Maryland 2025 Regular Session

Maryland Senate Bill SB665 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1	1
2	2
3	3		EXPLANATION: CAPITALS INDICATE MAT TER ADDED TO EXISTIN G LAW.
4	4		[Brackets] indicate matter deleted from existing law.
5	5		Underlining indicates amendments to bill.
6	6		Strike out indicates matter stricken from the bill by amendment or deleted from the law by
7	7		amendment.
8		-	Italics indicate opposite chamber/conference committee amendments.
9	8		sb0665
10	9
11	10		SENATE BILL 665
12		-	I4 (5lr1891)
13		-	ENROLLED BILL
14		-	— Finance/Health and Government Operations —
15		-	Introduced by The President (By Request – Office of the Comptroller)
16		-
17		-	Read and Examined by Proofreaders:
18		-
19		-	_______________________________________________
20		-	Proofreader.
21		-	_______________________________________________
22		-	Proofreader.
23		-
24		-	Sealed with the Great Seal and presented to the Governor, for his approval this
25		-
26		-	_______ day of _______________ at ________________________ o’clock, ________M.
27		-
28		-	______________________________________________
29		-	President.
	11	+	I4 5lr1891
	12	+	CF HB 761
	13	+	By: The President (By Request – Office of the Comptroller)
	14	+	Introduced and read first time: January 25, 2025
	15	+	Assigned to: Finance
	16	+	Committee Report: Favorable
	17	+	Senate action: Adopted
	18	+	Read second time: February 11, 2025
30	19
31	20		CHAPTER ______
32	21
33	22		AN ACT concerning 1
34	23
35	24		Maryland Uniform Disposition of Abandoned Property Act – Revisions 2
36	25
37	26		FOR the purpose of making certain virtual currency subject to the abandoned property laws 3
38	27		in the State; establishing provisions to determine certain information about certain 4
39	28		apparent owners of abandoned property; providing that a certain operation does not 5
40	29		prevent certain insurance policies from maturing or terminating; altering and 6
41	30		establishing certain provisions pertaining to the presumption of abandonment for 7
42	31		certain types of property; establishing certain procedures to establish the death of a 8
43		-	certain insured or certain annuitant; altering the dollar value at which the 9
44		-	Comptroller is required to publish certain notice; authorizing the Comptroller to 10
45		-	retain, for certain purposes, certain funding from proceeds obtained through the 11
46		-	disposition of abandoned property; altering the procedures for filing a claim with the 12
47		-	Comptroller to reclaim abandoned property; and generally relating to the Maryland 13
48		-	Uniform Disposition of Abandoned Property Act. 14
49		-	2 SENATE BILL 665
	32	+	certain insured or certain annuitant; authorizing the Comptroller to retain, for 9
	33	+	certain purposes, certain funding from proceeds obtained through the disposition of 10
	34	+	abandoned property; altering the procedures for filing a claim with the Comptroller 11
	35	+	to reclaim abandoned property; and generally relating to the Maryland Uniform 12
	36	+	Disposition of Abandoned Property Act. 13
	37	+
	38	+	BY repealing and reenacting, with amendments, 14
	39	+	Article – Commercial Law 15
	40	+	Section 17–101, 17–301, 17–302, 17–304(a)(2)(i), 17–308(d), 17–308.1(b), 16
	41	+	17–317(a)(1), and 17–318 through 17–320 17
	42	+	Annotated Code of Maryland 18
	43	+	(2013 Replacement Volume and 2024 Supplement) 19
	44	+
	45	+	BY adding to 20
	46	+	Article – Commercial Law 21
	47	+	Section 17–301, 17–302.1, 17–306.1, 17–307.2, and 17–319.1 22
	48	+	Annotated Code of Maryland 23 2 SENATE BILL 665
50	49
51	50
52		-	BY repealing and reenacting, with amendments, 1
53		-	Article – Commercial Law 2
54		-	Section 17–101, 17–301, 17–302, 17–304(a)(2)(i), 17–308(d), 17–308.1(b), 17–311(c), 3
55		-	17–317(a)(1), and 17–318 through 17–320 4
56		-	Annotated Code of Maryland 5
57		-	(2013 Replacement Volume and 2024 Supplement) 6
	51	+	(2013 Replacement Volume and 2024 Supplement) 1
58	52
59		-	BY adding to 7
60		-	Article – Commercial Law 8
61		-	Section 17–301, 17–302.1, 17–306.1, 17–307.2, and 17–319.1 9
62		-	Annotated Code of Maryland 10
63		-	(2013 Replacement Volume and 2024 Supplement) 11
	53	+	SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 2
	54	+	That the Laws of Maryland read as follows: 3
64	55
65		-	SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 12
66		-	That the Laws of Maryland read as follows: 13
	56	+	Article – Commercial Law 4
67	57
68		-	~~Article – Commercial Law 14~~
	58	+	17–101. 5
69	59
70		-	~~17–101~~. 15
	60	+	(a) In this title the following words have the meanings indicated. 6
71	61
72		-	(a) In this title the following words have the meanings indicated. 16
	62	+	(b) (1) “Abandoned property” means personal property that is considered 7
	63	+	abandoned under this title. 8
73	64
74		-	(~~b) (1~~) “Abandoned property” ~~means personal~~ property ~~that is considered 17~~
75		-	~~abandoned~~ under ~~this title~~. 18
	65	+	(2) “Abandoned property” includes property in the custody of the federal 9
	66	+	government that is classified as “unclaimed property” under federal law. 10
76	67
77		-	(2) “Abandoned property” includes property in the custody of the federal 19
78		-	government that is classified as “unclaimed property” under federal law. 20
	68	+	(c) “Administrator” means the State Comptroller. 11
79	69
80		-	(c) “Administrator” means the State Comptroller. 21
	70	+	(D) “APPARENT OWNER” MEANS A PERSON WHOSE NAME APPEARS ON A 12
	71	+	RECORD OF A HOLDER A S THE OWNER OF PROPE RTY HELD, ISSUED, OR OWING BY 13
	72	+	THE HOLDER. 14
81	73
82		-	(D) “APPARENT OWNER ” MEANS A PERSON WHOSE NAME APPEARS ON A 22
83		-	RECORD OF A HOLDER A S THE OWNER OF PROPE RTY HELD, ISSUED, OR OWING BY 23
84		-	THE HOLDER. 24
	74	+	[(d)] (E) “Banking organization” means any bank, trust company, savings bank, 15
	75	+	land bank, and any other similar organization engaged in business in the State. 16
85	76
86		-	[(d)] (E) “Banking organization” means any bank, trust company, savings bank, 25
87		-	land bank, and any other similar organization engaged in business in the State. 26
	77	+	[(e)] (F) “Business association” means any corporation, joint stock company, 17
	78	+	business trust, statutory trust, partnership, or any association for business purposes of two 18
	79	+	or more individuals. 19
88	80
89		-	[(e)] (F) “Business association” means any corporation, joint stock company, 27
90		-	business trust, statutory trust, partnership, or any association for business purposes of two 28
91		-	or more individuals. 29
	81	+	[(f)] (G) “County” includes Baltimore City. 20
92	82
93		-	[(f)] (G) “~~County~~” includes ~~Baltimore City~~. 30
	83	+	[(g)] (H) “Federal government” includes any of its agencies or instrumentalities. 21
94	84
95		-	[(g)] (H) “Federal government” includes any of its agencies or instrumentalities. 31
96		-	SENATE BILL 665 3
	85	+	[(h)] (I) “Financial organization” means any savings and loan association or 22
	86	+	credit union engaged in business in the State. 23
	87	+
	88	+	[(i)] (J) “Holder” means any person who is: 24
	89	+
	90	+	(1) In possession of property subject to this title belonging to another; 25
	91	+
	92	+	(2) A trustee, in the case of a trust; or 26
	93	+
	94	+	(3) Indebted to another on an obligation subject to this title. 27
	95	+
	96	+	(K) “INDICATION OF APPAREN T OWNER INTEREST IN PROPERTY” MEANS: 28 SENATE BILL 665 3
97	97
98	98
99		-	[(h)] (I) “Financial organization” means any savings and loan association or 1
100		-	credit union engaged in business in the State. 2
101	99
102		-	(J) “GIFT CARD” MEANS A GIFT CARD DE SCRIBED IN § 14–1320 OF THIS 3
103		-	ARTICLE. 4
	100	+	(1) A RECORD COMMUNICATED BY THE APPARENT OWNE R TO THE 1
	101	+	HOLDER OR AGENT OF T HE HOLDER CONCERNING THE PROPERTY OR THE ACCOUNT 2
	102	+	IN WHICH THE PROPERT Y IS HELD; 3
104	103
105		-	(K) “GIFT CERTIFICATE” HAS THE MEANING STAT ED IN § 14–1319 OF THIS 5
106		-	ARTICLE. 6
	104	+	(2) AN ORAL COMMUNICATION BY THE APPARENT OWNE R TO THE 4
	105	+	HOLDER OR AGENT OF T HE HOLDER CONCERNING TH E PROPERTY OR THE AC COUNT 5
	106	+	IN WHICH THE PROPERT Y IS HELD , IF THE HOLDER OR ITS AGENT 6
	107	+	CONTEMPORANEOUSLY MA KES AND PRESERVES A RECORD OF THE FACT O F THE 7
	108	+	APPARENT OWNER ’S COMMUNICATION ; 8
107	109
108		-	[(i)] (J) (L) “Holder” means any person who is: 7
	110	+	(3) FOR AN ACCOUNT , UNDERLYING SECURITY , OR INTERES T IN A 9
	111	+	BUSINESS ASSOCIATION , THE PRESENTMENT OF : 10
109	112
110		-	(1) In possession of property subject to this title belonging to another; 8
	113	+	(I) A CHECK OR OTHER INSTR UMENT OF PAYMENT OF A 11
	114	+	DIVIDEND, INTEREST PAYMENT , OR OTHER DISTRIBUTIO N; OR 12
111	115
112		-	(2) A trustee, in the case of a trust; or 9
	116	+	(II) EVIDENCE OF RECEIPT O F A DISTRIBUTION MAD E BY 13
	117	+	ELECTRONIC OR SIMILA R MEANS; 14
113	118
114		-	(3) Indebted to another on an obligation subject to this title. 10
	119	+	(4) ACTIVITY DIRECTED BY AN APPAR ENT OWNER IN THE ACC OUNT 15
	120	+	IN WHICH THE PROPERT Y IS HELD, INCLUDING: 16
115	121
116		-	(K) ~~(M) “INDICATION~~ ~~OF APPAREN T OWNER INTEREST IN PROPERTY” 11~~
117		-	~~MEANS: 12~~
	122	+	(I) ACCESSING THE ACCOUNT OR INFORMATION CONCE RNING 17
	123	+	THE ACCOUNT ; OR 18
118	124
119		-	(1) A ~~RECORD COMMUNICATED~~ BY THE ~~APPARENT O WNER~~ TO ~~THE 13~~
120		-	~~HOLDER~~ OR ~~AGENT~~ OF ~~T HE HOLDER CONCERNING THE~~ PROPERTY ~~OR THE ACCOUNT 14~~
121		-	~~IN WHICH~~ THE ~~PROPERT Y IS HELD~~; 15
	125	+	(II) A DIRECTION BY THE APP ARENT OWNER TO INCRE ASE, 19
	126	+	DECREASE, OR OTHERWISE CHANGE THE AMOUNT OR TYPE OF PROPERTY HELD IN 20
	127	+	THE ACCOUNT ; 21
122	128
123		-	(2) AN ORAL COMMUNICATION BY THE APPARENT OWNE R TO THE 16
124		-	HOLDER OR AGENT OF T HE HOLDER CONCERNING THE PROPERTY OR THE ACCOUNT 17
125		-	IN WHICH THE PROP ERTY IS HELD , IF THE HOLDER OR ITS AGENT 18
126		-	CONTEMPORANEOUSLY MA KES AND PRESERVES A RECORD OF THE FACT O F THE 19
