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.
Italics indicate opposite chamber/conference committee amendments.
*sb0665*
SENATE BILL 665
I4 (5lr1891)
ENROLLED BILL
— Finance/Health and Government Operations —
Introduced by The President (By Request – Office of the Comptroller)
Read and Examined by Proofreaders:
_______________________________________________
Proofreader.
_______________________________________________
Proofreader.
Sealed with the Great Seal and presented to the Governor, for his approval this
_______ day of _______________ at ________________________ o’clock, ________M.
______________________________________________
President.
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
2 SENATE BILL 665
BY repealing and reenacting, with amendments, 1
Article – Commercial Law 2
Section 17–101, 17–301, 17–302, 17–304(a)(2)(i), 17–308(d), 17–308.1(b), 17–311(c), 3
17–317(a)(1), and 17–318 through 17–320 4
Annotated Code of Maryland 5
(2013 Replacement Volume and 2024 Supplement) 6
BY adding to 7
Article – Commercial Law 8
Section 17–301, 17–302.1, 17–306.1, 17–307.2, and 17–319.1 9
Annotated Code of Maryland 10
(2013 Replacement Volume and 2024 Supplement) 11
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 12
That the Laws of Maryland read as follows: 13
Article – Commercial Law 14
17–101. 15
(a) In this title the following words have the meanings indicated. 16
(b) (1) “Abandoned property” means personal property that is considered 17
abandoned under this title. 18
(2) “Abandoned property” includes property in the custody of the federal 19
government that is classified as “unclaimed property” under federal law. 20
(c) “Administrator” means the State Comptroller. 21
(D) “APPARENT OWNER ” MEANS A PERSON WHOSE NAME APPEARS ON A 22
RECORD OF A HOLDER A S THE OWNER OF PROPE RTY HELD, ISSUED, OR OWING BY 23
THE HOLDER. 24
[(d)] (E) “Banking organization” means any bank, trust company, savings bank, 25
land bank, and any other similar organization engaged in business in the State. 26
[(e)] (F) “Business association” means any corporation, joint stock company, 27
business trust, statutory trust, partnership, or any association for business purposes of two 28
or more individuals. 29
[(f)] (G) “County” includes Baltimore City. 30
[(g)] (H) “Federal government” includes any of its agencies or instrumentalities. 31
SENATE BILL 665 3
[(h)] (I) “Financial organization” means any savings and loan association or 1
credit union engaged in business in the State. 2
(J) “GIFT CARD” MEANS A GIFT CARD DE SCRIBED IN § 14–1320 OF THIS 3
ARTICLE. 4
(K) “GIFT CERTIFICATE” HAS THE MEANING STAT ED IN § 14–1319 OF THIS 5
ARTICLE. 6
[(i)] (J) (L) “Holder” means any person who is: 7
(1) In possession of property subject to this title belonging to another; 8
(2) A trustee, in the case of a trust; or 9
(3) Indebted to another on an obligation subject to this title. 10
(K) (M) “INDICATION OF APPAREN T OWNER INTEREST IN PROPERTY” 11
MEANS: 12
(1) A RECORD COMMUNICATED BY THE APPARENT O WNER TO THE 13
HOLDER OR AGENT OF T HE HOLDER CONCERNING THE PROPERTY OR THE ACCOUNT 14
IN WHICH THE PROPERT Y IS HELD; 15
(2) AN ORAL COMMUNICATION BY THE APPARENT OWNE R TO THE 16
HOLDER OR AGENT OF T HE HOLDER CONCERNING THE PROPERTY OR THE ACCOUNT 17
IN WHICH THE PROP ERTY IS HELD , IF THE HOLDER OR ITS AGENT 18
CONTEMPORANEOUSLY MA KES AND PRESERVES A RECORD OF THE FACT O F THE 19
APPARENT OWNER ’S COMMUNICATION ; 20
(3) FOR AN ACCOUNT , UNDERLYING SECURITY , OR INTEREST IN A 21
BUSINESS ASSOCIATION , THE PRESENTMENT OF : 22
(I) A CHECK OR OTHER INSTRUMEN T OF PAYMENT OF A 23
DIVIDEND, INTEREST PAYMENT , OR OTHER DISTRIBUTIO N; OR 24
(II) EVIDENCE OF RECEIPT O F A DISTRIBUTION MAD E BY 25
ELECTRONIC OR SIMILA R MEANS; 26
(4) ACTIVITY DIRECTED BY AN APPARENT OWNER IN THE ACCOUNT 27
IN WHICH THE PROPERTY IS HELD , INCLUDING: 28
(I) ACCESSING THE ACCOUNT OR INFORMATION CONCE RNING 29
THE ACCOUNT ; OR 30
4 SENATE BILL 665
(II) A DIRECTION BY THE APP ARENT OWNER TO INCRE ASE, 1
DECREASE, OR OTHERWISE CHANGE THE AMOUNT OR TYPE O F PROPERTY HELD IN 2
THE ACCOUNT ; 3
(5) A DEPOSIT INTO OR WITHDRAWAL F ROM AN ACCOUNT AT A 4
FINANCIAL INSTITUTIO N, INCLUDING AN AUTOMAT IC DEPOSIT OR WITHDR AWAL 5
PREVIOUSLY AUTHORIZE D BY THE APPARENT OW NER OTHER THAN AN AU TOMATIC 6
REINVESTMENT OF DIVI DENDS OR INTEREST ; 7
(6) SUBJECT TO § 17–301(A)(3) OF THIS TITLE, PAYMENT OF A 8
PREMIUM ON AN INSURA NCE POLICY; AND 9
(7) ANY OTHER ACTION BY T HE APPARENT OWNER TH AT 10
REASONABLY DEMONSTRA TES TO THE HOLDER TH AT THE APPARENT OWNE R KNOWS 11
THAT THE PROPERTY EX ISTS. 12
[(j)] (L) (N) “Insurance corporation” means any association or corporation 13
transacting in the State the business of insurance on the lives of persons or insurance 14
