERLYING SECURITY , OR INTERES T IN A 9
BUSINESS ASSOCIATION , THE PRESENTMENT OF : 10
(I) A CHECK OR OTHER INSTR UMENT OF PAYMENT OF A 11
DIVIDEND, INTEREST PAYMENT , OR OTHER DISTRIBUTIO N; OR 12
(II) EVIDENCE OF RECEIPT O F A DISTRIBUTION MAD E BY 13
ELECTRONIC OR SIMILA R MEANS; 14
(4) ACTIVITY DIRECTED BY AN APPAR ENT OWNER IN THE ACC OUNT 15
IN WHICH THE PROPERT Y IS HELD, INCLUDING: 16
(I) ACCESSING THE ACCOUNT OR INFORMATION CONCE RNING 17
THE ACCOUNT ; OR 18
(II) A DIRECTION BY THE APP ARENT OWNER TO INCRE ASE, 19
DECREASE, OR OTHERWISE CHANGE THE AMOUNT OR TYPE OF PROPERTY HELD IN 20
THE ACCOUNT ; 21
(5) A DEPOSIT INTO OR WITH DRAWAL FROM AN ACCOU NT AT A 22
FINANCIAL INSTITUTIO N, INCLUDING AN AUTOMAT IC DEPOSIT OR WITHDR AWAL 23
PREVIOUSLY AUTHORIZE D BY THE APPARENT OW NER OTHER THAN AN AU TOMATIC 24
REINVESTMENT OF DIVI DENDS OR INTEREST ; 25
(6) SUBJECT TO § 17–301(A)(3) OF THIS TITLE , PAYMENT OF A 26
PREMIUM ON AN INSURA NCE POLICY; AND 27
(7) ANY OTHER ACTION BY T HE APPARENT OWNER TH AT 28
REASONABLY DEMONSTRA TES TO THE HOLDER TH AT THE APPARENT OWNE R KNOWS 29
THAT THE PROPERTY EXISTS. 30
4 SENATE BILL 665
[(j)] (L) “Insurance corporation” means any association or corporation 1
transacting in the State the business of insurance on the lives of persons or insurance 2
pertaining to life insurance, including endowments and annuities, disability, accident and 3
health insurance, and property, casualty, and surety insurance, as these terms are defined 4
in the Insurance Article. 5
[(k)] (M) “Owner” means: 6
(1) In the case of a deposit, a depositor or a person entitled to receive the 7
funds as reflected on the records of the bank or financial organization; 8
(2) In the case of a trust, a beneficiary; 9
(3) In the case of other choses in action, a creditor, claimant, or payee; 10
(4) In the case of abandoned property in federal custody, the person who is 11
defined as the owner by any applicable federal law; [or] 12
(5) Any person who has a legal or equitable interest in property subject to 13
this title, or the legal representative of that person; OR 14
(6) IN THE CASE OF A PENS ION ACCOUNT OR RETIR EMENT ACCOUNT 15
THAT QUALIFIES FOR TAX DE FERRAL UNDER THE INC OME TAX PROVISIONS O F THE 16
INTERNAL REVENUE CODE, THE PAYEE. 17
[(l)] (N) “Person” includes the State, any county, municipal corporation, or other 18
political subdivision of the State, or any of their units, an individual, business association, 19
corporation, business trust, statutory trust, estate, trust, partnership, association, two or 20
more persons having a joint or common interest, or any other legal or commercial entity. 21
[(m)] (O) “Personal property” does not include: 22
(1) A gift certificate OR A GIFT CARD; 23
(2) Credits in connection with the sale of consumer goods to a wholesaler 24
or retailer in the ordinary course of business; 25
(3) Outstanding checks or credits issued to vendors or commercial 26
customers in the ordinary course of business, other than property described in [§ 17–301(a)] 27
§ 17–301.1(A) of this title held by a banking organization or financial organization; 28
(4) Credit balances in vendor or commercial customer accounts that occur 29
in the ordinary course of business, other than property described in [§ 17–301(a)] § 30
17–301.1(A) of this title held by a banking organization or financial organization; or 31
SENATE BILL 665 5
(5) Purchase price rebates issued to customers in the ordinary course of 1
business. 2
(P) “RECORD” MEANS INFORMATION TH AT IS: 3
(1) INSCRIBED ON A TANGIB LE MEDIUM; OR 4
(2) STORED IN AN ELECTRON IC OR OTHER MEDIUM A ND 5
RETRIEVABLE IN PERCE IVABLE FORM. 6
[(n)] (Q) “Service charge” means any type of deduction or charge made by a 7
holder on property presumed abandoned under this title. 8