127		-	APPARENT OWNER ’S COMMUNICATION ; 20
	129	+	(5) A DEPOSIT INTO OR WITH DRAWAL FROM AN ACCOU NT AT A 22
	130	+	FINANCIAL INSTITUTIO N, INCLUDING AN AUTOMAT IC DEPOSIT OR WITHDR AWAL 23
	131	+	PREVIOUSLY AUTHORIZE D BY THE APPARENT OW NER OTHER THAN AN AU TOMATIC 24
	132	+	REINVESTMENT OF DIVI DENDS OR INTEREST ; 25
128	133
129		-	(3) ~~FOR AN ACCOUNT~~ , ~~UNDERLYING SECURITY , OR INTEREST IN~~ A 21
130		-	~~BUSINESS ASSOCIATION , THE PRESENTMENT OF : 22~~
	134	+	(6) SUBJECT TO § 17–301(A)(3) OF THIS TITLE , PAYMENT OF A 26
	135	+	PREMIUM ON AN INSURA NCE POLICY; AND 27
131	136
132		-	(I) A CHECK OR OTHER INSTRUMEN T OF PAYMENT OF A 23
133		-	DIVIDEND, INTEREST PAYMENT , OR OTHER DISTRIBUTIO N; OR 24
134		-
135		-	(II) EVIDENCE OF RECEIPT O F A DISTRIBUTION MAD E BY 25
136		-	ELECTRONIC OR SIMILA R MEANS; 26
137		-
138		-	(4) ACTIVITY DIRECTED BY AN APPARENT OWNER IN THE ACCOUNT 27
139		-	IN WHICH THE PROPERTY IS HELD , INCLUDING: 28
140		-
141		-	(I) ACCESSING THE ACCOUNT OR INFORMATION CONCE RNING 29
142		-	THE ACCOUNT ; OR 30
	137	+	(7) ANY OTHER ACTION BY T HE APPARENT OWNER TH AT 28
	138	+	REASONABLY DEMONSTRA TES TO THE HOLDER TH AT THE APPARENT OWNE R KNOWS 29
	139	+	THAT THE PROPERTY EXISTS. 30
143	140		4 SENATE BILL 665
144	141
145	142
146		-	(II) A DIRECTION BY THE APP ARENT OWNER TO INCRE ASE, 1
147		-	DECREASE, OR OTHERWISE CHANGE THE AMOUNT OR TYPE O F PROPERTY HELD IN 2
148		-	THE ACCOUNT ; 3
	143	+	[(j)] (L) “Insurance corporation” means any association or corporation 1
	144	+	transacting in the State the business of insurance on the lives of persons or insurance 2
	145	+	pertaining to life insurance, including endowments and annuities, disability, accident and 3
	146	+	health insurance, and property, casualty, and surety insurance, as these terms are defined 4
	147	+	in the Insurance Article. 5
149	148
150		-	(5) A DEPOSIT INTO OR WITHDRAWAL F ROM AN ACCOUNT AT A 4
151		-	FINANCIAL INSTITUTIO N, INCLUDING AN AUTOMAT IC DEPOSIT OR WITHDR AWAL 5
152		-	PREVIOUSLY AUTHORIZE D BY THE APPARENT OW NER OTHER THAN AN AU TOMATIC 6
153		-	REINVESTMENT OF DIVI DENDS OR INTEREST ; 7
	149	+	[(k)] (M) “Owner” means: 6
154	150
155		-	(6) ~~SUBJECT TO § 17–301(A)(3) OF THIS TITLE, PAYMENT~~ OF A 8
156		-	~~PREMIUM~~ ON ~~AN INSURA NCE POLICY~~; ~~AND 9~~
	151	+	(1) In the case of a deposit, a depositor or a person entitled to receive the 7
	152	+	funds as reflected on the records of the bank or financial organization; 8
157	153
158		-	(7) ANY OTHER ACTION BY T HE APPARENT OWNER TH AT 10
159		-	REASONABLY DEMONSTRA TES TO THE HOLDER TH AT THE APPARENT OWNE R KNOWS 11
160		-	THAT THE PROPERTY EX ISTS. 12
	154	+	(2) In the case of a trust, a beneficiary; 9
161	155
162		-	[(j)] (L) (N) “Insurance corporation” means any association or corporation 13
163		-	transacting in the State the business of insurance on the lives of persons or insurance 14
164		-	pertaining to life insurance, including endowments and annuities, disability, accident and 15
165		-	health insurance, and property, casualty, and surety insurance, as these terms are defined 16
166		-	in the Insurance Article. 17
	156	+	(3) In the case of other choses in action, a creditor, claimant, or payee; 10
167	157
168		-	[(k)] (M) (O) “Owner” means: 18
	158	+	(4) In the case of abandoned property in federal custody, the person who is 11
	159	+	defined as the owner by any applicable federal law; [or] 12
169	160
170		-	(1) In ~~the case of a deposit, a depositor or a person entitled~~ to ~~receive the 19~~
171		-	~~funds as reflected on~~ the ~~records~~ of ~~the bank~~ or ~~financial organization; 20~~
	161	+	(5) Any person who has a legal or equitable interest in property subject to 13
	162	+	this title, or the legal representative of that person; OR 14
172	163
173		-	(2) In the case of a trust, a beneficiary; 21
	164	+	(6) IN THE CASE OF A PENS ION ACCOUNT OR RETIR EMENT ACCOUNT 15
	165	+	THAT QUALIFIES FOR TAX DE FERRAL UNDER THE INC OME TAX PROVISIONS O F THE 16
	166	+	INTERNAL REVENUE CODE, THE PAYEE. 17
174	167
175		-	(3) In the case of other choses in action, a creditor, claimant, or payee; 22
	168	+	[(l)] (N) “Person” includes the State, any county, municipal corporation, or other 18
	169	+	political subdivision of the State, or any of their units, an individual, business association, 19
	170	+	corporation, business trust, statutory trust, estate, trust, partnership, association, two or 20
	171	+	more persons having a joint or common interest, or any other legal or commercial entity. 21
176	172
177		-	(4) In the case of abandoned property in federal custody, the person who is 23
178		-	defined as the owner by any applicable federal law; [or] 24
	173	+	[(m)] (O) “Personal property” does not include: 22
179	174
180		-	(5) Any person who has a legal or equitable interest in property subject to 25
181		-	this title, or the legal representative of that person; OR 26
	175	+	(1) A gift certificate OR A GIFT CARD; 23
182	176
183		-	(6) IN THE CASE OF A PENS ION ACCOUNT OR RETIR EMENT ACCOUNT 27
184		-	THAT QUALIFIES FOR T AX DEFERRAL UNDER TH E INCOME TAX PRO VISIONS OF THE 28
185		-	INTERNAL REVENUE CODE, THE PAYEE. 29
	177	+	(2) Credits in connection with the sale of consumer goods to a wholesaler 24
	178	+	or retailer in the ordinary course of business; 25
186	179
187		-	[(l)] (N) (P) “Person” includes the State, any county, municipal corporation, or other 30
188		-	political subdivision of the State, or any of their units, an individual, business association, 31
189		-	corporation, business trust, statutory trust, estate, trust, partnership, association, two or 32
190		-	more persons having a joint or common interest, or any other legal or commercial entity. 33 SENATE BILL 665 5
	180	+	(3) Outstanding checks or credits issued to vendors or commercial 26
	181	+	customers in the ordinary course of business, other than property described in [§ 17–301(a)] 27
	182	+	§ 17–301.1(A) of this title held by a banking organization or financial organization; 28
	183	+
	184	+	(4) Credit balances in vendor or commercial customer accounts that occur 29
	185	+	in the ordinary course of business, other than property described in [§ 17–301(a)] § 30
	186	+	17–301.1(A) of this title held by a banking organization or financial organization; or 31
	187	+	SENATE BILL 665 5
	188	+
	189	+
	190	+	(5) Purchase price rebates issued to customers in the ordinary course of 1
	191	+	business. 2
	192	+
	193	+	(P) “RECORD” MEANS INFORMATION TH AT IS: 3
	194	+
	195	+	(1) INSCRIBED ON A TANGIB LE MEDIUM; OR 4
	196	+
	197	+	(2) STORED IN AN ELECTRON IC OR OTHER MEDIUM A ND 5
	198	+	RETRIEVABLE IN PERCE IVABLE FORM. 6
	199	+
	200	+	[(n)] (Q) “Service charge” means any type of deduction or charge made by a 7
	201	+	holder on property presumed abandoned under this title. 8
	202	+
	203	+	[(o)] (R) “Utility” means any person who owns or operates in the State, for public 9
	204	+	use, any plant, equipment, property, franchise, or license for the transmission of 10
	205	+	communications, for the production, storage, transmission, sale, delivery, or furnishing of 11
	206	+	electricity, water, steam, or gas, or for the transportation of persons or property. 12
	207	+
	208	+	(S) (1) “VIRTUAL CURRENCY ” MEANS A DIGITAL REPR ESENTATION OF 13
	209	+	VALUE USED AS A MEDI UM OF EXCHANGE , UNIT OF ACCOUNT , OR STORE OF VALUE 14
	210	+	THAT DOES NOT HAVE L EGAL TENDER STATUS R ECOGNIZED BY THE UNITED 15
	211	+	STATES. 16
	212	+
	213	+	(2) “VIRTUAL CURRENCY ” DOES NOT INCLUDE : 17
	214	+
	215	+	(I) THE SOFTWARE OR PROTO COLS GOVERNING THE 18
	216	+	TRANSFER OF THE DIGITAL REPRESENTATI ON OF VALUE; 19
	217	+
	218	+	(II) GAME–RELATED DIGITAL CONT ENT; OR 20
	219	+
	220	+	(III) A LOYALTY CARD . 21
	221	+
	222	+	17–301. 22
	223	+
	224	+	(A) FOR PURPOSES OF THIS SUBTITLE: 23
	225	+
	226	+	(1) AN ACTION BY AN AGENT OR OTHER REPRESENTAT IVE OF AN 24
	227	+	APPARENT OWNER , OTHER THAN A HOLDER ACTING AS THE APPARENT OWNER ’S 25
	228	+	AGENT, IS PRESUMED TO BE AN ACTION ON BEHALF OF THE APPARENT OWNER ; 26
	229	+
	230	+	(2) A COMMUNICATION WITH A N APPARENT OWNER BY A PERSON 27
	231	+	OTHER THAN THE HOLDE R OR THE HOLDER ’S REPRESENTATIVE IS NOT AN 28
	232	+	INDICATION OF APPARE NT OWNER INTEREST IN PROPERTY UNLESS A RECORD OF 29 6 SENATE BILL 665
	233	+
	234	+
	235	+	THE COMMUNICATION EV IDENCES THE APPARENT OWNER’S KNOWLEDGE OF A 1
	236	+	RIGHT TO THE PROPERT Y; AND 2
	237	+
	238	+	(3) IF AN INSURED DIES OR THE INSURED OR BENEF ICIARY OF AN 3
	239	+	INSURANCE POLICY OTH ERWISE BECOMES ENTIT LED TO THE PROCEEDS BEFORE 4
	240	+	DEPLETION OF THE CASH SURRENDER VALUE OF THE POLICY BY OPE RATION OF AN 5
	241	+	AUTOMATIC–PREMIUM–LOAN PROVISION OR OT HER NONFORFEITURE PR OVISION 6
	242	+	CONTAINED IN THE POL ICY, THE OPERATION OF THE PROVISION DOES NOT 7
	243	+	PREVENT THE POLICY F ROM MATURING OR TERM INATING. 8
	244	+
	245	+	(B) WHEN DETERMININ G THE ADDRESS OF AN APPARENT OWNER UNDER 9
	246	+	THIS SUBTITLE: 10
	247	+
	248	+	(1) (I) THE LAST KNOWN ADDRES S OF AN APPARENT OWN ER 11
	249	+	INCLUDES ANY DESCRIP TION, CODE, OR OTHER INDICATION OF THE LOCATION OF 12
	250	+	THE APPARENT OWNER T HAT IDENTIFIES A STA TE; AND 13
	251	+
	252	+	(II) AN INDICATION OF THE LOCATION OF THE APPARENT 14
	253	+	OWNER THAT IDENTIFIE S A STATE DOES NOT N EED TO BE SUFFICIENT TO DIRECT 15
	254	+	THE DELIVERY OF FIRS T–CLASS MAIL TO THE AP PARENT OWNER ; 16
	255	+
	256	+	(2) THIS STATE IS DEEMED TO BE THE STATE OF THE LAS T KNOWN 17
	257	+	ADDRESS OF THE APPAR ENT OWNER IF: 18
	258	+
	259	+	(I) THE POSTAL ZIP CODE A SSOCIATED WITH THE A PPARENT 19
	260	+	OWNER IS FOR A POST OFFICE LOCATED IN TH IS STATE; AND 20
	261	+
	262	+	(II) THERE ARE NO OTHER RE CORDS ASSOCIATED WIT H THE 21
	263	+	APPARENT OWNER THAT SPECIFICALLY IDENTIF Y THE PHYSICAL ADDRE SS OF THE 22
	264	+	APPARENT OWNER TO BE IN ANOTHER STATE ; 23
	265	+
	266	+	(3) ANOTHER STATE IS DEEM ED TO BE THE STATE O F THE LAST 24
	267	+	KNOWN ADDRESS OF THE APPARENT OWNER IF : 25