pertaining to life insurance, including endowments and annuities, disability, accident and 15
health insurance, and property, casualty, and surety insurance, as these terms are defined 16
in the Insurance Article. 17
[(k)] (M) (O) “Owner” means: 18
(1) In the case of a deposit, a depositor or a person entitled to receive the 19
funds as reflected on the records of the bank or financial organization; 20
(2) In the case of a trust, a beneficiary; 21
(3) In the case of other choses in action, a creditor, claimant, or payee; 22
(4) In the case of abandoned property in federal custody, the person who is 23
defined as the owner by any applicable federal law; [or] 24
(5) Any person who has a legal or equitable interest in property subject to 25
this title, or the legal representative of that person; OR 26
(6) IN THE CASE OF A PENS ION ACCOUNT OR RETIR EMENT ACCOUNT 27
THAT QUALIFIES FOR T AX DEFERRAL UNDER TH E INCOME TAX PRO VISIONS OF THE 28
INTERNAL REVENUE CODE, THE PAYEE. 29
[(l)] (N) (P) “Person” includes the State, any county, municipal corporation, or other 30
political subdivision of the State, or any of their units, an individual, business association, 31
corporation, business trust, statutory trust, estate, trust, partnership, association, two or 32
more persons having a joint or common interest, or any other legal or commercial entity. 33 SENATE BILL 665 5
[(m)] (O) (Q) “Personal property” does not include: 1
(1) A gift certificate OR A GIFT CARD; 2
(2) Credits in connection with the sale of consumer goods to a wholesaler 3
or retailer in the ordinary course of business; 4
(3) Outstanding checks or credits issued to vendors or commercial 5
customers in the ordinary course of business, other than property described in [§ 17–301(a)] 6
§ 17–301.1(A) of this title held by a banking organization or financial organization; 7
(4) Credit balances in vendor or commercial customer accounts that occur 8
in the ordinary course of business, other than property described in [§ 17–301(a)] § 9
17–301.1(A) of this title held by a banking organization or financial organization; or 10
(5) Purchase price rebates issued to customers in the ordinary course of 11
business. 12
(P) (R) “RECORD” MEANS INFORMATION TH AT IS: 13
(1) INSCRIBED ON A TANGIB LE MEDIUM; OR 14
(2) STORED IN AN ELECTRON IC OR OTHER MEDIUM A ND 15
RETRIEVABLE IN PERCE IVABLE FORM. 16
[(n)] (Q) (S) “Service charge” means any type of deduction or charge made by a 17
holder on property presumed abandoned under this title. 18
[(o)] (R) (T) “Utility” means any person who owns or operates in the State, for public 19
use, any plant, equipment, property, franchise, or license for the transmission of 20
communications, for the production, storage, transmission, sale, delivery, or furnishing of 21
electricity, water, steam, or gas, or for the transportation of persons or property. 22
(S) (U) (1) “VIRTUAL CURRENCY ” MEANS A DIGITAL REPR ESENTATION 23
OF VALUE USED AS A M EDIUM OF EXCHANGE , UNIT OF ACCOUNT , OR STORE OF 24
VALUE THAT DOES NOT HAVE LEGAL TENDER STATUS RECOGN IZED BY THE UNITED 25
STATES. 26
(2) “VIRTUAL CURRENCY ” DOES NOT INCLUDE : 27
(I) THE SOFTWARE OR PROTO COLS GOVERNING THE 28
TRANSFER OF THE DIGI TAL REPRESENTATION O F VALUE; 29
(II) GAME–RELATED DIGITAL CONT ENT; OR 30 6 SENATE BILL 665
(III) A LOYALTY CARD . 1
17–301. 2
(A) FOR PURPOSES OF THIS SUBTITLE: 3
(1) AN ACTION BY AN AGENT OR OTHER REPRESENTAT IVE OF AN 4
APPARENT OWNER , OTHER THAN A HOLDER ACTING AS THE APPARE NT OWNER’S 5
AGENT, IS PRESUMED TO BE AN ACTION ON BEHALF OF THE APPARENT OWNER ; AND 6
(2) A COMMUNICATION WITH AN APPARENT OWNER BY A PERSON 7
OTHER THAN THE HOLDE R OR THE HOLDER ’S REPRESENTATIVE IS NOT AN 8
INDICATION OF APPARE NT OWNER INTEREST IN PROPERTY UNLESS A RE CORD OF 9
THE COMMUNICATION EV IDENCES THE APPARENT OWNER’S KNOWLEDGE OF A 10
RIGHT TO THE PROPERTY; AND. 11
(3) IF AN INSURED DIES OR THE INSURED OR BENEF ICIARY OF AN 12
INSURANCE POLICY OTH ERWISE BECOMES ENTIT LED TO THE PROCEEDS BEFORE 13
DEPLETION OF THE CAS H SURRENDER VALUE OF THE POLICY BY OPERAT ION OF AN 14
AUTOMATIC–PREMIUM–LOAN PROVISION OR OT HER NONFORFEITURE PR OVISION 15
CONTAINED IN THE POL ICY, THE OPERATION OF THE PROVISION DOES NOT 16
PREVENT THE POLICY F ROM MATURING OR TERM INATING. 17
(B) WHEN DETERMINING THE ADDRESS OF AN APPARE NT OWNER UNDER 18
THIS SUBTITLE: 19
(1) (I) THE LAST KNOWN ADDRES S OF AN APPARENT OWN ER 20
INCLUDES ANY DESCRIP TION, CODE, OR OTHER INDICATION OF THE LOCATION OF 21
THE APPARENT OWNER T HAT IDENTIFIES A STA TE; AND 22
(II) AN INDICATION OF THE LOCATION OF THE APPA RENT 23
OWNER THAT IDENTIFIE S A STATE DOES NOT NEED TO BE SUFFICIENT TO DIR ECT 24
THE DELIVERY OF FIRS T–CLASS MAIL TO THE AP PARENT OWNER ; 25
(2) THIS STATE IS DEEMED TO BE THE STATE OF THE LAS T KNOWN 26
ADDRESS OF THE APPAR ENT OWNER IF: 27