[(o)] (R) “Utility” means any person who owns or operates in the State, for public 9
use, any plant, equipment, property, franchise, or license for the transmission of 10
communications, for the production, storage, transmission, sale, delivery, or furnishing of 11
electricity, water, steam, or gas, or for the transportation of persons or property. 12
(S) (1) “VIRTUAL CURRENCY ” MEANS A DIGITAL REPR ESENTATION OF 13
VALUE USED AS A MEDI UM OF EXCHANGE , UNIT OF ACCOUNT , OR STORE OF VALUE 14
THAT DOES NOT HAVE L EGAL TENDER STATUS R ECOGNIZED BY THE UNITED 15
STATES. 16
(2) “VIRTUAL CURRENCY ” DOES NOT INCLUDE : 17
(I) THE SOFTWARE OR PROTO COLS GOVERNING THE 18
TRANSFER OF THE DIGITAL REPRESENTATI ON OF VALUE; 19
(II) GAME–RELATED DIGITAL CONT ENT; OR 20
(III) A LOYALTY CARD . 21
17–301. 22
(A) FOR PURPOSES OF THIS SUBTITLE: 23
(1) AN ACTION BY AN AGENT OR OTHER REPRESENTAT IVE OF AN 24
APPARENT OWNER , OTHER THAN A HOLDER ACTING AS THE APPARENT OWNER ’S 25
AGENT, IS PRESUMED TO BE AN ACTION ON BEHALF OF THE APPARENT OWNER ; 26
(2) A COMMUNICATION WITH A N APPARENT OWNER BY A PERSON 27
OTHER THAN THE HOLDE R OR THE HOLDER ’S REPRESENTATIVE IS NOT AN 28
INDICATION OF APPARE NT OWNER INTEREST IN PROPERTY UNLESS A RECORD OF 29 6 SENATE BILL 665
THE COMMUNICATION EV IDENCES THE APPARENT OWNER’S KNOWLEDGE OF A 1
RIGHT TO THE PROPERT Y; AND 2
(3) IF AN INSURED DIES OR THE INSURED OR BENEF ICIARY OF AN 3
INSURANCE POLICY OTH ERWISE BECOMES ENTIT LED TO THE PROCEEDS BEFORE 4
DEPLETION OF THE CASH SURRENDER VALUE OF THE POLICY BY OPE RATION OF AN 5
AUTOMATIC–PREMIUM–LOAN PROVISION OR OT HER NONFORFEITURE PR OVISION 6
CONTAINED IN THE POL ICY, THE OPERATION OF THE PROVISION DOES NOT 7
PREVENT THE POLICY F ROM MATURING OR TERM INATING. 8
(B) WHEN DETERMININ G THE ADDRESS OF AN APPARENT OWNER UNDER 9
THIS SUBTITLE: 10
(1) (I) THE LAST KNOWN ADDRES S OF AN APPARENT OWN ER 11
INCLUDES ANY DESCRIP TION, CODE, OR OTHER INDICATION OF THE LOCATION OF 12
THE APPARENT OWNER T HAT IDENTIFIES A STA TE; AND 13
(II) AN INDICATION OF THE LOCATION OF THE APPARENT 14
OWNER THAT IDENTIFIE S A STATE DOES NOT N EED TO BE SUFFICIENT TO DIRECT 15
THE DELIVERY OF FIRS T–CLASS MAIL TO THE AP PARENT OWNER ; 16
(2) THIS STATE IS DEEMED TO BE THE STATE OF THE LAS T KNOWN 17
ADDRESS OF THE APPAR ENT OWNER IF: 18
(I) THE POSTAL ZIP CODE A SSOCIATED WITH THE A PPARENT 19
OWNER IS FOR A POST OFFICE LOCATED IN TH IS STATE; AND 20
(II) THERE ARE NO OTHER RE CORDS ASSOCIATED WIT H THE 21
APPARENT OWNER THAT SPECIFICALLY IDENTIF Y THE PHYSICAL ADDRE SS OF THE 22
APPARENT OWNER TO BE IN ANOTHER STATE ; 23
(3) ANOTHER STATE IS DEEM ED TO BE THE STATE O F THE LAST 24
KNOWN ADDRESS OF THE APPARENT OWNER IF : 25
(I) THE POSTAL ZIP CODE A SSOCIATED WITH THE A PPARENT 26
OWNER IS FOR A POST OFFICE LOCATED OUTSI DE THIS STATE; AND 27
(II) THERE ARE NO OTHER RECORDS ASSOCI ATED WITH THE 28
APPARENT OWNER THAT SPECIFICALLY IDENTIF Y THE PHYSICAL ADDRE SS OF THE 29
APPARENT OWNER TO BE IN THIS STATE; AND 30
SENATE BILL 665 7
(4) THE ADDRESS OF THE AP PARENT OWNER OF A LI FE OR 1
ENDOWMENT INSURANCE POLICY OR ANNUITY CO NTRACT OR ITS PROCEEDS IS 2
PRESUMED TO BE THE A DDRESS OF THE INSURE D OR ANNUITANT IF : 3
(I) A PERSON OTHER THAN TH E INSURED OR ANNUITA NT IS 4
ENTITLED TO THE AMOU NT OWED UNDER THE PO LICY OR CONTRACT ; AND 5
(II) THE ADDRESS OF THE PE RSON ENTITLED TO THE AMOUNT 6
OWED UNDE R THE POLICY OR CONT RACT IS: 7
1. NOT KNOWN BY THE INSU RANCE COMPANY ; AND 8
2. CANNOT BE DETERMINED UNDER § 17–301.1(D) OF 9
THIS SUBTITLE. 10
[17–301.] 17–301.1. 11
(a) (1) For purposes of this section and subject to paragraph (2) of this 12
subsection, a holder shall be deemed to no longer have a valid address for the owner of the 13