	268	+
	269	+	(I) THE POSTAL ZIP CODE A SSOCIATED WITH THE A PPARENT 26
	270	+	OWNER IS FOR A POST OFFICE LOCATED OUTSI DE THIS STATE; AND 27
	271	+
	272	+	(II) THERE ARE NO OTHER RECORDS ASSOCI ATED WITH THE 28
	273	+	APPARENT OWNER THAT SPECIFICALLY IDENTIF Y THE PHYSICAL ADDRE SS OF THE 29
	274	+	APPARENT OWNER TO BE IN THIS STATE; AND 30
	275	+	SENATE BILL 665 7
	276	+
	277	+
	278	+	(4) THE ADDRESS OF THE AP PARENT OWNER OF A LI FE OR 1
	279	+	ENDOWMENT INSURANCE POLICY OR ANNUITY CO NTRACT OR ITS PROCEEDS IS 2
	280	+	PRESUMED TO BE THE A DDRESS OF THE INSURE D OR ANNUITANT IF : 3
	281	+
	282	+	(I) A PERSON OTHER THAN TH E INSURED OR ANNUITA NT IS 4
	283	+	ENTITLED TO THE AMOU NT OWED UNDER THE PO LICY OR CONTRACT ; AND 5
	284	+
	285	+	(II) THE ADDRESS OF THE PE RSON ENTITLED TO THE AMOUNT 6
	286	+	OWED UNDE R THE POLICY OR CONT RACT IS: 7
	287	+
	288	+	1. NOT KNOWN BY THE INSU RANCE COMPANY ; AND 8
	289	+
	290	+	2. CANNOT BE DETERMINED UNDER § 17–301.1(D) OF 9
	291	+	THIS SUBTITLE. 10
	292	+
	293	+	[17–301.] 17–301.1. 11
	294	+
	295	+	(a) (1) For purposes of this section and subject to paragraph (2) of this 12
	296	+	subsection, a holder shall be deemed to no longer have a valid address for the owner of the 13
	297	+	property as of the later of: 14
	298	+
	299	+	(i) The date a second communication is returned by the U.S. Postal 15
	300	+	Service to a holder as undeliverable to an apparent owner, if: 16
	301	+
	302	+	1. The holder sent the second communication to the apparent 17
	303	+	owner by first–class mail; and 18
	304	+
	305	+	2. A previous communication was: 19
	306	+
	307	+	A. Sent by first–class mail; 20
	308	+
	309	+	B. Sent immediately preceding the second communication; 21
	310	+	and 22
	311	+
	312	+	C. Returned by the U.S. Postal Service to the holder as 23
	313	+	undeliverable to the apparent owner; or 24
	314	+
	315	+	(ii) The date a previous communication is returned by the U.S. 25
	316	+	Postal Service to a holder as undeliverable to an apparent owner, if the holder: 26
	317	+
	318	+	1. Sent the previous communication to the apparent owner: 27
	319	+
	320	+	A. By first–class mail; and 28
	321	+
	322	+	B. Immediately preceding a second communication; and 29
	323	+	8 SENATE BILL 665
	324	+
	325	+
	326	+	2. Sent the second communication to the apparent owner: 1
	327	+
	328	+	A. By first–class mail; and 2
	329	+
	330	+	B. More than 30 days after the previous communication 3
	331	+	under this subparagraph was sent. 4
	332	+
	333	+	(2) (i) Subject to subparagraph (ii) of this paragraph, if the holder does 5
	334	+	not send communications to an apparent owner by first–class mail, the holder shall attempt 6
	335	+	to confirm the apparent owner’s interest in the property by e–mailing the apparent owner 7
	336	+	not later than 2 years after the apparent owner’s last indication of interest in the property. 8
	337	+
	338	+	(ii) The holder shall promptly attempt to contact the apparent owner 9
	339	+	by first–class mail if: 10
	340	+
	341	+	1. The holder does not have the information needed to send 11
	342	+	an e–mail to the apparent owner; 12
	343	+
	344	+	2. The holder believes the apparent owner’s e–mail address 13
	345	+	in the holder’s records is not valid; 14
	346	+
	347	+	3. The holder receives notification that the e–mail was not 15
	348	+	received; or 16
	349	+
	350	+	4. The apparent owner does not respond to the e –mail 17
	351	+	communication within 30 days after the e–mail was sent. 18
	352	+
	353	+	(iii) 1. If a mailing sent in accordance with subparagraph (ii) of 19
	354	+	this paragraph is returned by the U.S. Postal Service to the holder as undeliverable to the 20
	355	+	apparent owner, the mailing shall constitute a communication for purposes of paragraph 21
	356	+	(1) of this subsection. 22
	357	+
	358	+	2. If a mailing sent in accordance with subparagraph (ii) of 23
	359	+	this paragraph is not returned by the U.S. Postal Service to the holder as undeliverable to 24
	360	+	the apparent owner, the holder shall be presumed to have a valid address for the owner of 25
	361	+	the property. 26
	362	+
	363	+	(b) The following property held by a banking or financial organization[,] or 27
	364	+	business association is presumed abandoned: 28
	365	+
	366	+	(1) Any demand, savings, or matured time deposit account made with a 29
	367	+	banking organization, together with any interest or dividend on it, excluding any charges 30
	368	+	that lawfully may be withheld, 3 years after the later of: 31
	369	+
	370	+	(i) The date the holder is deemed to no longer have a valid address 32
	371	+	for the owner of the property; or 33
	372	+	SENATE BILL 665 9
	373	+
	374	+
	375	+	(ii) The date the owner last: 1
	376	+
	377	+	1. Increased or decreased the amount of the deposit; 2
	378	+
	379	+	2. Presented evidence of the deposit for the crediting of 3
	380	+	interest; 4
	381	+
	382	+	3. Corresponded in writing with the banking organization 5
	383	+	concerning the deposit; 6
	384	+
	385	+	4. ACCESSED THE ACCOUNT OR INFORMATION 7
	386	+	CONCERNING THE ACCOU NT; 8
	387	+
	388	+	[4.] 5. Engaged in any credit, trust, or other deposit transaction 9
	389	+	with the banking organization; or 10
	390	+
	391	+	[5.] 6. Otherwise indicated an interest in the deposit as 11
	392	+	evidenced by a memorandum on file with the banking organization; 12
	393	+
	394	+	(2) Any funds paid toward the purchase of shares or other interest in a 13
	395	+	financial organization, or any deposit made with these funds, and any interest or dividends 14
	396	+	on these, excluding any charges that lawfully may be withheld, 3 years after the later of: 15
	397	+
	398	+	(i) The date the holder is deemed to no longer have a valid address 16
	399	+	for the owner of the property; or 17
	400	+
	401	+	(ii) The date the owner last: 18
	402	+
	403	+	1. Increased or decreased the amount of the funds or deposit, 19
	404	+	or presented an appropriate record for the crediting of interest or dividends; 20
	405	+
	406	+	2. Corresponded in writing with the financial organization 21
	407	+	concerning the funds or deposit; 22
	408	+
	409	+	3. ACCESSED THE ACCOUNT OR INFORMATION 23
	410	+	CONCERNING THE ACCOU NT; 24
	411	+
	412	+	[3.] 4. Engaged in any credit, share, or other deposit transaction 25
	413	+	with the financial organization; or 26
	414	+
	415	+	[4.] 5. Otherwise indicated an interest in the funds or deposit as 27
	416	+	evidenced by a memorandum on file with the financial organization; 28
	417	+
	418	+	(3) Any sum payable on a check certified in this State or on a written 29
	419	+	instrument issued in this State on which a banking or financial organization or business 30
	420	+	association is directly liable, including any certificate of deposit, draft, traveler’s check, and 31 10 SENATE BILL 665
	421	+
	422	+
	423	+	money order, that has been outstanding for more than 3 years from the date it was payable 1
	424	+	(or 15 years in the case of a traveler’s check) or, if payable on demand, from the date of its 2
	425	+	issuance, unless, within 3 years or 15 years in the case of a traveler’s check, the owner has: 3
	426	+
	427	+	(i) Corresponded in writing with the banking or financial 4
	428	+	organization or business association concerning it; [or] 5
	429	+
	430	+	(II) ACCESSED THE ACCOUNT OR INFORMATION CONCE RNING 6
	431	+	THE ACCOUNT ; OR 7
	432	+
	433	+	[(ii)] (III) Otherwise indicated an interest as evidenced by a 8
	434	+	memorandum on file with the banking or financial organization or business association; 9
	435	+	and 10
	436	+
	437	+	(4) Any property removed from a safekeeping repository on which the lease 11
	438	+	or rental period has expired or any surplus amounts arising from the sale of the property 12
	439	+	pursuant to law, that have been unclaimed by the owner for more than 3 years from the 13
	440	+	date on which the lease or rental period expired. 14
	441	+
	442	+	(c) Nothing in this section shall be construed to apply to any demand, savings, or 15
	443	+	matured time deposits that are designated subject to the order of any court of this State. 16
	444	+
	445	+	(d) Property is subject to the custody of this State as unclaimed property if the 17
	446	+	conditions raising a presumption of abandonment under this section are met and: 18
	447	+
	448	+	(1) The last known address, as shown on the records of the holder, of the 19
	449	+	apparent owner is in this State; 20
	450	+
	451	+	(2) The records of the holder do not reflect the identity of the person 21
	452	+	entitled to the property and it is established that the last known address of the person 22
	453	+	entitled to the property is in this State; 23
	454	+
	455	+	(3) The records of the holder do not reflect the last known address of the 24
	456	+	apparent owner, and it is established that: 25
	457	+
	458	+	(i) The last known address of the person entitled to the property is 26
	459	+	in this State; or 27
	460	+
	461	+	(ii) The holder is a domiciliary or a government or governmental 28
	462	+	subdivision or agency of this State and has not previously paid or delivered the property to 29
	463	+	the State of the last known address of the apparent owner or other person entitled to the 30
	464	+	property; 31
	465	+
	466	+	(4) The last known address, as shown on the records of the holder, of the 32
	467	+	apparent owner is in a state that does not provide by law for the escheat or custodial taking 33
	468	+	of the property or its escheat or unclaimed property law is not applicable to the property 34 SENATE BILL 665 11
	469	+
	470	+
	471	+	and the holder is a domiciliary or a government or governmental subdivision or agency of 1
	472	+	this State; 2
	473	+
	474	+	(5) The last known address, as shown on the records of the holder, of the 3
	475	+	apparent owner is in a foreign nation and the holder is a domiciliary or a government or 4
	476	+	governmental subdivision or agency of this State; or 5
	477	+
	478	+	(6) The transaction out of which the property arose occurred in this State 6