(I) THE POSTAL ZIP CODE A SSOCIATED WITH THE A PPARENT 28
OWNER IS FOR A POST O FFICE LOCATED IN THI S STATE; AND 29
(II) THERE ARE NO OTHER RE CORDS ASSOCIATED WIT H THE 30
APPARENT OWNER THAT SPECIFICALLY IDENTIF Y THE PHYSICAL ADDRE SS OF THE 31
APPARENT OWNER TO BE IN ANOTHER STATE ; 32 SENATE BILL 665 7
(3) ANOTHER STATE IS DEEM ED TO BE THE STATE OF THE LAS T 1
KNOWN ADDRESS OF THE APPARENT OWNER IF : 2
(I) THE POSTAL ZIP CODE A SSOCIATED WITH THE A PPARENT 3
OWNER IS FOR A POST OFFICE LOCATED OUTSI DE THIS STATE; AND 4
(II) THERE ARE NO OTHER RE CORDS ASSOCIATED WIT H THE 5
APPARENT OWNER THAT SPECIFICALLY IDENTIFY THE PHYSICAL ADDRESS OF THE 6
APPARENT OWNER TO BE IN THIS STATE; AND 7
(4) THE ADDRESS OF THE AP PARENT OWNER OF A LI FE OR 8
ENDOWMENT INSURANCE POLICY OR ANNUITY CO NTRACT OR ITS PROCEE DS IS 9
PRESUMED TO BE THE A DDRESS OF THE INSURE D OR ANNUITANT IF: 10
(I) A PERSON OTHER THAN TH E INSURED OR ANNUITA NT IS 11
ENTITLED TO THE AMOU NT OWED UNDER THE PO LICY OR CONTRACT ; AND 12
(II) THE ADDRESS OF THE PE RSON ENTITLED TO THE AMOUNT 13
OWED UNDER THE POLIC Y OR CONTRACT IS : 14
1. NOT KNOWN BY THE INSU RANCE COMPANY ; AND 15
2. CANNOT BE DETERMINED UNDER § 17–301.1(D) OF 16
THIS SUBTITLE. 17
[17–301.] 17–301.1. 18
(a) (1) For purposes of this section and subject to paragraph (2) of this 19
subsection, a holder shall be deemed to no longer have a valid address for the owner of the 20
property as of the later of: 21
(i) The date a second communication is returned by the U.S. Postal 22
Service to a holder as undeliverable to an apparent owner, if: 23
1. The holder sent the second communication to the apparent 24
owner by first–class mail; and 25
2. A previous communication was: 26
A. Sent by first–class mail; 27
B. Sent immediately preceding the second communication; 28
and 29
8 SENATE BILL 665
C. Returned by the U.S. Postal Service to the holder as 1
undeliverable to the apparent owner; or 2
(ii) The date a previous communication is returned by the U.S. 3
Postal Service to a holder as undeliverable to an apparent owner, if the holder: 4
1. Sent the previous communication to the apparent owner: 5
A. By first–class mail; and 6
B. Immediately preceding a second communication; and 7
2. Sent the second communication to the apparent owner: 8
A. By first–class mail; and 9
B. More than 30 days after the previous communication 10
under this subparagraph was sent. 11
(2) (i) Subject to subparagraph (ii) of this paragraph, if the holder does 12
not send communications to an apparent owner by first–class mail, the holder shall attempt 13
to confirm the apparent owner’s interest in the property by e–mailing the apparent owner 14
not later than 2 years after the apparent owner’s last indication of interest in the property. 15
(ii) The holder shall promptly attempt to contact the apparent owner 16
by first–class mail if: 17
1. The holder does not have the information needed to send 18
an e–mail to the apparent owner; 19
2. The holder believes the apparent owner’s e–mail address 20
in the holder’s records is not valid; 21
3. The holder receives notification that the e–mail was not 22
received; or 23
4. The apparent owner does not respond to the e –mail 24
communication within 30 days after the e–mail was sent. 25
(iii) 1. If a mailing sent in accordance with subparagraph (ii) of 26
this paragraph is returned by the U.S. Postal Service to the holder as undeliverable to the 27
apparent owner, the mailing shall constitute a communication for purposes of paragraph 28
(1) of this subsection. 29
2. If a mailing sent in accordance with subparagraph (ii) of 30
this paragraph is not returned by the U.S. Postal Service to the holder as undeliverable to 31 SENATE BILL 665 9
the apparent owner, the holder shall be presumed to have a valid address for the owner of 1
the property. 2
(b) The following property held by a banking or financial organization[,] or 3
business association is presumed abandoned: 4
(1) Any demand, savings, or matured time deposit account made with a 5
banking organization, together with any interest or dividend on it, excluding any charges 6
that lawfully may be withheld, 3 years after the later of: 7
(i) The date the holder is deemed to no longer have a valid address 8
for the owner of the property; or 9
(ii) The date the owner last: 10
1. Increased or decreased the amount of the deposit; 11
2. Presented evidence of the deposit for the crediting of 12
interest; 13
3. Corresponded in writing with the banking organization 14
concerning the deposit; 15
4. ACCESSED THE ACCOUNT OR INFORMATION 16
CONCERNING THE ACCOU NT; 17
[4.] 5. Engaged in any credit, trust, or other deposit transaction 18
with the banking organization; or 19
[5.] 6. Otherwise indicated an interest in the deposit as 20