property as of the later of: 14
(i) The date a second communication is returned by the U.S. Postal 15
Service to a holder as undeliverable to an apparent owner, if: 16
1. The holder sent the second communication to the apparent 17
owner by first–class mail; and 18
2. A previous communication was: 19
A. Sent by first–class mail; 20
B. Sent immediately preceding the second communication; 21
and 22
C. Returned by the U.S. Postal Service to the holder as 23
undeliverable to the apparent owner; or 24
(ii) The date a previous communication is returned by the U.S. 25
Postal Service to a holder as undeliverable to an apparent owner, if the holder: 26
1. Sent the previous communication to the apparent owner: 27
A. By first–class mail; and 28
B. Immediately preceding a second communication; and 29
8 SENATE BILL 665
2. Sent the second communication to the apparent owner: 1
A. By first–class mail; and 2
B. More than 30 days after the previous communication 3
under this subparagraph was sent. 4
(2) (i) Subject to subparagraph (ii) of this paragraph, if the holder does 5
not send communications to an apparent owner by first–class mail, the holder shall attempt 6
to confirm the apparent owner’s interest in the property by e–mailing the apparent owner 7
not later than 2 years after the apparent owner’s last indication of interest in the property. 8
(ii) The holder shall promptly attempt to contact the apparent owner 9
by first–class mail if: 10
1. The holder does not have the information needed to send 11
an e–mail to the apparent owner; 12
2. The holder believes the apparent owner’s e–mail address 13
in the holder’s records is not valid; 14
3. The holder receives notification that the e–mail was not 15
received; or 16
4. The apparent owner does not respond to the e –mail 17
communication within 30 days after the e–mail was sent. 18
(iii) 1. If a mailing sent in accordance with subparagraph (ii) of 19
this paragraph is returned by the U.S. Postal Service to the holder as undeliverable to the 20
apparent owner, the mailing shall constitute a communication for purposes of paragraph 21
(1) of this subsection. 22
2. If a mailing sent in accordance with subparagraph (ii) of 23
this paragraph is not returned by the U.S. Postal Service to the holder as undeliverable to 24
the apparent owner, the holder shall be presumed to have a valid address for the owner of 25
the property. 26
(b) The following property held by a banking or financial organization[,] or 27
business association is presumed abandoned: 28
(1) Any demand, savings, or matured time deposit account made with a 29
banking organization, together with any interest or dividend on it, excluding any charges 30
that lawfully may be withheld, 3 years after the later of: 31
(i) The date the holder is deemed to no longer have a valid address 32
for the owner of the property; or 33
SENATE BILL 665 9
(ii) The date the owner last: 1
1. Increased or decreased the amount of the deposit; 2
2. Presented evidence of the deposit for the crediting of 3
interest; 4
3. Corresponded in writing with the banking organization 5
concerning the deposit; 6
4. ACCESSED THE ACCOUNT OR INFORMATION 7
CONCERNING THE ACCOU NT; 8
[4.] 5. Engaged in any credit, trust, or other deposit transaction 9
with the banking organization; or 10
[5.] 6. Otherwise indicated an interest in the deposit as 11
evidenced by a memorandum on file with the banking organization; 12
(2) Any funds paid toward the purchase of shares or other interest in a 13
financial organization, or any deposit made with these funds, and any interest or dividends 14
on these, excluding any charges that lawfully may be withheld, 3 years after the later of: 15
(i) The date the holder is deemed to no longer have a valid address 16