	479	+	and: 7
	480	+
	481	+	(i) The last known address of the apparent owner or other person 8
	482	+	entitled to the property is unknown or the last known address of the apparent owner or 9
	483	+	other person entitled to the property is in a state that does not provide by law for the escheat 10
	484	+	or custodial taking of the property or its escheat or unclaimed property law is not applicable 11
	485	+	to the property; and 12
	486	+
	487	+	(ii) The holder is a domiciliary of a state that does not provide by law 13
	488	+	for the escheat or custodial taking of the property or its escheat or unclaimed property law 14
	489	+	is not applicable to the property. 15
	490	+
	491	+	(e) The running of the 3–year period of abandonment ceases immediately on: 16
	492	+
	493	+	(1) The holder obtaining a valid address for the owner of the property; or 17
	494	+
	495	+	(2) The occurrence of an action referred to in subsection (b)(1)(ii) or (2)(ii) 18
	496	+	of this section. 19
	497	+
	498	+	17–302. 20
	499	+
	500	+	(a) Funds held or owing under any life or endowment insurance policy or annuity 21
	501	+	contract that has matured or terminated are presumed abandoned if unclaimed for more 22
	502	+	than 3 years after the funds FIRST become due and payable [as established from the 23
	503	+	records of the insurance company holding or owing the funds] IN ACCORDANCE WITH : 24
	504	+
	505	+	(1) THE INSURANCE POLICY OR ANNUITY CONTRACT ; OR 25
	506	+
	507	+	(2) SECTION 16–118 OF THE INSURANCE ARTICLE. 26
	508	+
	509	+	(b) [If a person other than the insured or annuitant is entitled to the funds and 27
	510	+	an address of the person is not known to the company or it is not definite and certain from 28
	511	+	the records of the company who is entitled to the funds, it is presumed that the last known 29
	512	+	address of the person entitled to the funds is the same as the last known address of the 30
	513	+	insured or annuitant according to the records of the company. 31
	514	+	12 SENATE BILL 665
	515	+
	516	+
	517	+	(c)] For purposes of this subtitle, a life or endowment insurance policy or annuity 1
	518	+	contract not matured by actual proof of the death of the insured or annuitant according to 2
	519	+	the records of the INSURANCE company is matured and the proceeds due and payable if: 3
	520	+
	521	+	(1) The company knows that the insured or annuitant has died; or 4
	522	+
	523	+	(2) (i) The insured has attained, or would have attained if [he] THE 5
	524	+	INSURED were living, the limiting age under the mortality table on which the reserve is 6
	525	+	based; 7
	526	+
	527	+	(ii) The policy was in force at the time the insured attained, or would 8
	528	+	have attained, the limiting age specified in item (i) of this paragraph; and 9
	529	+
	530	+	(iii) Neither the insured nor any other person appearing to have an 10
	531	+	interest in the policy within the preceding 3 years, according to the records of the company, 11
	532	+	has assigned, readjusted, or paid premiums on the policy, subjected the policy to a loan, 12
	533	+	corresponded in writing with the company concerning the policy, or otherwise indicated an 13
	534	+	interest as evidenced by a memorandum or other record on file prepared by an employee of 14
	535	+	the company. 15
	536	+
	537	+	[(d)] (C) (1) (I) “Unclaimed funds”, as defined in paragraph (2) of this 16
	538	+	subsection, held by a fire, casualty, or surety insurance corporation, shall be presumed 17
	539	+	abandoned if the last known address of the person entitled to the funds, according to the 18
	540	+	records of the corporation, is in this State. 19
	541	+
	542	+	(II) If a person other than the insured, the principal, or the claimant 20
	543	+	is entitled to the funds and the address of the person is not known to the corporation or if 21
	544	+	it is not definite and certain from the records of the corporation which person is entitled to 22
	545	+	the funds, it is presumed that the last known address of the person entitled to the funds is 23
	546	+	the same as the last known address of the insured, the principal, or the claimant according 24
	547	+	to the records of the corporation. 25
	548	+
	549	+	(2) “Unclaimed funds”, as used in this subsection, means all money held by 26
	550	+	any fire, casualty, or surety insurance corporation unclaimed and unpaid for more than 3 27
	551	+	years after the money becomes due and payable, as established from the records of the 28
	552	+	corporation, either to an insured, a principal, or a claimant under any fire, casualty, or 29
	553	+	surety insurance policy or contract. 30
	554	+
	555	+	[(e)] (D) Money otherwise payable according to the records of the corporation is 31
	556	+	considered due and payable although the policy or contract has not been surrendered as 32
	557	+	required. 33
	558	+
	559	+	17–302.1. 34
	560	+
	561	+	(A) IN THIS SECTION, “DEATH MASTER FILE ” MEANS: 35
	562	+	SENATE BILL 665 13
	563	+
	564	+
	565	+	(1) THE SOCIAL SECURITY ADMINISTRATION DEATH MASTER FILE; 1
	566	+	OR 2
	567	+
	568	+	(2) ANY OTHER DATABASE OR SERVICE THAT IS AT L EAST AS 3
	569	+	COMPREHENSIVE AS THE SOCIAL SECURITY ADMINISTRATION DEATH MASTER 4
	570	+	FILE FOR DETERMINING THAT AN INDIVIDUAL R EPORTEDLY HAS DIED . 5
	571	+
	572	+	(B) FOR PURPOSES OF THIS SECTION: 6
	573	+
	574	+	(1) A DEATH MASTER FILE MA TCH DESCRIBED UNDER SUBSECTION 7
	575	+	(C)(3) AND (4) OF THIS SECTION OCCU RS IF THE CRITERIA F OR AN EXACT OR 8
	576	+	PARTIAL MATCH ARE SA TISFIED AS PROVIDED BY : 9
	577	+
	578	+	(I) THE INSURANCE ARTICLE; OR 10
	579	+
	580	+	(II) A RULE OR POLICY ADOPT ED BY THE MARYLAND 11
	581	+	INSURANCE COMMISSIONER . 12
	582	+
	583	+	(2) A DEATH MASTER FILE MA TCH OR VALIDATION OF THE INSURED’S 13
	584	+	OR ANNUITANT ’S DEATH DOES NOT ALT ER THE REQUIREMENTS FOR A BENEFICIARY, 14
	585	+	ANNUITANT, OR OWNER OF THE POLI CY OR CONTRACT TO MA KE A CLAIM TO 15
	586	+	RECEIVE PROCEEDS UND ER THE TERMS OF THE POLICY OR CONTRACT . 16
	587	+
	588	+	(3) AN INSURED OR AN ANNU ITANT IS PRESUMED DE AD IF THE DATE 17
	589	+	OF THE INSURED ’S OR ANNUITANT ’S DEATH IS INDICATED BY A DEATH MASTER FILE 18
	590	+	MATCH DESCRIBED UNDE R SUBSECTION (C)(3) AND (4) OF THIS SECTION , UNLESS 19
	591	+	THE INSURANCE COMPAN Y HAS COMPETENT AND SUBSTANTIAL EVIDENCE THAT 20
	592	+	THE INSURED OR ANNUI TANT IS LIVING, INCLUDING A CONTACT MADE BY THE 21
	593	+	COMPANY WITH THE INS URED OR ANNUIT ANT OR THE INSURED ’S OR ANNUITANT ’S 22
	594	+	LEGAL REPRESENTATIVE . 23
	595	+
	596	+	(C) WITH RESPECT TO A LIF E OR ENDOWMENT INSUR ANCE POLICY OR 24
	597	+	ANNUITY CONTRACT FOR WHICH AN AMOUNT IS O WED ON PROOF OF DEAT H, BUT 25
	598	+	THAT HAS NOT MATURED BY PROOF OF DEATH OF THE INSURED OR ANNUI TANT, THE 26
	599	+	INSURANCE COMPANY SH ALL BE DEEMED TO HAV E KNOWLEDGE OF THE D EATH OF 27
	600	+	AN INSURED OR ANNUIT ANT WHEN: 28
	601	+
	602	+	(1) THE COMPANY RECEIVES A DEATH CERTIFICATE OR COURT 29
	603	+	ORDER DETERMINING TH AT THE INSURED OR AN NUITANT HAS DIED ; 30
	604	+
	605	+	(2) THE COMPANY RECEIVES NOTICE OF THE DEATH OF THE INSU RED 31
	606	+	OR ANNUITANT FROM : 32
	607	+	14 SENATE BILL 665
	608	+
	609	+
	610	+	(I) THE ADMINISTRATOR OR AN U NCLAIMED PROPERTY 1
	611	+	ADMINISTRATOR OF ANO THER STATE; 2
	612	+
	613	+	(II) A BENEFICIARY; 3
	614	+
	615	+	(III) A POLICY OWNER ; 4
	616	+
	617	+	(IV) A RELATIVE OF THE INSU RED OR ANNUITANT ; 5
	618	+
	619	+	(V) A REPRESENTATIVE OF TH E INSURED OR ANNUITANT , 6
	620	+	INCLUDING AN ADMINIS TRATOR, A GUARDIAN , A STANDBY GUARDIAN , OR A 7
	621	+	TEMPORARY GUARDIAN ; OR 8
	622	+
	623	+	(VI) AN EXECUTOR OR OTHER LEGAL REPRESENTATIVE OF THE 9
	624	+	INSURED’S OR ANNUITANT ’S ESTATE; 10
	625	+
	626	+	(3) (I) THE COMPANY CONDUCTS A COMPARISON FOR ANY 11
	627	+	PURPOSE BETWEEN A DEA TH MASTER FILE AND T HE NAMES OF SOME OR ALL OF THE 12
	628	+	COMPANY’S INSUREDS OR ANNUIT ANTS; AND 13
	629	+
	630	+	(II) FINDS A MATCH THAT PR OVIDES NOTICE THAT T HE 14
	631	+	INSURED OR ANNUITANT HAS DIED; OR 15
	632	+
	633	+	(4) (I) THE ADMINISTRATOR OR THE ADMINISTRATOR ’S AGENT IN 16
	634	+	THE NORMAL COURSE OF BUSINESS CONDUCTS A COMPARISON FOR THE P URPOSE 17
	635	+	OF FINDING MATCHES B ETWEEN A DEATH MASTE R FILE AND THE NAMES OF SOME 18
	636	+	OR ALL OF THE COMPAN Y’S INSUREDS OR ANNUIT ANTS; AND 19
	637	+
	638	+	(II) FINDS A MATCH THAT PR OVIDES NOTICE THAT T HE 20
	639	+	INSURED OR ANNUITANT HAS DIED . 21
	640	+
	641	+	(D) A HOLDER OF FUNDS UNDE R § 17–302 OF THIS SUBTITLE SHA LL, ON AT 22
	642	+	LEAST AN ANNUAL BASI S: 23
	643	+
	644	+	(1) CONDUCT A DEATH MASTE R FILE EXAMINATION A ND 24
	645	+	COMPARISON DESCRIBED UNDER SUBSECTION (C)(3) OF THIS SECTION ON A LL 25
	646	+	INSUREDS AND ANNUITA NTS; AND 26
	647	+
	648	+	(2) MAKE A RECORD OF THE DATE ON WHICH ANY EX AMINATION AND 27
	649	+	COMPARISON UNDER ITE M (1) OF THIS SUBSECTION O CCURS. 28
	650	+
	651	+	17–304. 29
	652	+	SENATE BILL 665 15
	653	+
	654	+
	655	+	(a) (2) (i) Subject to subparagraph (ii) of this paragraph, if the holder does 1
	656	+	not send communications to an apparent owner by first–class mail, the holder shall attempt 2
	657	+	to confirm the apparent owner’s interest in the property by e–mailing the apparent owner 3
	658	+	not later than 2 years after the apparent owner’s last indication of APPARENT OWNER 4
	659	+	interest in the property. 5
	660	+
	661	+	17–306.1. 6
	662	+
	663	+	(A) IN THIS SECTION, “RETURNED AS UNDELIVE RABLE” MEANS RETURNED 7
	664	+	BY THE U.S. POSTAL SERVICE TO THE HOLDER AS UNDELIVERABLE TO THE 8
	665	+	APPARENT OWNER . 9
	666	+
	667	+	(B) PROPERTY HELD IN A PE NSION ACCOUNT OR RET IREMENT ACCOUNT 10
	668	+	THAT QUALIFIES FOR T AX DEFERRAL UNDER TH E INCOME TAX PROVISI ONS OF THE 11
	669	+	INTERNAL REVENUE CODE IS PRESUMED ABAN DONED IF IT IS UNCLA IMED BY AN 12
	670	+	APPARENT OWNER O F THE ACCOUNT AFTER THE LATER OF: 13
	671	+
	672	+	(1) SUBJECT TO SUBSECTION S (D) THROUGH (F) OF THIS SECTION, 3 14
	673	+	YEARS AFTER: 15
	674	+