evidenced by a memorandum on file with the banking organization; 21
(2) Any funds paid toward the purchase of shares or other interest in a 22
financial organization, or any deposit made with these funds, and any interest or dividends 23
on these, excluding any charges that lawfully may be withheld, 3 years after the later of: 24
(i) The date the holder is deemed to no longer have a valid address 25
for the owner of the property; or 26
(ii) The date the owner last: 27
1. Increased or decreased the amount of the funds or deposit, 28
or presented an appropriate record for the crediting of interest or dividends; 29
2. Corresponded in writing with the financial organization 30
concerning the funds or deposit; 31 10 SENATE BILL 665
3. ACCESSED THE ACCOUNT OR INFORMATION 1
CONCERNING THE ACC OUNT; 2
[3.] 4. Engaged in any credit, share, or other deposit transaction 3
with the financial organization; or 4
[4.] 5. Otherwise indicated an interest in the funds or deposit as 5
evidenced by a memorandum on file with the financial organization; 6
(3) Any sum payable on a check certified in this State or on a written 7
instrument issued in this State on which a banking or financial organization or business 8
association is directly liable, including any certificate of deposit, draft, traveler’s check, and 9
money order, that has been outstanding for more than 3 years from the date it was payable 10
(or 15 years in the case of a traveler’s check) or, if payable on demand, from the date of its 11
issuance, unless, within 3 years or 15 years in the case of a traveler’s check, the owner has: 12
(i) Corresponded in writing with the banking or financial 13
organization or business association concerning it; [or] 14
(II) ACCESSED THE ACCOUNT OR INFORMATION CONCE RNING 15
THE ACCOUNT ; OR 16
[(ii)] (III) Otherwise indicated an interest as evidenced by a 17
memorandum on file with the banking or financial organization or business association; 18
and 19
(4) Any property removed from a safekeeping repository on which the lease 20
or rental period has expired or any surplus amounts arising from the sale of the property 21
pursuant to law, that have been unclaimed by the owner for more than 3 years from the 22
date on which the lease or rental period expired. 23
(c) Nothing in this section shall be construed to apply to any demand, savings, or 24
matured time deposits that are designated subject to the order of any court of this State. 25
(d) Property is subject to the custody of this State as unclaimed property if the 26
conditions raising a presumption of abandonment under this section are met and: 27
(1) The last known address, as shown on the records of the holder, of the 28
apparent owner is in this State; 29
(2) The records of the holder do not reflect the identity of the person 30
entitled to the property and it is established that the last known address of the person 31
entitled to the property is in this State; 32
SENATE BILL 665 11
(3) The records of the holder do not reflect the last known address of the 1
apparent owner, and it is established that: 2
(i) The last known address of the person entitled to the property is 3
in this State; or 4
(ii) The holder is a domiciliary or a government or governmental 5
subdivision or agency of this State and has not previously paid or delivered the property to 6
the State of the last known address of the apparent owner or other person entitled to the 7
property; 8
(4) The last known address, as shown on the records of the holder, of the 9
apparent owner is in a state that does not provide by law for the escheat or custodial taking 10
of the property or its escheat or unclaimed property law is not applicable to the property 11
and the holder is a domiciliary or a government or governmental subdivision or agency of 12
this State; 13
(5) The last known address, as shown on the records of the holder, of the 14
apparent owner is in a foreign nation and the holder is a domiciliary or a government or 15
governmental subdivision or agency of this State; or 16
(6) The transaction out of which the property arose occurred in this State 17
and: 18
(i) The last known address of the apparent owner or other person 19
entitled to the property is unknown or the last known address of the apparent owner or 20
other person entitled to the property is in a state that does not provide by law for the escheat 21
or custodial taking of the property or its escheat or unclaimed property law is not applicable 22
to the property; and 23
(ii) The holder is a domiciliary of a state that does not provide by law 24
for the escheat or custodial taking of the property or its escheat or unclaimed property law 25
is not applicable to the property. 26
(e) The running of the 3–year period of abandonment ceases immediately on: 27