for the owner of the property; or 17
(ii) The date the owner last: 18
1. Increased or decreased the amount of the funds or deposit, 19
or presented an appropriate record for the crediting of interest or dividends; 20
2. Corresponded in writing with the financial organization 21
concerning the funds or deposit; 22
3. ACCESSED THE ACCOUNT OR INFORMATION 23
CONCERNING THE ACCOU NT; 24
[3.] 4. Engaged in any credit, share, or other deposit transaction 25
with the financial organization; or 26
[4.] 5. Otherwise indicated an interest in the funds or deposit as 27
evidenced by a memorandum on file with the financial organization; 28
(3) Any sum payable on a check certified in this State or on a written 29
instrument issued in this State on which a banking or financial organization or business 30
association is directly liable, including any certificate of deposit, draft, traveler’s check, and 31 10 SENATE BILL 665
money order, that has been outstanding for more than 3 years from the date it was payable 1
(or 15 years in the case of a traveler’s check) or, if payable on demand, from the date of its 2
issuance, unless, within 3 years or 15 years in the case of a traveler’s check, the owner has: 3
(i) Corresponded in writing with the banking or financial 4
organization or business association concerning it; [or] 5
(II) ACCESSED THE ACCOUNT OR INFORMATION CONCE RNING 6
THE ACCOUNT ; OR 7
[(ii)] (III) Otherwise indicated an interest as evidenced by a 8
memorandum on file with the banking or financial organization or business association; 9
and 10
(4) Any property removed from a safekeeping repository on which the lease 11
or rental period has expired or any surplus amounts arising from the sale of the property 12
pursuant to law, that have been unclaimed by the owner for more than 3 years from the 13
date on which the lease or rental period expired. 14
(c) Nothing in this section shall be construed to apply to any demand, savings, or 15
matured time deposits that are designated subject to the order of any court of this State. 16
(d) Property is subject to the custody of this State as unclaimed property if the 17
conditions raising a presumption of abandonment under this section are met and: 18
(1) The last known address, as shown on the records of the holder, of the 19
apparent owner is in this State; 20
(2) The records of the holder do not reflect the identity of the person 21
entitled to the property and it is established that the last known address of the person 22
entitled to the property is in this State; 23
(3) The records of the holder do not reflect the last known address of the 24
apparent owner, and it is established that: 25
(i) The last known address of the person entitled to the property is 26
in this State; or 27
(ii) The holder is a domiciliary or a government or governmental 28
subdivision or agency of this State and has not previously paid or delivered the property to 29
the State of the last known address of the apparent owner or other person entitled to the 30
property; 31
(4) The last known address, as shown on the records of the holder, of the 32
apparent owner is in a state that does not provide by law for the escheat or custodial taking 33
of the property or its escheat or unclaimed property law is not applicable to the property 34 SENATE BILL 665 11
and the holder is a domiciliary or a government or governmental subdivision or agency of 1
this State; 2
(5) The last known address, as shown on the records of the holder, of the 3
apparent owner is in a foreign nation and the holder is a domiciliary or a government or 4
governmental subdivision or agency of this State; or 5
(6) The transaction out of which the property arose occurred in this State 6
and: 7
(i) The last known address of the apparent owner or other person 8