	675	+	(I) THE DATE A FIRST COMM UNICATION SENT BY TH E HOLDER 16
	676	+	BY FIRST–CLASS MAIL TO THE AP PARENT OWNER IS RETU RNED AS UNDELIVERABL E; 17
	677	+	OR 18
	678	+
	679	+	(II) THE DATE A SECOND COMM UNICATION SENT BY TH E 19
	680	+	HOLDER BY FIRST –CLASS MAIL TO THE AP PARENT OWNER IS RETU RNED AS 20
	681	+	UNDELIVERABLE , IF THE SECOND COMMUN ICATION IS SENT WITH IN 30 DAYS AFTER 21
	682	+	THE DATE OF THE FIRS T COMMUNICATION UNDE R ITEM (I) OF THIS ITEM IS 22
	683	+	RETURNED AS UNDELIVERABLE ; OR 23
	684	+
	685	+	(2) IF APPLICABLE, THE EARLIER OF THE F OLLOWING DATES : 24
	686	+
	687	+	(I) 3 YEARS AFTER THE DATE THE APPARENT OWNER B ECOMES 25
	688	+	72 YEARS OLD, IF DETERMINABLE BY T HE HOLDER; OR 26
	689	+
	690	+	(II) SUBJECT TO SUBSECTION (C) OF THIS SECTION , IF THE 27
	691	+	INTERNAL REVENUE CODE REQUIRES DISTRIB UTION TO AVOID A TAX PENALTY, 2 28
	692	+	YEARS AFTER THE DATE THE HOLDER: 29
	693	+
	694	+	1. RECEIVES CONFIRMATION OF THE DEATH OF THE 30
	695	+	APPARENT OWNER IN TH E ORDINARY COURSE OF ITS BUSINESS; OR 31
	696	+
	697	+	2. CONFIRMS THE DEATH OF THE APPARENT OWNER . 32
	698	+	16 SENATE BILL 665
	699	+
	700	+
	701	+	(C) FOR PURPOSES OF ESTABLIS HING A PRESUMPTION O F ABANDONED 1
	702	+	PROPERTY UNDER THIS SECTION, IF A HOLDER IN THE O RDINARY COURSE OF IT S 2
	703	+	BUSINESS RECEIVES NO TICE OR AN INDICATIO N OF THE DEATH OF AN APPARENT 3
	704	+	OWNER AND SUBSECTION (B)(2)(II) OF THIS SECTION APPL IES, THE HOLDER SHALL 4
	705	+	ATTEMPT NOT LATER TH AN 90 DAYS AFTER RECEIPT O F THE NOTICE OR INDI CATION 5
	706	+	TO CONFIRM WHETHER T HE APPARENT OWNER IS DECEASED. 6
	707	+
	708	+	(D) SUBJECT TO SUBSECTION (E) OF THIS SECTION , IF THE HOLDER DOES 7
	709	+	NOT SEND COMMUNICATI ONS TO THE APPARENT OWNER OF AN ACCOUNT BY 8
	710	+	FIRST–CLASS MAIL AS DESCRI BED IN SUBSECTION (B) OF THIS SECTION , THE 9
	711	+	HOLDER SHALL ATTEMPT TO CONFIRM THE APPAR ENT OWNER’S INTEREST IN THE 10
	712	+	PROPERTY BY SENDING THE APPARENT OWNER A N E–MAIL NOT LATER THAN 2 11
	713	+	YEARS AFTER THE LAST INDICATION OF APPAR ENT OWNER INTEREST I N THE 12
	714	+	PROPERTY. 13
	715	+
	716	+	(E) THE HOLDER SHALL PROM PTLY ATTEMPT TO CONT ACT THE APPARENT 14
	717	+	OWNER BY REGISTERED MAIL IF: 15
	718	+
	719	+	(1) THE HOLDER DOES NOT H AVE INFORMATION NEED ED TO SEND 16
	720	+	THE APPARENT OWNER A N E–MAIL OR THE HOLDER B ELIEVES THAT THE APPARENT 17
	721	+	OWNER’S E–MAIL ADDRESS IN THE HOLDER’S RECORDS IS NOT VAL ID; 18
	722	+
	723	+	(2) THE HOLDER RECEIVES N OTIFICATION THAT THE E–MAIL WAS 19
	724	+	NOT RECEIVED ; OR 20
	725	+
	726	+	(3) THE APPARENT OWNER DO ES NOT RESPOND TO TH E E–MAIL 21
	727	+	WITHIN 30 DAYS AFTER THE HOLDE R SENDS THE E–MAIL. 22
	728	+
	729	+	(F) (1) IF THE REGISTERED MAI L SENT BY THE HOLDER UNDER 23
	730	+	SUBSECTION (E) OF THIS SECTION IS R ETURNED AS UNDELIVER ABLE: 24
	731	+
	732	+	(I) THE REGISTERED MAIL S HALL CONSTITUTE A FI RST 25
	733	+	COMMUNICATION FOR PU RPOSES OF SUBSECTION (B)(1)(I) OF THIS SECTION; AND 26
	734	+
	735	+	(II) THE HOLDER SHALL SEND A S ECOND COMMUNICATION TO 27
	736	+	THE APPARENT OWNER B Y FIRST–CLASS MAIL. 28
	737	+
	738	+	(2) (I) IF THE SECOND COMMUNI CATION UNDER PARAGRA PH 29
	739	+	(1)(II) OF THIS SUBSECTION I S RETURNED AS UNDELI VERABLE WITHIN 30 DAYS 30
	740	+	AFTER SENDING THE FI RST COMMUNICATION UN DER PARAGRAPH (1)(I) OF THIS 31
	741	+	SUBSECTION, THE DATE THE SECOND COMMUNICATION IS RET URNED AS 32
	742	+	UNDELIVERABLE SHALL CONSTITUTE THE DATE FOR PURPOSES OF SUBS ECTION 33
	743	+	(B)(1)(II) OF THIS SECTION. 34 SENATE BILL 665 17
191	744
192	745
193	746
194		-	[(m)] (O) (Q) “Personal property” does not include: 1
	747	+	(II) IF THE SECOND COMMUNI CATION UNDER PARAGRA PH 1
	748	+	(1)(II) OF THIS SUBSECTI ON IS SENT MORE THAN 30 DAYS AFTER THE FIRST 2
	749	+	COMMUNICATION UNDER PARAGRAPH (1)(I) OF THIS SUBSECTION I S RETURNED AS 3
	750	+	UNDELIVERABLE , THE DATE THE FIRST C OMMUNICATION IS RETU RNED AS 4
	751	+	UNDELIVERABLE SHALL CONTROL FOR PURPOSES OF DETERMINING A DAT E UNDER 5
	752	+	SUBSECTION (B)(1) OF THIS SECTION. 6
195	753
196		-	~~(1) A gift certificate OR A GIFT CARD; 2~~
	754	+	17–307.2. 7
197	755
198		-	(2) Credits in connection with the sale of consumer goods to a wholesaler 3
199		-	or retailer in the ordinary course of business; 4
	756	+	(A) VIRTUAL CURRENCY IS P RESUMED ABANDONED IF IT REMAINS 8
	757	+	UNCLAIMED 5 YEARS AFTER THE LAST INDICATION OF APPARE NT OWNER INTEREST 9
	758	+	IN THE PROPERTY . 10
200	759
201		-	(3) ~~Outstanding checks or credits issued to vendors or commercial 5~~
202		-	~~customers in the ordinary course of business, other than property described in [~~§ 17–~~301(a)] 6~~
203		-	~~§ 17–301~~.~~1(A) of this title held by a banking organization or financial organization; 7~~
	760	+	(B) WITHIN 30 DAYS BEFORE THE FILI NG OF THE REPORT REQ UIRED 11
	761	+	UNDER § 17–310 OF THIS SUBTITLE , THE HOLDER OF ABANDO NED VIRTUAL 12
	762	+	CURRENCY SHALL LIQUI DATE THE VIRTUAL CUR RENCY. 13
204	763
205		-	(4) Credit balances in vendor or commercial customer accounts that occur 8
206		-	in the ordinary course of business, other than property described in [§ 17–301(a)] § 9
207		-	17–301.1(A) of this title held by a banking organization or financial organization; or 10
	764	+	(C) THE HOLDER SHALL REMI T ANY LIQUIDATION PR OCEEDS TO THE 14
	765	+	ADMINISTRATOR . 15
208	766
209		-	(5) Purchase price rebates issued to customers in the ordinary course of 11
210		-	business. 12
	767	+	(D) NOTWITHSTANDING ANY O THER PROVISION UNDER THIS SUBTITLE, AN 16
	768	+	OWNER HAS N O RIGHT OF RECOURSE AGAINST A HOLDER OR THE ADMINISTRATOR 17
	769	+	TO RECOVER ANY GAIN IN VALUE TO THE VIRT UAL CURRENCY THAT OC CURS AFTER 18
	770	+	THE LIQUIDATION DESC RIBED UNDER SUBSECTI ON (B) OF THIS SECTION. 19
211	771
212		-	~~(P) (R) “RECORD” MEANS INFORMATION TH AT IS: 13~~
	772	+	17–308. 20
213	773
214		-	(1) INSCRIBED ON A TANGIB LE MEDIUM; OR 14
	774	+	(d) Property is reportable to this State under subsection (b) of this section under 21
	775	+	the priority rules established under [§ 17–301(d)] § 17–301.1(D) of this subtitle. 22
215	776
216		-	(2) STORED IN AN ELECTRON IC OR OTHER MEDIUM A ND 15
217		-	RETRIEVABLE IN PERCE IVABLE FORM. 16
	777	+	17–308.1. 23
218	778
219		-	[(n)] (Q) (S) “Service charge” means any type of deduction or charge made by a 17
220		-	holder on property presumed abandoned under this title. 18
	779	+	(b) A holder may consider a money order dormant or inactive for purposes of 24
	780	+	imposing a service charge if the owner has taken none of the actions set forth in [§ 25
	781	+	17–301(b)(3)] § 17–301.1(B)(3) of this subtitle for 1 year from the date of issuance of the 26
	782	+	money order. 27
221	783
222		-	[(o)] (R) (T) “Utility” means any person who owns or operates in the State, for public 19
223		-	use, any plant, equipment, property, franchise, or license for the transmission of 20
224		-	communications, for the production, storage, transmission, sale, delivery, or furnishing of 21
225		-	electricity, water, steam, or gas, or for the transportation of persons or property. 22
	784	+	17–317. 28
226	785
227		-	(~~S) (U~~) (1) ~~“VIRTUAL CURRENCY ” MEANS A DIGITAL REPR ESENTATION 23~~
228		-	~~OF VALUE USED AS A M EDIUM~~ OF ~~EXCHANGE , UNIT~~ OF ~~ACCOUNT~~ , ~~OR STORE OF 24~~
229		-	~~VALUE THAT DOES NOT HAVE LEGAL TENDER STATUS RECOGN IZED BY THE UNITED 25~~
230		-	~~STATES. 26~~
	786	+	(a) (1) (i) All funds received under this title, including the proceeds of the 29
	787	+	sale of abandoned property under § 17–316 of this subtitle, shall be credited by the 30
	788	+	Administrator to a special fund. 31
	789	+	18 SENATE BILL 665
231	790
232		-	(2) “VIRTUAL CURRENCY ” DOES NOT INCLUDE : 27
233	791
234		-	(I) THE ~~SOFTWARE OR PROTO~~ ~~COLS GOVERNING~~ THE 28
235		-	~~TRANSFER OF~~ THE ~~DIGI TAL REPRESENTATION O F VALUE; 29~~
	792	+	(ii) The Administrator shall retain in the special fund at the end of 1
	793	+	each fiscal year, from the proceeds received[, an]: 2
236	794
237		-	(II) GAME–RELATED DIGITAL CONT ENT; OR 30 6 SENATE BILL 665
	795	+	1. AN AMOUNT NOT EXCEEDI NG $5,000,000 FOR 3
	796	+	INFORMATION TECHNOLO GY COSTS OF THE ADMINISTRATOR , INCLUDING 4
	797	+	CYBERSECURITY , CUSTOMER RELATION SY STEMS, AND A SYSTEM FOR MAN AGING 5
	798	+	UNCLAIMED PROPERTY ; AND 6
	799	+
	800	+	2. AN amount [not to exceed $50,000] OF FUNDS THE 7
	801	+	ADMINISTRATOR REASONA BLY ESTIMATES IS SUF FICIENT, from which sum the 8
	802	+	Administrator shall pay any claim allowed under this title. 9
	803	+
	804	+	17–318. 10
	805	+
	806	+	(A) (1) Any person who claims a legal interest in any property delivered to the 11
	807	+	State under this title must [file]: 12
	808	+
	809	+	(I) FILE a claim to the property or to the proceeds from its sale on 13
	810	+	the form prescribed by the Administrator; AND 14
	811	+
	812	+	(II) VERIFY THE CLAIM AS T O ITS COMPLETENESS A ND 15
	813	+	ACCURACY. 16
	814	+
	815	+	(2) AFTER A CLAIM IS FILE D UNDER PARAGRAPH (1) OF THIS 17
	816	+	SUBSECTION, THE ADMINISTRATOR SHALL A LLOW OR DENY THE CLA IM AND 18
	817	+	PROVIDE THE CLAIMANT NOTICE OF THE DECISI ON. 19
	818	+
	819	+	(3) IF A CLAIM FILED IN A CCORDANCE WITH THIS SUBSECTION IS 20
	820	+	DENIED: 21
	821	+
	822	+	(I) THE ADMINISTRATOR SHALL I NFORM THE CLAIMANT O F 22
	823	+	THE REASON FOR THE DENIAL AND SPECIFY W HAT ADDITIONAL EVIDE NCE, IF ANY, 23
	824	+	IS REQUIRED FOR THE CLAIM TO BE ALLOWED ; 24
	825	+
	826	+	(II) THE CLAIMANT MAY FILE AN AMENDED CLAIM WIT H THE 25
	827	+	ADMINISTRATOR OR COMM ENCE AN ACTION UNDER § 17–320 OF THIS SUBTITLE ; 26
	828	+	AND 27
	829	+
	830	+	(III) THE ADMINISTRATOR SHAL L CONSIDER AN AMENDE D 28
	831	+	CLAIM FILED UNDER IT EM (II) OF THIS PARAGRAPH AS THE INITIAL CLAIM. 29
	832	+
	833	+	(4) IF THE ADMINISTRATOR DOES NO T TAKE ACTION ON A C LAIM 30
	834	+	DURING THE 6–MONTH PERIOD IMMEDIA TELY FOLLOWING THE F ILING OF A CLAIM 31
	835	+	UNDER THIS SUBSECTIO N, THE CLAIM SHA LL BE DEEMED DENIED . 32 SENATE BILL 665 19