(1) The holder obtaining a valid address for the owner of the property; or 28
(2) The occurrence of an action referred to in subsection (b)(1)(ii) or (2)(ii) 29
of this section. 30
17–302. 31
(a) Funds held or owing under any life or endowment insurance policy or annuity 32
contract that has matured or terminated are presumed abandoned if unclaimed for more 33
than 3 years after the funds FIRST become due and payable [as established from the 34
records of the insurance company holding or owing the funds] IN ACCORDANCE WITH : 35 12 SENATE BILL 665
(1) THE INSURANCE POLICY OR ANNUITY CONTRACT ; OR 1
(2) SECTION 16–118 OF THE INSURANCE ARTICLE. 2
(b) [If a person other than the insured or annuitant is entitled to the funds and 3
an address of the person is not known to the company or it is not definite and certain from 4
the records of the company who is entitled to the funds, it is presumed that the last known 5
address of the person entitled to the funds is the same as the last known address of the 6
insured or annuitant according to the records of the company. 7
(c)] For purposes of this subtitle, a life or endowment insurance policy or annuity 8
contract not matured by actual proof of the death of the insured or annuitant according to 9
the records of the INSURANCE company is matured and the proceeds due and payable if: 10
(1) The company knows that the insured or annuitant has died; or 11
(2) (i) The insured has attained, or would have attained if [he] THE 12
INSURED were living, the limiting age under the mortality table on which the reserve is 13
based; 14
(ii) The policy was in force at the time the insured attained, or would 15
have attained, the limiting age specified in item (i) of this paragraph; and 16
(iii) Neither the insured nor any other person appearing to have an 17
interest in the policy within the preceding 3 years, according to the records of the company, 18
has assigned, readjusted, or paid premiums on the policy, subjected the policy to a loan, 19
corresponded in writing with the company concerning the policy, or otherwise indicated an 20
interest as evidenced by a memorandum or other record on file prepared by an employee of 21
the company. 22
[(d)] (C) (1) (I) “Unclaimed funds”, as defined in paragraph (2) of this 23
subsection, held by a fire, casualty, or surety insurance corporation, shall be presumed 24
abandoned if the last known address of the person entitled to the funds, according to the 25
records of the corporation, is in this State. 26
(II) If a person other than the insured, the principal, or the claimant 27
is entitled to the funds and the address of the person is not known to the corporation or if 28
it is not definite and certain from the records of the corporation which person is entitled to 29
the funds, it is presumed that the last known address of the person entitled to the funds is 30
the same as the last known address of the insured, the principal, or the claimant according 31
to the records of the corporation. 32
(2) “Unclaimed funds”, as used in this subsection, means all money held by 33
any fire, casualty, or surety insurance corporation unclaimed and unpaid for more than 3 34
years after the money becomes due and payable, as established from the records of the 35 SENATE BILL 665 13
corporation, either to an insured, a principal, or a claimant under any fire, casualty, or 1
surety insurance policy or contract. 2
[(e)] (D) Money otherwise payable according to the records of the corporation is 3
considered due and payable although the policy or contract has not been surrendered as 4
required. 5
17–302.1. 6
(A) IN THIS SECTION, “DEATH MASTER FILE ” MEANS: 7
(1) THE SOCIAL SECURITY ADMINISTRATION DEATH MASTER FILE; 8
OR 9
(2) ANY OTHER DATABASE OR SERVICE THAT IS AT L EAST AS 10
COMPREHENSIVE AS THE SOCIAL SECURITY ADMINISTRATION DEATH MASTER 11
FILE FOR DETERMINING THAT AN INDIVIDUAL R EPORTEDLY HAS DIED . 12
(B) FOR PURPOSES OF THIS SECTION: 13
(1) A DEATH MASTER FILE MA TCH DESCRIBED UNDER SUBSECTION 14
(C)(3) AND (4) OF THIS SECTION OCCU RS IF THE CRITERIA F OR AN EXACT OR 15
PARTIAL MATCH ARE SA TISFIED AS PROVIDED BY: 16
(I) THE INSURANCE ARTICLE; OR 17
(II) A RULE OR POLICY ADOPT ED BY THE MARYLAND 18
INSURANCE COMMISSIONER . 19
(2) A DEATH MASTER FILE MA TCH OR VALIDATION OF THE INSURED’S 20
OR ANNUITANT ’S DEATH DOES NOT ALTER THE REQUIREMEN TS FOR A BENEFICIARY , 21
ANNUITANT, OR OWNER OF THE POLI CY OR CONTRACT TO MA KE A CLAIM TO 22
RECEIVE PROCEEDS UND ER THE TERMS OF THE POLICY OR CONTRACT . 23
(3) AN INSURED OR AN ANNU ITANT IS PRESUMED DE AD IF THE DATE 24
OF THE INSURED ’S OR ANNUITANT’S DEATH IS INDICATED BY A DEATH MASTER FI LE 25
MATCH DESCRIBED UNDE R SUBSECTION (C)(3) AND (4) OF THIS SECTION , UNLESS 26
THE INSURANCE COMPAN Y HAS COMPETENT AND SUBSTANTIAL EVIDENCE THAT 27