entitled to the property is unknown or the last known address of the apparent owner or 9
other person entitled to the property is in a state that does not provide by law for the escheat 10
or custodial taking of the property or its escheat or unclaimed property law is not applicable 11
to the property; and 12
(ii) The holder is a domiciliary of a state that does not provide by law 13
for the escheat or custodial taking of the property or its escheat or unclaimed property law 14
is not applicable to the property. 15
(e) The running of the 3–year period of abandonment ceases immediately on: 16
(1) The holder obtaining a valid address for the owner of the property; or 17
(2) The occurrence of an action referred to in subsection (b)(1)(ii) or (2)(ii) 18
of this section. 19
17–302. 20
(a) Funds held or owing under any life or endowment insurance policy or annuity 21
contract that has matured or terminated are presumed abandoned if unclaimed for more 22
than 3 years after the funds FIRST become due and payable [as established from the 23
records of the insurance company holding or owing the funds] IN ACCORDANCE WITH : 24
(1) THE INSURANCE POLICY OR ANNUITY CONTRACT ; OR 25
(2) SECTION 16–118 OF THE INSURANCE ARTICLE. 26
(b) [If a person other than the insured or annuitant is entitled to the funds and 27
an address of the person is not known to the company or it is not definite and certain from 28
the records of the company who is entitled to the funds, it is presumed that the last known 29
address of the person entitled to the funds is the same as the last known address of the 30
insured or annuitant according to the records of the company. 31
12 SENATE BILL 665
(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
SENATE BILL 665 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 DETERMINING THAT AN INDIVIDUAL R EPORTEDLY 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 POLI CY OR CONTRACT TO MA KE A CLAIM 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 FILE 18
MATCH DESCRIBED UNDE R SUBSECTION (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 ANNUIT ANT 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 SH ALL BE DEEMED TO HAV E KNOWLEDGE OF THE D EATH 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 INSU RED 31
OR ANNUITANT FROM : 32
14 SENATE BILL 665
(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 ANNUITANT , 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 DEA TH MASTER FILE AND T HE 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 COURSE OF BUSINESS CONDUCTS A COMPARISON FOR THE P URPOSE 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 EX AMINATION AND 27
COMPARISON UNDER ITE M (1) OF THIS SUBSECTION O CCURS. 28
17–304. 29
SENATE BILL 665 15
(a) (2) (i) Subject to subparagraph (ii) of this paragraph, if the holder does 1
not send communications to an apparent owner by first–class mail, the holder shall attempt 2
to confirm the apparent owner’s interest in the property by e–mailing the apparent owner 3
not later than 2 years after the apparent owner’s last indication of APPARENT OWNER 4
interest in the property. 5
17–306.1. 6
(A) IN THIS SECTION, “RETURNED AS UNDELIVE RABLE” MEANS RETURNED 7
BY THE U.S. POSTAL SERVICE TO THE HOLDER AS UNDELIVERABLE TO THE 8
APPARENT OWNER . 9
(B) PROPERTY HELD IN A PE NSION ACCOUNT OR RET IREMENT ACCOUNT 10
THAT QUALIFIES FOR T AX DEFERRAL UNDER TH E INCOME TAX PROVISI ONS OF THE 11
INTERNAL REVENUE CODE IS PRESUMED ABAN DONED IF IT IS UNCLA IMED BY AN 12
APPARENT OWNER O F THE ACCOUNT AFTER THE LATER OF: 13
(1) SUBJECT TO SUBSECTION S (D) THROUGH (F) OF THIS SECTION, 3 14
YEARS AFTER: 15
(I) THE DATE A FIRST COMM UNICATION SENT BY TH E HOLDER 16
BY FIRST–CLASS MAIL TO THE AP PARENT OWNER IS RETU RNED AS UNDELIVERABL E; 17