238	836
239	837
240	838
241		-	(III) A LOYALTY CARD . 1
	839	+	(B) (1) THE ADMINISTRATOR MAY WAIVE THE FILING REQ UIREMENT 1
	840	+	UNDER SUBSECTION (A) OF THIS SECTION IF: 2
242	841
243		-	17–301. 2
	842	+	(I) THE PERSON RECEIVING THE PROPERTY OR PAYM ENT IS 3
	843	+	THE APPARENT OWNER I NCLUDED IN A REPORT FILED UNDER § 17–310 OF THIS 4
	844	+	SUBTITLE; 5
244	845
245		-	(A) FOR PURPOSES OF THIS SUBTITLE: 3
	846	+	(II) THE ADMINISTRATOR REASONA BLY BELIEVES THE PER SON 6
	847	+	IS ENTITLED TO RECEI VE THE PROPERTY OR P AYMENT; AND 7
246	848
247		-	(1) AN ACTION BY AN AGENT OR OTHER REPRESENTAT IVE OF AN 4
248		-	APPARENT OWNER , OTHER THAN A HOLDER ACTING AS THE APPARE NT OWNER’S 5
249		-	AGENT, IS PRESUMED TO BE AN ACTION ON BEHALF OF THE APPARENT OWNER ; AND 6
	849	+	(III) THE PROPERTY OR PAYME NT HAS A VALUE OF $5,000 OR 8
	850	+	LESS. 9
250	851
251		-	(2) A COMMUNICATION WITH AN APPARENT OWNER BY A PERSON 7
252		-	OTHER THAN THE HOLDE R OR THE HOLDER ’S REPRESENTATIVE IS NOT AN 8
253		-	INDICATION OF APPARE NT OWNER INTEREST IN PROPERTY UNLESS A RE CORD OF 9
254		-	THE COMMUNICATION EV IDENCES THE APPARENT OWNER’S KNOWLEDGE OF A 10
255		-	RIGHT TO THE PROPERTY; AND. 11
	852	+	(2) IF THE ADMINISTRATOR WAIVES THE FILING REQUIREME NT IN 10
	853	+	ACCORDANCE WITH PA RAGRAPH (1) OF THIS SUBSECTION , THE ADMINISTRATOR 11
	854	+	SHALL MAKE PAYMENT I N ACCORDANCE WITH § 17–319(B) OF THIS SUBTITLE. 12
256	855
257		-	(3) IF AN INSURED DIES OR THE INSURED OR BENEF ICIARY OF AN 12
258		-	INSURANCE POLICY OTH ERWISE BECOMES ENTIT LED TO THE PROCEEDS BEFORE 13
259		-	DEPLETION OF THE CAS H SURRENDER VALUE OF THE POLICY BY OPERAT ION OF AN 14
260		-	AUTOMATIC–PREMIUM–LOAN PROVISION OR OT HER NONFORFEITURE PR OVISION 15
261		-	CONTAINED IN THE POL ICY, THE OPERATION OF THE PROVISION DOES NOT 16
262		-	PREVENT THE POLICY F ROM MATURING OR TERM INATING. 17
	856	+	(C) THE ADMINISTRATOR SHALL P AY OR DELIVER PROPER TY TO A 13
	857	+	CLAIMANT UNDER THIS SECTION IF THE ADMINISTRATOR RECEIVE S EVIDENCE 14
	858	+	SUFFICIENT T O THE SATISFACTION O F THE ADMINISTRATOR TO ESTA BLISH THAT 15
	859	+	THE CLAIMANT IS THE OWNER OF THE PROPERT Y. 16
263	860
264		-	(B) WHEN DETERMINING THE ADDRESS OF AN APPARE NT OWNER UNDER 18
265		-	THIS SUBTITLE: 19
	861	+	17–319. 17
266	862
267		-	(1) (I) THE LAST KNOWN ADDRES S OF AN APPARENT OWN ER 20
268		-	INCLUDES ANY DESCRIP TION, CODE, OR OTHER INDICATION OF THE LOCATION OF 21
269		-	THE APPARENT OWNER T HAT IDENTIFIES A STA TE; AND 22
	863	+	(a) (1) The Administrator shall consider any claim filed under this title and 18
	864	+	may hold a hearing and receive evidence concerning it. 19
270	865
271		-	(II) AN INDICATION OF THE LOCATION OF THE APPA RENT 23
272		-	OWNER THAT IDENTIFIE S A STATE DOES NOT NEED TO BE SUFFICIENT TO DIR ECT 24
273		-	THE DELIVERY OF FIRS T–CLASS MAIL TO THE AP PARENT OWNER ; 25
	866	+	(2) (I) If a hearing is held, [he] THE ADMINISTRATOR shall prepare a 20
	867	+	finding and a decision in writing on each claim filed, stating the substance of any evidence 21
	868	+	heard by [him] THE ADMINISTRATOR and the reasons for [his] THE ADMINISTRATOR ’S 22
	869	+	decision. 23
274	870
275		-	(2) THIS STATE IS DEEMED TO BE THE STATE OF THE LAS T KNOWN 26
276		-	ADDRESS OF THE APPAR ENT OWNER IF: 27
	871	+	(II) The decision shall be a public record. 24
277	872
278		-	(I) THE POSTAL ZIP CODE A SSOCIATED WITH THE A PPARENT 28
279		-	OWNER IS FOR A POST O FFICE LOCATED IN THI S STATE; AND 29
	873	+	(b) (1) If the claim is allowed, OR IF THE ADMINISTRATOR WAIVES THE 25
	874	+	FILING REQUIREMENT I N ACCORDANCE WITH § 17–318(B) OF THIS SUBTITLE , the 26
	875	+	Administrator immediately shall make payment. 27
280	876
281		-	(II) THERE ARE NO OTHER RE CORDS ASSOCIATED WIT H THE 30
282		-	APPARENT OWNER THAT SPECIFICALLY IDENTIF Y THE PHYSICAL ADDRE SS OF THE 31
283		-	APPARENT OWNER TO BE IN ANOTHER STATE ; 32 SENATE BILL 665 7
	877	+	(2) The claim shall be paid without deduction for costs of notices or sale or 28
	878	+	for service charges. 29
	879	+
	880	+	(c) In satisfying a claim the Administrator shall pay the claimant an amount 30
	881	+	equal to the sales price obtained at the public sale. 31
	882	+	20 SENATE BILL 665
	883	+
	884	+
	885	+	17–319.1. 1
	886	+
	887	+	(A) NOT LATER THAN 6 MONTHS AFTER A CLA IM IS ALLOWED UNDER § 2
	888	+	17–318(A) OF THIS SUBTITLE, THE ADMINISTRATOR SHALL D ELIVER THE PROPERTY 3
	889	+	TO THE OWNER OR PAY TO THE OWNER THE NET PROCEEDS OF A SALE O F THE 4
	890	+	PROPERTY. 5
	891	+
	892	+	(B) THE ADMINISTRATOR MAY APP LY PROPERTY HELD UND ER THIS TITLE 6
	893	+	BY THE ADMINISTRAT OR TO A CLAIM FOR TH E PAYMENT OF A DEBT OWED TO THE 7
	894	+	STATE IDENTIFIED BY O R CERTIFIED TO THE ADMINISTRATOR , INCLUDING DEBTS 8
	895	+	FOR UNPAID STATE, COUNTY, OR MUNICIPAL TAX . 9
	896	+
	897	+	(C) BEFORE DELIVERY TO AN OWNER OF PROPERTY VA LUED AT $100 OR 10
	898	+	MORE OR PAYMENT TO A N OWNER FOR NET PROCEEDS OF A SALE OF PROPERT Y 11
	899	+	WHERE THE NET PROCEE DS ARE $100 OR MORE, THE ADMINISTRATOR SHALL : 12
	900	+
	901	+	(1) APPLY THE PROPERTY OR NET PROCEEDS TO ANY DEBT UNDER 13
	902	+	SUBSECTION (B) OF THIS SECTION THAT THE ADMINISTRATOR DETERMI NES IS 14
	903	+	OWED BY THE OWNER ; 15
	904	+
	905	+	(2) PAY THE AMOUNT IDENTI FIED BY OR CERTIFIED TO THE 16
	906	+	ADMINISTRATOR UNDER S UBSECTION (B) OF THIS SECTION; AND 17
	907	+
	908	+	(3) NOTIFY THE OWNER OF A NY PAYMENT TOWARD A DEBT UNDER 18
	909	+	SUBSECTION (B) OF THIS SECTION THAT THE ADMINISTRATOR DETERMI NES IS 19
	910	+	OWED BY THE OWNER . 20
	911	+
	912	+	(D) (1) THE ADMINISTRATOR MAY MAK E PERIODIC INQUIRIES OF STATE 21
	913	+	AND LOCAL AGENCIES I N THE ABSENCE OF A C LAIM FILED UNDER § 17–318(A) OF 22
	914	+	THIS SUBTITLE TO DET ERMINE WHETHER AN AP PARENT OWNER INCLUDE D IN THE 23
	915	+	UNCLAIMED PROPERTY R ECORDS OF THE STATE HAS ENFOR CEABLE DEBTS UNDER 24
	916	+	SUBSECTION (B) OF THIS SECTION IF T HE AMOUNT OF PROPERT Y IS VALUED AT $100 25
	917	+	OR MORE. 26
	918	+
	919	+	(2) IF THE ADMINISTRATOR IDENTIF IES AN ENFORCEABLE D EBT 27
	920	+	DURING A PERIODIC IN QUIRY, THE ADMINISTRATOR SHALL : 28
	921	+
	922	+	(I) APPLY THE PROPERTY OR NET PROCEEDS OF A SALE OF THE 29
	923	+	PROPERTY HELD BY THE ADMINISTRATOR TO THE DEBT OF AN APPARENT OWNER 30
	924	+	WHO APPEARS IN THE R ECORDS OF THE ADMINISTRATOR ; 31
	925	+
	926	+	(II) PAY THE AMOUNT IDENTI FIED BY OR CERTIFIED TO THE 32
	927	+	ADMINISTRATOR UNDER S UBSECTION (B) OF THIS SECTION; AND 33 SENATE BILL 665 21
284	928
285	929
286	930
287		-	(3) ANOTHER STATE IS DEEM ED TO BE THE STATE OF THE LAS T 1
288		-	KNOWN ADDRESS OF THE APPARENT OWNER IF : 2
	931	+	(III) NOTIFY THE OWNER OF A NY PAYMENT TOWARD A DEBT 1
	932	+	UNDER SUBSECTION (B) OF THIS SECTION THAT THE ADMINISTRATOR DETERMI NES 2
	933	+	IS OWED BY THE OWNER . 3
289	934
290		-	(I) THE POSTAL ZIP CODE A SSOCIATED WITH THE A PPARENT 3
291		-	OWNER IS FOR A POST OFFICE LOCATED OUTSI DE THIS STATE; AND 4
	935	+	17–320. 4
292	936
293		-	(II) ~~THERE ARE NO OTHER RE CORDS ASSOCIATED WIT H~~ THE 5
294		-	~~APPARENT OWNER THAT SPECIFICALLY IDENTIFY~~ THE ~~PHYSICAL ADDRESS~~ OF THE 6
295		-	~~APPARENT OWNER~~ TO ~~BE IN THIS STATE;~~ ~~AND~~ 7
	937	+	(A) Any person aggrieved by a decision of the Administrator or as to whose claim 5
	938	+	the Administrator has failed to act within [90 days] 6 MONTHS after the filing of the claim, 6
	939	+	may commence an action in the circuit court for the county to establish [his] THE claim. 7
296	940
297		-	(4) THE ~~ADDRESS~~ OF THE ~~AP PARENT OWNER OF A LI FE OR~~ 8
298		-	~~ENDOWMENT INSURANCE POLICY~~ OR ~~ANNUITY CO NTRACT OR ITS PROCEE DS IS~~ 9
299		-	~~PRESUMED~~ TO ~~BE THE A DDRESS OF THE INSURE D OR ANNUITANT IF:~~ 10
	941	+	(B) The proceeding shall be brought within 90 days after the decision of the 8
	942	+	Administrator or within [180 days] 1 YEAR from the filing of the claim if the Administrator 9
	943	+	fails to act. 10
300	944
301		-	~~(I) A PERSON OTHER THAN TH E INSURED OR ANNUITA NT IS~~ 11
302		-	~~ENTITLED TO THE AMOU NT OWED UNDER THE PO LICY OR CONTRACT ; AND~~ 12
	945	+	SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect 11
	946	+	October 1, 2025. 12
303	947
304		-	(II) THE ADDRESS OF THE PE RSON ENTITLED TO THE AMOUNT 13
305		-	OWED UNDER THE POLIC Y OR CONTRACT IS : 14
306		-
307		-	1. NOT KNOWN BY THE INSU RANCE COMPANY ; AND 15
308		-
309		-	2. CANNOT BE DETERMINED UNDER § 17–301.1(D) OF 16
310		-	THIS SUBTITLE. 17
311		-
312		-	[17–301.] 17–301.1. 18
313		-
314		-	(a) (1) For purposes of this section and subject to paragraph (2) of this 19
315		-	subsection, a holder shall be deemed to no longer have a valid address for the owner of the 20
316		-	property as of the later of: 21
317		-
318		-	(i) The date a second communication is returned by the U.S. Postal 22
319		-	Service to a holder as undeliverable to an apparent owner, if: 23
320		-
321		-	1. The holder sent the second communication to the apparent 24
322		-	owner by first–class mail; and 25
323		-
324		-	2. A previous communication was: 26
325		-
326		-	A. Sent by first–class mail; 27
327		-
328		-	B. Sent immediately preceding the second communication; 28
329		-	and 29
330		-	8 SENATE BILL 665
331		-
332		-
333		-	C. Returned by the U.S. Postal Service to the holder as 1
334		-	undeliverable to the apparent owner; or 2
335		-
336		-	(ii) The date a previous communication is returned by the U.S. 3
337		-	Postal Service to a holder as undeliverable to an apparent owner, if the holder: 4
338		-
339		-	1. Sent the previous communication to the apparent owner: 5
340		-
341		-	A. By first–class mail; and 6
342		-
343		-	B. Immediately preceding a second communication; and 7
344		-
345		-	2. Sent the second communication to the apparent owner: 8
346		-
347		-	A. By first–class mail; and 9
348		-
349		-	B. More than 30 days after the previous communication 10
350		-	under this subparagraph was sent. 11
351		-