THE INSURED OR ANNUI TANT IS LIVING, INCLUDING A CONTACT MADE BY THE 28
COMPANY WITH THE INS URED OR ANNUITANT OR THE INSURED’S OR ANNUITANT ’S 29
LEGAL REPRESENTATIVE . 30
(C) WITH RESPECT TO A LIF E OR ENDOWMENT INSUR ANCE POLICY OR 31
ANNUITY CONTRACT FOR WHICH AN AMOUNT IS O WED ON PROOF OF DEAT H, BUT 32 14 SENATE BILL 665
THAT HAS NOT MATURED BY PROOF OF DEATH OF THE INSU RED OR ANNUITANT , THE 1
INSURANCE COMPANY SH ALL BE DEEMED TO HAV E KNOWLEDGE OF THE D EATH OF 2
AN INSURED OR ANNUIT ANT WHEN: 3
(1) THE COMPANY RECEIVES A DEATH CERTIFICATE OR COURT 4
ORDER DETERMINING TH AT THE INSURED OR AN NUITANT HAS DIED ; 5
(2) THE COMPANY RECEIVES NOTICE OF THE DEATH OF THE INSURED 6
OR ANNUITANT FROM : 7
(I) THE ADMINISTRATOR OR AN U NCLAIMED PROPERTY 8
ADMINISTRATOR OF ANO THER STATE; 9
(II) A BENEFICIARY; 10
(III) A POLICY OWNER ; 11
(IV) A RELATIVE OF THE INSU RED OR ANNU ITANT; 12
(V) A REPRESENTATIVE OF TH E INSURED OR ANNUITA NT, 13
INCLUDING AN ADMINIS TRATOR, A GUARDIAN , A STANDBY GUARDIAN , OR A 14
TEMPORARY GUARDIAN ; OR 15
(VI) AN EXECUTOR OR OTHER LEGAL REPRESENTATIVE OF THE 16
INSURED’S OR ANNUITANT ’S ESTATE; 17
(3) (I) THE COMPANY CONDUCTS A CO MPARISON FOR ANY 18
PURPOSE BETWEEN A DE ATH MASTER FILE AND THE NAMES OF SOME OR ALL OF THE 19
COMPANY’S INSUREDS OR ANNUIT ANTS; AND 20
(II) FINDS A MATCH THAT PR OVIDES NOTICE THAT T HE 21
INSURED OR ANNUITANT HAS DIED; OR 22
(4) (I) THE ADMINISTRATOR OR THE ADMINISTRATOR ’S AGENT IN 23
THE NORMAL COURSE OF BUSINESS CONDUCTS A COMPARISON FOR THE P URPOSE 24
OF FINDING MATCHES B ETWEEN A DEATH MASTE R FILE AND THE NAMES OF SOME 25
OR ALL OF THE COMPAN Y’S INSUREDS OR ANNUIT ANTS; AND 26
(II) FINDS A MATCH THAT PROVIDES NOTICE THAT THE 27
INSURED OR ANNUITANT HAS DIED. 28
(D) A HOLDER OF FUNDS UNDE R § 17–302 OF THIS SUBTITLE SHA LL, ON AT 29
LEAST AN ANNUAL BASI S: 30
SENATE BILL 665 15
(1) CONDUCT A DEATH MASTE R FILE EXAMINATION A ND 1
COMPARISON DESCRIBED UNDER SUBSECTION (C)(3) OF THIS SECTION ON A LL 2
INSUREDS AND ANNUITA NTS; AND 3
(2) MAKE A RECORD OF THE DATE ON WHICH ANY EX AMINATION AND 4
COMPARISON UNDER ITE M (1) OF THIS SUBSECTION O CCURS. 5
17–304. 6
(a) (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 APPARENT OWNER 10
interest in the property. 11
17–306.1. 12
(A) IN THIS SECTION, “RETURNED AS UNDELIVE RABLE” MEANS RETURNED 13
BY THE U.S. POSTAL SERVICE TO THE HOLDER AS UNDELIVERA BLE TO THE 14
APPARENT OWNER . 15
(B) PROPERTY HELD IN A PE NSION ACCOUNT OR RET IREMENT ACCOUNT 16
THAT QUALIFIES FOR T AX DEFERRAL UNDER TH E INCOME TAX PROVISI ONS OF THE 17
INTERNAL REVENUE CODE IS PRESUMED ABAN DONED IF IT IS UNCLA IMED BY AN 18
APPARENT OWNER OF TH E ACCOUNT AFTER THE LATER OF: 19
(1) SUBJECT TO SUBSECTION S (D) THROUGH (F) OF THIS SECTION, 3 20
YEARS AFTER: 21
(I) THE DATE A FIRST COMM UNICATION SENT BY TH E HOLDER 22
BY FIRST–CLASS MAIL TO THE AP PARENT OWNER IS RETU RNED AS UNDELIVERABL E; 23
OR 24
(II) THE DATE A S ECOND COMMUNICATION SENT BY THE 25
HOLDER BY FIRST –CLASS MAIL TO THE AP PARENT OWNER IS RETU RNED AS 26
UNDELIVERABLE , IF THE SECOND COMMUN ICATION IS SENT WITH IN 30 DAYS AFTER 27
THE DATE OF THE FIRS T COMMUNICATION UNDE R ITEM (I) OF THIS ITEM IS 28
RETURNED AS UNDELIVE RABLE; OR 29
(2) IF APPLICABLE, THE EARLIER OF THE F OLLOWING DATES : 30
(I) 3 YEARS AFTER THE DATE THE APPARENT OWNER B ECOMES 31
72 YEARS OLD, IF DETERMINABLE BY T HE HOLDER; OR 32
16 SENATE BILL 665
(II) SUBJECT TO SUBSECTION (C) OF THIS SECTION , IF THE 1
INTERNAL REVENUE CODE REQUIRES DISTRIBUTIO N TO AVOID A TAX PEN ALTY, 2 2
YEARS AFTER THE DATE THE HOLDER: 3
1. RECEIVES CONFIRMATION OF THE DEATH OF THE 4
APPARENT OWNER IN TH E ORDINARY COURSE OF ITS BUSINESS; OR 5
2. CONFIRMS THE DEATH OF THE APPARENT OWNER . 6
(C) FOR PURPOSES OF ESTABLIS HING A PRESUMPTION O F ABANDONED 7
PROPERTY UNDER THIS SECTION, IF A HOLDER IN THE O RDINARY COURSE OF IT S 8
BUSINESS RECEIVES NO TICE OR AN INDICATIO N OF THE DEATH OF AN APPARENT 9
OWNER AND SUBSECTION (B)(2)(II) OF THIS SECTION APPL IES, THE HOLDER SHALL 10
ATTEMPT NOT LATER TH AN 90 DAYS AFTER RECEIPT O F THE NOTICE OR INDI CATION 11
TO CONFIRM WHETHER T HE APPARENT OWNER IS DECEASED. 12
(D) SUBJECT TO SUBSECTION (E) OF THIS SECTION , IF THE HOLDER DOES 13
NOT SEND COMMUNICATI ONS TO THE APPARENT OWNER OF AN A CCOUNT BY 14
FIRST–CLASS MAIL AS DESCRI BED IN SUBSECTION (B) OF THIS SECTION , THE 15
HOLDER SHALL ATTEMPT TO CONFIRM THE APPAR ENT OWNER’S INTEREST IN THE 16
PROPERTY BY SENDING THE APPARENT OWNER A N E–MAIL NOT LATER THAN 2 17
YEARS AFTER THE LAST INDICATION OF APPARE NT OWNER INTEREST IN THE 18
PROPERTY. 19
(E) THE HOLDER SHALL PROM PTLY ATTEMPT TO CONT ACT THE APPARENT 20
OWNER BY REGISTERED MAIL IF: 21
(1) THE HOLDER DOES NOT H AVE INFORMATION NEED ED TO SEND 22