OR 18
(II) THE DATE A SECOND COMM UNICATION SENT BY TH E 19
HOLDER BY FIRST –CLASS MAIL TO THE AP PARENT OWNER IS RETU RNED AS 20
UNDELIVERABLE , IF THE SECOND COMMUN ICATION IS SENT WITH IN 30 DAYS AFTER 21
THE DATE OF THE FIRS T COMMUNICATION UNDE R ITEM (I) OF THIS ITEM IS 22
RETURNED AS UNDELIVERABLE ; OR 23
(2) IF APPLICABLE, THE EARLIER OF THE F OLLOWING DATES : 24
(I) 3 YEARS AFTER THE DATE THE APPARENT OWNER B ECOMES 25
72 YEARS OLD, IF DETERMINABLE BY T HE HOLDER; OR 26
(II) SUBJECT TO SUBSECTION (C) OF THIS SECTION , IF THE 27
INTERNAL REVENUE CODE REQUIRES DISTRIB UTION TO AVOID A TAX PENALTY, 2 28
YEARS AFTER THE DATE THE HOLDER: 29
1. RECEIVES CONFIRMATION OF THE DEATH OF THE 30
APPARENT OWNER IN TH E ORDINARY COURSE OF ITS BUSINESS; OR 31
2. CONFIRMS THE DEATH OF THE APPARENT OWNER . 32
16 SENATE BILL 665
(C) FOR PURPOSES OF ESTABLIS HING A PRESUMPTION O F ABANDONED 1
PROPERTY UNDER THIS SECTION, IF A HOLDER IN THE O RDINARY COURSE OF IT S 2
BUSINESS RECEIVES NO TICE OR AN INDICATIO N OF THE DEATH OF AN APPARENT 3
OWNER AND SUBSECTION (B)(2)(II) OF THIS SECTION APPL IES, THE HOLDER SHALL 4
ATTEMPT NOT LATER TH AN 90 DAYS AFTER RECEIPT O F THE NOTICE OR INDI CATION 5
TO CONFIRM WHETHER T HE APPARENT OWNER IS DECEASED. 6
(D) SUBJECT TO SUBSECTION (E) OF THIS SECTION , IF THE HOLDER DOES 7
NOT SEND COMMUNICATI ONS TO THE APPARENT OWNER OF AN ACCOUNT BY 8
FIRST–CLASS MAIL AS DESCRI BED IN SUBSECTION (B) OF THIS SECTION , THE 9
HOLDER SHALL ATTEMPT TO CONFIRM THE APPAR ENT OWNER’S INTEREST IN THE 10
PROPERTY BY SENDING THE APPARENT OWNER A N E–MAIL NOT LATER THAN 2 11
YEARS AFTER THE LAST INDICATION OF APPAR ENT OWNER INTEREST I N THE 12
PROPERTY. 13
(E) THE HOLDER SHALL PROM PTLY ATTEMPT TO CONT ACT THE APPARENT 14
OWNER BY REGISTERED MAIL IF: 15
(1) THE HOLDER DOES NOT H AVE INFORMATION NEED ED TO SEND 16
THE APPARENT OWNER A N E–MAIL OR THE HOLDER B ELIEVES THAT THE APPARENT 17
OWNER’S E–MAIL ADDRESS IN THE HOLDER’S RECORDS IS NOT VAL ID; 18
(2) THE HOLDER RECEIVES N OTIFICATION THAT THE E–MAIL WAS 19
NOT RECEIVED ; OR 20
(3) THE APPARENT OWNER DO ES NOT RESPOND TO TH E E–MAIL 21
WITHIN 30 DAYS AFTER THE HOLDE R SENDS THE E–MAIL. 22
(F) (1) IF THE REGISTERED MAI L SENT BY THE HOLDER UNDER 23
SUBSECTION (E) OF THIS SECTION IS R ETURNED AS UNDELIVER ABLE: 24
(I) THE REGISTERED MAIL S HALL CONSTITUTE A FI RST 25
COMMUNICATION FOR PU RPOSES OF SUBSECTION (B)(1)(I) OF THIS SECTION; AND 26
(II) THE HOLDER SHALL SEND A S ECOND COMMUNICATION TO 27
THE APPARENT OWNER B Y FIRST–CLASS MAIL. 28
(2) (I) IF THE SECOND COMMUNI CATION UNDER PARAGRA PH 29
(1)(II) OF THIS SUBSECTION I S RETURNED AS UNDELI VERABLE WITHIN 30 DAYS 30
AFTER SENDING THE FI RST COMMUNICATION UN DER PARAGRAPH (1)(I) OF THIS 31
SUBSECTION, THE DATE THE SECOND COMMUNICATION IS RET URNED AS 32
UNDELIVERABLE SHALL CONSTITUTE THE DATE FOR PURPOSES OF SUBS ECTION 33
(B)(1)(II) OF THIS SECTION. 34 SENATE BILL 665 17
(II) IF THE SECOND COMMUNI CATION UNDER PARAGRA PH 1
(1)(II) OF THIS SUBSECTI ON IS SENT MORE THAN 30 DAYS AFTER THE FIRST 2
COMMUNICATION UNDER PARAGRAPH (1)(I) OF THIS SUBSECTION I S RETURNED AS 3
UNDELIVERABLE , THE DATE THE FIRST C OMMUNICATION IS RETU RNED AS 4
UNDELIVERABLE SHALL CONTROL FOR PURPOSES OF DETERMINING A DAT E UNDER 5
SUBSECTION (B)(1) OF THIS SECTION. 6
17–307.2. 7
(A) VIRTUAL CURRENCY IS P RESUMED ABANDONED IF IT REMAINS 8
UNCLAIMED 5 YEARS AFTER THE LAST INDICATION OF APPARE NT OWNER INTEREST 9
IN THE PROPERTY . 10
(B) WITHIN 30 DAYS BEFORE THE FILI NG OF THE REPORT REQ UIRED 11
UNDER § 17–310 OF THIS SUBTITLE , THE HOLDER OF ABANDO NED VIRTUAL 12
CURRENCY SHALL LIQUI DATE THE VIRTUAL CUR RENCY. 13
(C) THE HOLDER SHALL REMI T ANY LIQUIDATION PR OCEEDS TO THE 14
ADMINISTRATOR . 15