352		-	(2) (i) Subject to subparagraph (ii) of this paragraph, if the holder does 12
353		-	not send communications to an apparent owner by first–class mail, the holder shall attempt 13
354		-	to confirm the apparent owner’s interest in the property by e–mailing the apparent owner 14
355		-	not later than 2 years after the apparent owner’s last indication of interest in the property. 15
356		-
357		-	(ii) The holder shall promptly attempt to contact the apparent owner 16
358		-	by first–class mail if: 17
359		-
360		-	1. The holder does not have the information needed to send 18
361		-	an e–mail to the apparent owner; 19
362		-
363		-	2. The holder believes the apparent owner’s e–mail address 20
364		-	in the holder’s records is not valid; 21
365		-
366		-	3. The holder receives notification that the e–mail was not 22
367		-	received; or 23
368		-
369		-	4. The apparent owner does not respond to the e –mail 24
370		-	communication within 30 days after the e–mail was sent. 25
371		-
372		-	(iii) 1. If a mailing sent in accordance with subparagraph (ii) of 26
373		-	this paragraph is returned by the U.S. Postal Service to the holder as undeliverable to the 27
374		-	apparent owner, the mailing shall constitute a communication for purposes of paragraph 28
375		-	(1) of this subsection. 29
376		-
377		-	2. If a mailing sent in accordance with subparagraph (ii) of 30
378		-	this paragraph is not returned by the U.S. Postal Service to the holder as undeliverable to 31 SENATE BILL 665 9
379		-
380		-
381		-	the apparent owner, the holder shall be presumed to have a valid address for the owner of 1
382		-	the property. 2
383		-
384		-	(b) The following property held by a banking or financial organization[,] or 3
385		-	business association is presumed abandoned: 4
386		-
387		-	(1) Any demand, savings, or matured time deposit account made with a 5
388		-	banking organization, together with any interest or dividend on it, excluding any charges 6
389		-	that lawfully may be withheld, 3 years after the later of: 7
390		-
391		-	(i) The date the holder is deemed to no longer have a valid address 8
392		-	for the owner of the property; or 9
393		-
394		-	(ii) The date the owner last: 10
395		-
396		-	1. Increased or decreased the amount of the deposit; 11
397		-
398		-	2. Presented evidence of the deposit for the crediting of 12
399		-	interest; 13
400		-
401		-	3. Corresponded in writing with the banking organization 14
402		-	concerning the deposit; 15
403		-
404		-	4. ACCESSED THE ACCOUNT OR INFORMATION 16
405		-	CONCERNING THE ACCOU NT; 17
406		-
407		-	[4.] 5. Engaged in any credit, trust, or other deposit transaction 18
408		-	with the banking organization; or 19
409		-
410		-	[5.] 6. Otherwise indicated an interest in the deposit as 20
411		-	evidenced by a memorandum on file with the banking organization; 21
412		-
413		-	(2) Any funds paid toward the purchase of shares or other interest in a 22
414		-	financial organization, or any deposit made with these funds, and any interest or dividends 23
415		-	on these, excluding any charges that lawfully may be withheld, 3 years after the later of: 24
416		-
417		-	(i) The date the holder is deemed to no longer have a valid address 25
418		-	for the owner of the property; or 26
419		-
420		-	(ii) The date the owner last: 27
421		-
422		-	1. Increased or decreased the amount of the funds or deposit, 28
423		-	or presented an appropriate record for the crediting of interest or dividends; 29
424		-
425		-	2. Corresponded in writing with the financial organization 30
426		-	concerning the funds or deposit; 31 10 SENATE BILL 665
427		-
428		-
429		-
430		-	3. ACCESSED THE ACCOUNT OR INFORMATION 1
431		-	CONCERNING THE ACC OUNT; 2
432		-
433		-	[3.] 4. Engaged in any credit, share, or other deposit transaction 3
434		-	with the financial organization; or 4
435		-
436		-	[4.] 5. Otherwise indicated an interest in the funds or deposit as 5
437		-	evidenced by a memorandum on file with the financial organization; 6
438		-
439		-	(3) Any sum payable on a check certified in this State or on a written 7
440		-	instrument issued in this State on which a banking or financial organization or business 8
441		-	association is directly liable, including any certificate of deposit, draft, traveler’s check, and 9
442		-	money order, that has been outstanding for more than 3 years from the date it was payable 10
443		-	(or 15 years in the case of a traveler’s check) or, if payable on demand, from the date of its 11
444		-	issuance, unless, within 3 years or 15 years in the case of a traveler’s check, the owner has: 12
445		-
446		-	(i) Corresponded in writing with the banking or financial 13
447		-	organization or business association concerning it; [or] 14
448		-
449		-	(II) ACCESSED THE ACCOUNT OR INFORMATION CONCE RNING 15
450		-	THE ACCOUNT ; OR 16
451		-
452		-	[(ii)] (III) Otherwise indicated an interest as evidenced by a 17
453		-	memorandum on file with the banking or financial organization or business association; 18
454		-	and 19
455		-
456		-	(4) Any property removed from a safekeeping repository on which the lease 20
457		-	or rental period has expired or any surplus amounts arising from the sale of the property 21
458		-	pursuant to law, that have been unclaimed by the owner for more than 3 years from the 22
459		-	date on which the lease or rental period expired. 23
460		-
461		-	(c) Nothing in this section shall be construed to apply to any demand, savings, or 24
462		-	matured time deposits that are designated subject to the order of any court of this State. 25
463		-
464		-	(d) Property is subject to the custody of this State as unclaimed property if the 26
465		-	conditions raising a presumption of abandonment under this section are met and: 27
466		-
467		-	(1) The last known address, as shown on the records of the holder, of the 28
468		-	apparent owner is in this State; 29
469		-
470		-	(2) The records of the holder do not reflect the identity of the person 30
471		-	entitled to the property and it is established that the last known address of the person 31
472		-	entitled to the property is in this State; 32
473		-	SENATE BILL 665 11
474		-
475		-
476		-	(3) The records of the holder do not reflect the last known address of the 1
477		-	apparent owner, and it is established that: 2
478		-
479		-	(i) The last known address of the person entitled to the property is 3
480		-	in this State; or 4
481		-
482		-	(ii) The holder is a domiciliary or a government or governmental 5
483		-	subdivision or agency of this State and has not previously paid or delivered the property to 6
484		-	the State of the last known address of the apparent owner or other person entitled to the 7
485		-	property; 8
486		-
487		-	(4) The last known address, as shown on the records of the holder, of the 9
488		-	apparent owner is in a state that does not provide by law for the escheat or custodial taking 10
489		-	of the property or its escheat or unclaimed property law is not applicable to the property 11
490		-	and the holder is a domiciliary or a government or governmental subdivision or agency of 12
491		-	this State; 13
492		-
493		-	(5) The last known address, as shown on the records of the holder, of the 14
494		-	apparent owner is in a foreign nation and the holder is a domiciliary or a government or 15
495		-	governmental subdivision or agency of this State; or 16
496		-
497		-	(6) The transaction out of which the property arose occurred in this State 17
498		-	and: 18
499		-
500		-	(i) The last known address of the apparent owner or other person 19
501		-	entitled to the property is unknown or the last known address of the apparent owner or 20
502		-	other person entitled to the property is in a state that does not provide by law for the escheat 21
503		-	or custodial taking of the property or its escheat or unclaimed property law is not applicable 22
504		-	to the property; and 23
505		-
506		-	(ii) The holder is a domiciliary of a state that does not provide by law 24
507		-	for the escheat or custodial taking of the property or its escheat or unclaimed property law 25
508		-	is not applicable to the property. 26
509		-
510		-	(e) The running of the 3–year period of abandonment ceases immediately on: 27
511		-
512		-	(1) The holder obtaining a valid address for the owner of the property; or 28
513		-
514		-	(2) The occurrence of an action referred to in subsection (b)(1)(ii) or (2)(ii) 29
515		-	of this section. 30
516		-
517		-	17–302. 31
518		-
519		-	(a) Funds held or owing under any life or endowment insurance policy or annuity 32
520		-	contract that has matured or terminated are presumed abandoned if unclaimed for more 33
521		-	than 3 years after the funds FIRST become due and payable [as established from the 34
522		-	records of the insurance company holding or owing the funds] IN ACCORDANCE WITH : 35 12 SENATE BILL 665
523		-
524		-
525		-
526		-	(1) THE INSURANCE POLICY OR ANNUITY CONTRACT ; OR 1
527		-
528		-	(2) SECTION 16–118 OF THE INSURANCE ARTICLE. 2
529		-
530		-	(b) [If a person other than the insured or annuitant is entitled to the funds and 3
531		-	an address of the person is not known to the company or it is not definite and certain from 4
532		-	the records of the company who is entitled to the funds, it is presumed that the last known 5
533		-	address of the person entitled to the funds is the same as the last known address of the 6
534		-	insured or annuitant according to the records of the company. 7
535		-
536		-	(c)] For purposes of this subtitle, a life or endowment insurance policy or annuity 8
537		-	contract not matured by actual proof of the death of the insured or annuitant according to 9
538		-	the records of the INSURANCE company is matured and the proceeds due and payable if: 10
539		-
540		-	(1) The company knows that the insured or annuitant has died; or 11
541		-
542		-	(2) (i) The insured has attained, or would have attained if [he] THE 12