THE APPARENT OWNER A N E–MAIL OR THE HOLDER B ELIEVES THAT THE APP ARENT 23
OWNER’S E–MAIL ADDRESS IN THE HOLDER’S RECORDS IS NOT VAL ID; 24
(2) THE HOLDER RECEIVES N OTIFICATION THAT THE E–MAIL WAS 25
NOT RECEIVED ; OR 26
(3) THE APPARENT OWNER DO ES NOT RESPOND TO TH E E–MAIL 27
WITHIN 30 DAYS AFTER THE HOLDE R SENDS THE E–MAIL. 28
(F) (1) IF THE REGISTERED MAI L SENT BY THE HOLDER UNDER 29
SUBSECTION (E) OF THIS SECTION IS R ETURNED AS UNDELIVER ABLE: 30
(I) THE REGISTERED MAIL S HALL CONSTITUTE A FI RST 31
COMMUNICATION FOR PU RPOSES OF SUBSECTION (B)(1)(I) OF THIS SECTION; AND 32
SENATE BILL 665 17
(II) THE HOLDER SH ALL SEND A SECOND CO MMUNICATION TO 1
THE APPARENT OWNER B Y FIRST–CLASS MAIL. 2
(2) (I) IF THE SECOND COMMUNI CATION UNDER PARAGRA PH 3
(1)(II) OF THIS SUBSECTION I S RETURNED AS UNDELI VERABLE WITHIN 30 DAYS 4
AFTER SENDING THE FI RST COMMUNICATION UN DER PARAGRAPH (1)(I) OF THIS 5
SUBSECTION, THE DATE THE SECOND COMMUNICATION IS RET URNED AS 6
UNDELIVERABLE SHALL CONSTITUTE THE DATE FOR PURPOSES OF SUBS ECTION 7
(B)(1)(II) OF THIS SECTION. 8
(II) IF THE SECOND COMMUNI CATION UNDER PARAGRA PH 9
(1)(II) OF THIS SUBSECTION I S SENT MORE THAN 30 DAYS AFTER THE FIRST 10
COMMUNICATION UNDER PARAGRAPH (1)(I) OF THIS SUBSECTION I S RETURNED AS 11
UNDELIVERABLE , THE DATE THE FIRST C OMMUNICATION IS RETU RNED AS 12
UNDELIVERABLE SHALL CONTROL FOR PURPOSES OF DETERMINING A DAT E UNDER 13
SUBSECTION (B)(1) OF THIS SECTION. 14
17–307.2. 15
(A) VIRTUAL CURRENCY IS P RESUMED ABANDONED IF IT REMAINS 16
UNCLAIMED 5 YEARS AFTER THE LAST INDICATION OF APPARE NT OWNER INTEREST 17
IN THE PROPERTY . 18
(B) WITHIN 30 DAYS BEFORE THE FILI NG OF THE REPORT REQ UIRED 19
UNDER § 17–310 OF THIS SUBTITLE , THE HOLDER OF ABANDO NED VIRTUAL 20
CURRENCY SHALL LIQUI DATE THE VIRTUAL CUR RENCY. 21
(C) THE HOLDER SHALL REMI T ANY LIQUIDATION PR OCEEDS TO THE 22
ADMINISTRATOR . 23
(D) NOTWITHSTANDING ANY O THER PROVISION UNDER THIS SUBTITLE, AN 24
OWNER HAS NO RIGHT OF RECOURSE AGAINST A HOLDER OR THE ADMINISTRATOR 25
TO RECOVER ANY GAIN IN VALUE TO THE VIRT UAL CURRENCY THAT OC CURS AFTER 26
THE LIQUIDATION DESC RIBED UNDER SUBSECTI ON (B) OF THIS SECTION. 27
17–308. 28
(d) Property is reportable to this State under subsection (b) of this section under 29
the priority rules established under [§ 17–301(d)] § 17–301.1(D) of this subtitle. 30
17–308.1. 31
(b) A holder may consider a money order dormant or inactive for purposes of 32
imposing a service charge if the owner has taken none of the actions set forth in [§ 33 18 SENATE BILL 665
17–301(b)(3)] § 17–301.1(B)(3) of this subtitle for 1 year from the date of issuance of the 1
money order. 2
17–311. 3
(c) The Administrator is not required to publish in the notice any item valued at 4
less than [$100] $50 unless the Administrator considers the publication to be in the public 5
interest. 6
17–317. 7
(a) (1) (i) All funds received under this title, including the proceeds of the 8
sale of abandoned property under § 17–316 of this subtitle, shall be credited by the 9
Administrator to a special fund. 10
(ii) The Administrator shall retain in the special fund at the end of 11
each fiscal year, from the proceeds received[, an]: 12
1. AN AMOUNT NOT EXCEEDI NG $5,000,000 FOR 13
INFORMATION TECHNOLO GY COSTS OF THE ADMINISTRATOR , INCLUDING 14
CYBERSECURITY , CUSTOMER RELATION SY STEMS, AND A SYSTEM FOR MAN AGING 15
UNCLAIMED PROPERTY ; AND 16
2. AN amount [not to exceed $50,000] OF FUNDS THE 17
ADMINISTRATOR REASONA BLY ESTIMATES IS SUF FICIENT, from which sum the 18
Administrator shall pay any claim allowed under this title. 19
17–318. 20
(A) (1) Any person who claims a legal interest in any property delivered to the 21
State under this title must [file]: 22
(I) FILE a claim to the property or to the proceeds from its sale on 23
the form prescribed by the Administrator; AND 24
(II) VERIFY THE CLAIM AS T O ITS COMPLETENESS A ND 25
ACCURACY. 26
(2) AFTER A CLAIM IS FILE D UNDER PARAGRAPH (1) OF THIS 27
SUBSECTION, THE ADMINISTRATOR SHALL A LLOW OR DENY THE CLA IM AND 28
PROVIDE THE CLAIMANT NOTICE OF THE DECISI ON. 29
(3) IF A CLAIM FILED IN A CCORDANCE WITH THIS SUBSECTION IS 30
DENIED: 31
SENATE BILL 665 19
(I) THE ADMINISTRATOR SHALL I NFORM THE CLAIMANT O F 1
THE REASON FOR THE D ENIAL AND SPECIFY WH AT ADDITIONAL EVIDEN CE, IF ANY, 2
IS REQUIRED FO R THE CLAIM TO BE AL LOWED; 3
(II) THE CLAIMANT MAY FILE AN AMENDED CLAIM WIT H THE 4
ADMINISTRATOR OR COMM ENCE AN ACTION UNDER § 17–320 OF THIS SUBTITLE ; 5
AND 6
(III) THE ADMINISTRATOR SHALL C ONSIDER AN AMENDED 7
CLAIM FILED UNDER IT EM (II) OF THIS PARAGRAPH AS THE INITIAL CLAIM . 8
(4) IF THE ADMINISTRATOR DOES NO T TAKE ACTION ON A C LAIM 9
DURING THE 6–MONTH PERIOD IMMEDIA TELY FOLLOWING THE F ILING OF A CLAIM 10
UNDER THIS SUBSECTIO N, THE CLAIM SHALL BE D EEMED DENIED . 11