(D) NOTWITHSTANDING ANY O THER PROVISION UNDER THIS SUBTITLE, AN 16
OWNER HAS N O RIGHT OF RECOURSE AGAINST A HOLDER OR THE ADMINISTRATOR 17
TO RECOVER ANY GAIN IN VALUE TO THE VIRT UAL CURRENCY THAT OC CURS AFTER 18
THE LIQUIDATION DESC RIBED UNDER SUBSECTI ON (B) OF THIS SECTION. 19
17–308. 20
(d) Property is reportable to this State under subsection (b) of this section under 21
the priority rules established under [§ 17–301(d)] § 17–301.1(D) of this subtitle. 22
17–308.1. 23
(b) A holder may consider a money order dormant or inactive for purposes of 24
imposing a service charge if the owner has taken none of the actions set forth in [§ 25
17–301(b)(3)] § 17–301.1(B)(3) of this subtitle for 1 year from the date of issuance of the 26
money order. 27
17–317. 28
(a) (1) (i) All funds received under this title, including the proceeds of the 29
sale of abandoned property under § 17–316 of this subtitle, shall be credited by the 30
Administrator to a special fund. 31
18 SENATE BILL 665
(ii) The Administrator shall retain in the special fund at the end of 1
each fiscal year, from the proceeds received[, an]: 2
1. AN AMOUNT NOT EXCEEDI NG $5,000,000 FOR 3
INFORMATION TECHNOLO GY COSTS OF THE ADMINISTRATOR , INCLUDING 4
CYBERSECURITY , CUSTOMER RELATION SY STEMS, AND A SYSTEM FOR MAN AGING 5
UNCLAIMED PROPERTY ; AND 6
2. AN amount [not to exceed $50,000] OF FUNDS THE 7
ADMINISTRATOR REASONA BLY ESTIMATES IS SUF FICIENT, from which sum the 8
Administrator shall pay any claim allowed under this title. 9
17–318. 10
(A) (1) Any person who claims a legal interest in any property delivered to the 11
State under this title must [file]: 12
(I) FILE a claim to the property or to the proceeds from its sale on 13
the form prescribed by the Administrator; AND 14
(II) VERIFY THE CLAIM AS T O ITS COMPLETENESS A ND 15
ACCURACY. 16
(2) AFTER A CLAIM IS FILE D UNDER PARAGRAPH (1) OF THIS 17
SUBSECTION, THE ADMINISTRATOR SHALL A LLOW OR DENY THE CLA IM AND 18
PROVIDE THE CLAIMANT NOTICE OF THE DECISI ON. 19
(3) IF A CLAIM FILED IN A CCORDANCE WITH THIS SUBSECTION IS 20
DENIED: 21
(I) THE ADMINISTRATOR SHALL I NFORM THE CLAIMANT O F 22
THE REASON FOR THE DENIAL AND SPECIFY W HAT ADDITIONAL EVIDE NCE, IF ANY, 23
IS REQUIRED FOR THE CLAIM TO BE ALLOWED ; 24
(II) THE CLAIMANT MAY FILE AN AMENDED CLAIM WIT H THE 25
ADMINISTRATOR OR COMM ENCE AN ACTION UNDER § 17–320 OF THIS SUBTITLE ; 26
AND 27
(III) THE ADMINISTRATOR SHAL L CONSIDER AN AMENDE D 28
CLAIM FILED UNDER IT EM (II) OF THIS PARAGRAPH AS THE INITIAL CLAIM. 29
(4) IF THE ADMINISTRATOR DOES NO T TAKE ACTION ON A C LAIM 30
DURING THE 6–MONTH PERIOD IMMEDIA TELY FOLLOWING THE F ILING OF A CLAIM 31
UNDER THIS SUBSECTIO N, THE CLAIM SHA LL BE DEEMED DENIED . 32 SENATE BILL 665 19
(B) (1) THE ADMINISTRATOR MAY WAIVE THE FILING REQ UIREMENT 1
UNDER SUBSECTION (A) OF THIS SECTION IF: 2
(I) THE PERSON RECEIVING THE PROPERTY OR PAYM ENT IS 3
THE APPARENT OWNER I NCLUDED IN A REPORT FILED UNDER § 17–310 OF THIS 4
SUBTITLE; 5
(II) THE ADMINISTRATOR REASONA BLY BELIEVES THE PER SON 6
IS ENTITLED TO RECEI VE THE PROPERTY OR P AYMENT; AND 7
(III) THE PROPERTY OR PAYME NT HAS A VALUE OF $5,000 OR 8
LESS. 9
(2) IF THE ADMINISTRATOR WAIVES THE FILING REQUIREME NT IN 10
ACCORDANCE WITH PA RAGRAPH (1) OF THIS SUBSECTION , THE ADMINISTRATOR 11
SHALL MAKE PAYMENT I N ACCORDANCE WITH § 17–319(B) OF THIS SUBTITLE. 12
(C) THE ADMINISTRATOR SHALL P AY OR DELIVER PROPER TY TO A 13
CLAIMANT UNDER THIS SECTION IF THE ADMINISTRATOR RECEIVE S EVIDENCE 14
SUFFICIENT T O THE SATISFACTION O F THE ADMINISTRATOR TO ESTA BLISH THAT 15
THE CLAIMANT IS THE OWNER OF THE PROPERT Y. 16
17–319. 17
(a) (1) The Administrator shall consider any claim filed under this title and 18
may hold a hearing and receive evidence concerning it. 19