(B) (1) THE ADMINISTRATOR MAY WAIVE THE FILI NG REQUIREMENT 12
UNDER SUBSECTION (A) OF THIS SECTION IF: 13
(I) THE PERSON RECEIVING THE PROPERTY OR PAYM ENT IS 14
THE APPARENT OWNER I NCLUDED IN A REPORT FILED UNDER § 17–310 OF THIS 15
SUBTITLE; 16
(II) THE ADMINISTRATOR REASONA BLY BELIEVES THE PER SON 17
IS ENTITLED TO RECEIVE THE PROPERTY OR PAYM ENT; AND 18
(III) THE PROPERTY OR PAYME NT HAS A VALUE OF $5,000 OR 19
LESS. 20
(2) IF THE ADMINISTRATOR WAIVES THE FILING REQUIREME NT IN 21
ACCORDANCE WITH PARA GRAPH (1) OF THIS SUBSECTION , THE ADMINISTRATOR 22
SHALL MAKE PA YMENT IN ACCORDANCE WITH § 17–319(B) OF THIS SUBTITLE. 23
(C) THE ADMINISTRATOR SHALL P AY OR DELIVER PROPER TY TO A 24
CLAIMANT UNDER THIS SECTION IF THE ADMINISTRATOR RECEIVE S EVIDENCE 25
SUFFICIENT TO THE SA TISFACTION OF THE ADMINISTRATOR TO ESTA BLISH THAT 26
THE CLAIMANT IS THE OWNER OF THE PROPERTY . 27
17–319. 28
(a) (1) The Administrator shall consider any claim filed under this title and 29
may hold a hearing and receive evidence concerning it. 30
(2) (I) If a hearing is held, [he] THE ADMINISTRATOR shall prepare a 31
finding and a decision in writing on each claim filed, stating the substance of any evidence 32 20 SENATE BILL 665
heard by [him] THE ADMINISTRATOR and the reasons for [his] THE ADMINISTRATOR ’S 1
decision. 2
(II) The decision shall be a public record. 3
(b) (1) If the claim is allowed, OR IF THE ADMINISTRATOR WAIVES THE 4
FILING REQUIREMENT I N ACCORDANCE WITH § 17–318(B) OF THIS SUBTITLE , the 5
Administrator immediately shall make payment. 6
(2) The claim shall be paid without deduction for costs of notices or sale or 7
for service charges. 8
(c) In satisfying a claim the Administrator shall pay the claimant an amount 9
equal to the sales price obtained at the public sale. 10
17–319.1. 11
(A) NOT LATER THAN 6 MONTHS AFTER A CLAIM IS ALLOWED UNDER § 12
17–318(A) OF THIS SUBTITLE, THE ADMINISTRATOR SHALL D ELIVER THE PROPERTY 13
TO THE OWNER OR PAY TO THE OWNER THE NET PROCEEDS OF A SALE O F THE 14
PROPERTY. 15
(B) THE ADMINISTRATOR MAY APP LY PROPERTY HELD UND ER THIS TITLE 16
BY THE ADMINISTRATOR TO A CL AIM FOR THE PAYMENT OF A DEBT OWED TO THE 17
STATE IDENTIFIED BY O R CERTIFIED TO THE ADMINISTRATOR , INCLUDING DEBTS 18
FOR UNPAID STATE, COUNTY, OR MUNICIPAL TAX . 19
(C) BEFORE DELIVERY TO AN OWNER OF PROPERTY VALUED AT $100 OR 20
MORE OR PAYMENT TO AN OWN ER FOR NET PROCEEDS OF A SALE OF PROPERT Y 21
WHERE THE NET PROCEE DS ARE $100 OR MORE, THE ADMINISTRATOR SHALL : 22
(1) APPLY THE PROPERTY OR NET PROCEEDS TO ANY DEBT UNDER 23
SUBSECTION (B) OF THIS SECTION THAT THE ADMINISTRATOR DETERMI NES IS 24
OWED BY THE OWNER ; 25
(2) PAY THE AMOUNT IDENTI FIED BY OR CERTIFIED TO THE 26
ADMINISTRATOR UNDER S UBSECTION (B) OF THIS SECTION; AND 27
(3) NOTIFY THE OWNER OF A NY PAYMENT TOWARD A DEBT UNDER 28
SUBSECTION (B) OF THIS SECTION THAT THE ADMINISTRATOR DETERMI NES IS 29
OWED BY THE OWNER . 30
(D) (1) THE ADMINISTRATOR MAY MAK E PERIODIC INQUIRIES O F STATE 31
AND LOCAL AGENCIES I N THE ABSENCE OF A C LAIM FILED UNDER § 17–318(A) OF 32 SENATE BILL 665 21
THIS SUBTITLE TO DET ERMINE WHETHER AN AP PARENT OWNER INCLUDE D IN THE 1
UNCLAIMED PROPERTY R ECORDS OF THE STATE HAS ENFORCEABLE DEBTS UNDER 2
SUBSECTION (B) OF THIS SECTION IF THE AMOUNT OF PRO PERTY IS VALUED AT $100 3
OR MORE. 4
(2) IF THE ADMINISTRATOR IDENTIF IES AN ENFORCEABLE D EBT 5
DURING A PERIODIC IN QUIRY, THE ADMINISTRATOR SHALL : 6
(I) APPLY THE PROPERTY OR NET PROCEEDS OF A SA LE OF THE 7
PROPERTY HELD BY THE ADMINISTRATOR TO THE DEBT OF AN APPARENT OWNER 8
WHO APPEARS IN THE R ECORDS OF THE ADMINISTRATOR ; 9
(II) PAY THE AMOUNT IDENTI FIED BY OR CERTIFIED TO THE 10
ADMINISTRATOR UNDER S UBSECTION (B) OF THIS SECTION; AND 11
(III) NOTIFY THE OWNER OF A NY PAYMENT TOW ARD A DEBT 12
UNDER SUBSECTION (B) OF THIS SECTION THAT THE ADMINISTRATOR DETERMI NES 13
IS OWED BY THE OWNER . 14
17–320. 15
(A) Any person aggrieved by a decision of the Administrator or as to whose claim 16
the Administrator has failed to act within [90 days] 6 MONTHS after the filing of the claim, 17
may commence an action in the circuit court for the county to establish [his] THE claim. 18
(B) The proceeding shall be brought within 90 days after the decision of the 19
Administrator or within [180 days] 1 YEAR from the filing of the claim if the Administrator 20
fails to act. 21
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect 22
October 1, 2025. 23
Approved:
________________________________________________________________________________
Governor.
________________________________________________________________________________
President of the Senate.
________________________________________________________________________________
Speaker of the House of Delegates.