(2) (I) If a hearing is held, [he] THE ADMINISTRATOR shall prepare a 20
finding and a decision in writing on each claim filed, stating the substance of any evidence 21
heard by [him] THE ADMINISTRATOR and the reasons for [his] THE ADMINISTRATOR ’S 22
decision. 23
(II) The decision shall be a public record. 24
(b) (1) If the claim is allowed, OR IF THE ADMINISTRATOR WAIVES THE 25
FILING REQUIREMENT I N ACCORDANCE WITH § 17–318(B) OF THIS SUBTITLE , the 26
Administrator immediately shall make payment. 27
(2) The claim shall be paid without deduction for costs of notices or sale or 28
for service charges. 29
(c) In satisfying a claim the Administrator shall pay the claimant an amount 30
equal to the sales price obtained at the public sale. 31
20 SENATE BILL 665
17–319.1. 1
(A) NOT LATER THAN 6 MONTHS AFTER A CLA IM IS ALLOWED UNDER § 2
17–318(A) OF THIS SUBTITLE, THE ADMINISTRATOR SHALL D ELIVER THE PROPERTY 3
TO THE OWNER OR PAY TO THE OWNER THE NET PROCEEDS OF A SALE O F THE 4
PROPERTY. 5
(B) THE ADMINISTRATOR MAY APP LY PROPERTY HELD UND ER THIS TITLE 6
BY THE ADMINISTRAT OR TO A CLAIM FOR TH E PAYMENT OF A DEBT OWED TO THE 7
STATE IDENTIFIED BY O R CERTIFIED TO THE ADMINISTRATOR , INCLUDING DEBTS 8
FOR UNPAID STATE, COUNTY, OR MUNICIPAL TAX . 9
(C) BEFORE DELIVERY TO AN OWNER OF PROPERTY VA LUED AT $100 OR 10
MORE OR PAYMENT TO A N OWNER FOR NET PROCEEDS OF A SALE OF PROPERT Y 11
WHERE THE NET PROCEE DS ARE $100 OR MORE, THE ADMINISTRATOR SHALL : 12
(1) APPLY THE PROPERTY OR NET PROCEEDS TO ANY DEBT UNDER 13
SUBSECTION (B) OF THIS SECTION THAT THE ADMINISTRATOR DETERMI NES IS 14
OWED BY THE OWNER ; 15
(2) PAY THE AMOUNT IDENTI FIED BY OR CERTIFIED TO THE 16
ADMINISTRATOR UNDER S UBSECTION (B) OF THIS SECTION; AND 17
(3) NOTIFY THE OWNER OF A NY PAYMENT TOWARD A DEBT UNDER 18
SUBSECTION (B) OF THIS SECTION THAT THE ADMINISTRATOR DETERMI NES IS 19
OWED BY THE OWNER . 20
(D) (1) THE ADMINISTRATOR MAY MAK E PERIODIC INQUIRIES OF STATE 21
AND LOCAL AGENCIES I N THE ABSENCE OF A C LAIM FILED UNDER § 17–318(A) OF 22
THIS SUBTITLE TO DET ERMINE WHETHER AN AP PARENT OWNER INCLUDE D IN THE 23
UNCLAIMED PROPERTY R ECORDS OF THE STATE HAS ENFOR CEABLE DEBTS UNDER 24
SUBSECTION (B) OF THIS SECTION IF T HE AMOUNT OF PROPERT Y IS VALUED AT $100 25
OR MORE. 26
(2) IF THE ADMINISTRATOR IDENTIF IES AN ENFORCEABLE D EBT 27
DURING A PERIODIC IN QUIRY, THE ADMINISTRATOR SHALL : 28
(I) APPLY THE PROPERTY OR NET PROCEEDS OF A SALE OF THE 29
PROPERTY HELD BY THE ADMINISTRATOR TO THE DEBT OF AN APPARENT OWNER 30
WHO APPEARS IN THE R ECORDS OF THE ADMINISTRATOR ; 31
(II) PAY THE AMOUNT IDENTI FIED BY OR CERTIFIED TO THE 32
ADMINISTRATOR UNDER S UBSECTION (B) OF THIS SECTION; AND 33 SENATE BILL 665 21
(III) NOTIFY THE OWNER OF A NY PAYMENT TOWARD A DEBT 1
UNDER SUBSECTION (B) OF THIS SECTION THAT THE ADMINISTRATOR DETERMI NES 2
IS OWED BY THE OWNER . 3
17–320. 4
(A) Any person aggrieved by a decision of the Administrator or as to whose claim 5
the Administrator has failed to act within [90 days] 6 MONTHS after the filing of the claim, 6
may commence an action in the circuit court for the county to establish [his] THE claim. 7
(B) The proceeding shall be brought within 90 days after the decision of the 8
Administrator or within [180 days] 1 YEAR from the filing of the claim if the Administrator 9
fails to act. 10
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect 11
October 1, 2025. 12
Approved:
________________________________________________________________________________
Governor.
________________________________________________________________________________
President of the Senate.
________________________________________________________________________________
Speaker of the House of Delegates.