543		-	INSURED were living, the limiting age under the mortality table on which the reserve is 13
544		-	based; 14
545		-
546		-	(ii) The policy was in force at the time the insured attained, or would 15
547		-	have attained, the limiting age specified in item (i) of this paragraph; and 16
548		-
549		-	(iii) Neither the insured nor any other person appearing to have an 17
550		-	interest in the policy within the preceding 3 years, according to the records of the company, 18
551		-	has assigned, readjusted, or paid premiums on the policy, subjected the policy to a loan, 19
552		-	corresponded in writing with the company concerning the policy, or otherwise indicated an 20
553		-	interest as evidenced by a memorandum or other record on file prepared by an employee of 21
554		-	the company. 22
555		-
556		-	[(d)] (C) (1) (I) “Unclaimed funds”, as defined in paragraph (2) of this 23
557		-	subsection, held by a fire, casualty, or surety insurance corporation, shall be presumed 24
558		-	abandoned if the last known address of the person entitled to the funds, according to the 25
559		-	records of the corporation, is in this State. 26
560		-
561		-	(II) If a person other than the insured, the principal, or the claimant 27
562		-	is entitled to the funds and the address of the person is not known to the corporation or if 28
563		-	it is not definite and certain from the records of the corporation which person is entitled to 29
564		-	the funds, it is presumed that the last known address of the person entitled to the funds is 30
565		-	the same as the last known address of the insured, the principal, or the claimant according 31
566		-	to the records of the corporation. 32
567		-
568		-	(2) “Unclaimed funds”, as used in this subsection, means all money held by 33
569		-	any fire, casualty, or surety insurance corporation unclaimed and unpaid for more than 3 34
570		-	years after the money becomes due and payable, as established from the records of the 35 SENATE BILL 665 13
571		-
572		-
573		-	corporation, either to an insured, a principal, or a claimant under any fire, casualty, or 1
574		-	surety insurance policy or contract. 2
575		-
576		-	[(e)] (D) Money otherwise payable according to the records of the corporation is 3
577		-	considered due and payable although the policy or contract has not been surrendered as 4
578		-	required. 5
579		-
580		-	17–302.1. 6
581		-
582		-	(A) IN THIS SECTION, “DEATH MASTER FILE ” MEANS: 7
583		-
584		-	(1) THE SOCIAL SECURITY ADMINISTRATION DEATH MASTER FILE; 8
585		-	OR 9
586		-
587		-	(2) ANY OTHER DATABASE OR SERVICE THAT IS AT L EAST AS 10
588		-	COMPREHENSIVE AS THE SOCIAL SECURITY ADMINISTRATION DEATH MASTER 11
589		-	FILE FOR DETERMINING THAT AN INDIVIDUAL R EPORTEDLY HAS DIED . 12
590		-
591		-	(B) FOR PURPOSES OF THIS SECTION: 13
592		-
593		-	(1) A DEATH MASTER FILE MA TCH DESCRIBED UNDER SUBSECTION 14
594		-	(C)(3) AND (4) OF THIS SECTION OCCU RS IF THE CRITERIA F OR AN EXACT OR 15
595		-	PARTIAL MATCH ARE SA TISFIED AS PROVIDED BY: 16
596		-
597		-	(I) THE INSURANCE ARTICLE; OR 17
598		-
599		-	(II) A RULE OR POLICY ADOPT ED BY THE MARYLAND 18
600		-	INSURANCE COMMISSIONER . 19
601		-
602		-	(2) A DEATH MASTER FILE MA TCH OR VALIDATION OF THE INSURED’S 20
603		-	OR ANNUITANT ’S DEATH DOES NOT ALTER THE REQUIREMEN TS FOR A BENEFICIARY , 21
604		-	ANNUITANT, OR OWNER OF THE POLI CY OR CONTRACT TO MA KE A CLAIM TO 22
605		-	RECEIVE PROCEEDS UND ER THE TERMS OF THE POLICY OR CONTRACT . 23
606		-
607		-	(3) AN INSURED OR AN ANNU ITANT IS PRESUMED DE AD IF THE DATE 24
608		-	OF THE INSURED ’S OR ANNUITANT’S DEATH IS INDICATED BY A DEATH MASTER FI LE 25
609		-	MATCH DESCRIBED UNDE R SUBSECTION (C)(3) AND (4) OF THIS SECTION , UNLESS 26
610		-	THE INSURANCE COMPAN Y HAS COMPETENT AND SUBSTANTIAL EVIDENCE THAT 27
611		-	THE INSURED OR ANNUI TANT IS LIVING, INCLUDING A CONTACT MADE BY THE 28
612		-	COMPANY WITH THE INS URED OR ANNUITANT OR THE INSURED’S OR ANNUITANT ’S 29
613		-	LEGAL REPRESENTATIVE . 30
614		-
615		-	(C) WITH RESPECT TO A LIF E OR ENDOWMENT INSUR ANCE POLICY OR 31
616		-	ANNUITY CONTRACT FOR WHICH AN AMOUNT IS O WED ON PROOF OF DEAT H, BUT 32 14 SENATE BILL 665
617		-
618		-
619		-	THAT HAS NOT MATURED BY PROOF OF DEATH OF THE INSU RED OR ANNUITANT , THE 1
620		-	INSURANCE COMPANY SH ALL BE DEEMED TO HAV E KNOWLEDGE OF THE D EATH OF 2
621		-	AN INSURED OR ANNUIT ANT WHEN: 3
622		-
623		-	(1) THE COMPANY RECEIVES A DEATH CERTIFICATE OR COURT 4
624		-	ORDER DETERMINING TH AT THE INSURED OR AN NUITANT HAS DIED ; 5
625		-
626		-	(2) THE COMPANY RECEIVES NOTICE OF THE DEATH OF THE INSURED 6
627		-	OR ANNUITANT FROM : 7
628		-
629		-	(I) THE ADMINISTRATOR OR AN U NCLAIMED PROPERTY 8
630		-	ADMINISTRATOR OF ANO THER STATE; 9
631		-
632		-	(II) A BENEFICIARY; 10
633		-
634		-	(III) A POLICY OWNER ; 11
635		-
636		-	(IV) A RELATIVE OF THE INSU RED OR ANNU ITANT; 12
637		-
638		-	(V) A REPRESENTATIVE OF TH E INSURED OR ANNUITA NT, 13
639		-	INCLUDING AN ADMINIS TRATOR, A GUARDIAN , A STANDBY GUARDIAN , OR A 14
640		-	TEMPORARY GUARDIAN ; OR 15
641		-
642		-	(VI) AN EXECUTOR OR OTHER LEGAL REPRESENTATIVE OF THE 16
643		-	INSURED’S OR ANNUITANT ’S ESTATE; 17
644		-
645		-	(3) (I) THE COMPANY CONDUCTS A CO MPARISON FOR ANY 18
646		-	PURPOSE BETWEEN A DE ATH MASTER FILE AND THE NAMES OF SOME OR ALL OF THE 19
647		-	COMPANY’S INSUREDS OR ANNUIT ANTS; AND 20
648		-
649		-	(II) FINDS A MATCH THAT PR OVIDES NOTICE THAT T HE 21
650		-	INSURED OR ANNUITANT HAS DIED; OR 22
651		-
652		-	(4) (I) THE ADMINISTRATOR OR THE ADMINISTRATOR ’S AGENT IN 23
653		-	THE NORMAL COURSE OF BUSINESS CONDUCTS A COMPARISON FOR THE P URPOSE 24
654		-	OF FINDING MATCHES B ETWEEN A DEATH MASTE R FILE AND THE NAMES OF SOME 25
655		-	OR ALL OF THE COMPAN Y’S INSUREDS OR ANNUIT ANTS; AND 26
656		-
657		-	(II) FINDS A MATCH THAT PROVIDES NOTICE THAT THE 27
658		-	INSURED OR ANNUITANT HAS DIED. 28
659		-
660		-	(D) A HOLDER OF FUNDS UNDE R § 17–302 OF THIS SUBTITLE SHA LL, ON AT 29
661		-	LEAST AN ANNUAL BASI S: 30
662		-	SENATE BILL 665 15
663		-
664		-
665		-	(1) CONDUCT A DEATH MASTE R FILE EXAMINATION A ND 1
666		-	COMPARISON DESCRIBED UNDER SUBSECTION (C)(3) OF THIS SECTION ON A LL 2
667		-	INSUREDS AND ANNUITA NTS; AND 3
668		-
669		-	(2) MAKE A RECORD OF THE DATE ON WHICH ANY EX AMINATION AND 4
670		-	COMPARISON UNDER ITE M (1) OF THIS SUBSECTION O CCURS. 5
671		-
672		-	17–304. 6
673		-
674		-	(a) (2) (i) Subject to subparagraph (ii) of this paragraph, if the holder does 7
675		-	not send communications to an apparent owner by first–class mail, the holder shall attempt 8
676		-	to confirm the apparent owner’s interest in the property by e–mailing the apparent owner 9
677		-	not later than 2 years after the apparent owner’s last indication of APPARENT OWNER 10
678		-	interest in the property. 11
679		-
680		-	17–306.1. 12
681		-
682		-	(A) IN THIS SECTION, “RETURNED AS UNDELIVE RABLE” MEANS RETURNED 13
683		-	BY THE U.S. POSTAL SERVICE TO THE HOLDER AS UNDELIVERA BLE TO THE 14
684		-	APPARENT OWNER . 15
685		-
686		-	(B) PROPERTY HELD IN A PE NSION ACCOUNT OR RET IREMENT ACCOUNT 16
687		-	THAT QUALIFIES FOR T AX DEFERRAL UNDER TH E INCOME TAX PROVISI ONS OF THE 17
688		-	INTERNAL REVENUE CODE IS PRESUMED ABAN DONED IF IT IS UNCLA IMED BY AN 18
689		-	APPARENT OWNER OF TH E ACCOUNT AFTER THE LATER OF: 19
690		-
691		-	(1) SUBJECT TO SUBSECTION S (D) THROUGH (F) OF THIS SECTION, 3 20
692		-	YEARS AFTER: 21
693		-
694		-	(I) THE DATE A FIRST COMM UNICATION SENT BY TH E HOLDER 22
695		-	BY FIRST–CLASS MAIL TO THE AP PARENT OWNER IS RETU RNED AS UNDELIVERABL E; 23
696		-	OR 24
697		-
698		-	(II) THE DATE A S ECOND COMMUNICATION SENT BY THE 25
699		-	HOLDER BY FIRST –CLASS MAIL TO THE AP PARENT OWNER IS RETU RNED AS 26
700		-	UNDELIVERABLE , IF THE SECOND COMMUN ICATION IS SENT WITH IN 30 DAYS AFTER 27
701		-	THE DATE OF THE FIRS T COMMUNICATION UNDE R ITEM (I) OF THIS ITEM IS 28
702		-	RETURNED AS UNDELIVE RABLE; OR 29
703		-
704		-	(2) IF APPLICABLE, THE EARLIER OF THE F OLLOWING DATES : 30
705		-
706		-	(I) 3 YEARS AFTER THE DATE THE APPARENT OWNER B ECOMES 31
707		-	72 YEARS OLD, IF DETERMINABLE BY T HE HOLDER; OR 32
708		-	16 SENATE BILL 665
709		-
710		-
711		-	(II) SUBJECT TO SUBSECTION (C) OF THIS SECTION , IF THE 1
712		-	INTERNAL REVENUE CODE REQUIRES DISTRIBUTIO N TO AVOID A TAX PEN ALTY, 2 2
713		-	YEARS AFTER THE DATE THE HOLDER: 3
714		-
715		-	1. RECEIVES CONFIRMATION OF THE DEATH OF THE 4
716		-	APPARENT OWNER IN TH E ORDINARY COURSE OF ITS BUSINESS; OR 5
717		-
718		-	2. CONFIRMS THE DEATH OF THE APPARENT OWNER . 6
719		-
720		-	(C) FOR PURPOSES OF ESTABLIS HING A PRESUMPTION O F ABANDONED 7
721		-	PROPERTY UNDER THIS SECTION, IF A HOLDER IN THE O RDINARY COURSE OF IT S 8
722		-	BUSINESS RECEIVES NO TICE OR AN INDICATIO N OF THE DEATH OF AN APPARENT 9
723		-	OWNER AND SUBSECTION (B)(2)(II) OF THIS SECTION APPL IES, THE HOLDER SHALL 10
724		-	ATTEMPT NOT LATER TH AN 90 DAYS AFTER RECEIPT O F THE NOTICE OR INDI CATION 11
725		-	TO CONFIRM WHETHER T HE APPARENT OWNER IS DECEASED. 12
726		-
727		-	(D) SUBJECT TO SUBSECTION (E) OF THIS SECTION , IF THE HOLDER DOES 13
728		-	NOT SEND COMMUNICATI ONS TO THE APPARENT OWNER OF AN A CCOUNT BY 14
729		-	FIRST–CLASS MAIL AS DESCRI BED IN SUBSECTION (B) OF THIS SECTION , THE 15
730		-	HOLDER SHALL ATTEMPT TO CONFIRM THE APPAR ENT OWNER’S INTEREST IN THE 16
731		-	PROPERTY BY SENDING THE APPARENT OWNER A N E–MAIL NOT LATER THAN 2 17
732		-	YEARS AFTER THE LAST INDICATION OF APPARE NT OWNER INTEREST IN THE 18
733		-	PROPERTY. 19
734		-
735		-	(E) THE HOLDER SHALL PROM PTLY ATTEMPT TO CONT ACT THE APPARENT 20
736		-	OWNER BY REGISTERED MAIL IF: 21
737		-
738		-	(1) THE HOLDER DOES NOT H AVE INFORMATION NEED ED TO SEND 22
739		-	THE APPARENT OWNER A N E–MAIL OR THE HOLDER B ELIEVES THAT THE APP ARENT 23
740		-	OWNER’S E–MAIL ADDRESS IN THE HOLDER’S RECORDS IS NOT VAL ID; 24
741		-
742		-	(2) THE HOLDER RECEIVES N OTIFICATION THAT THE E–MAIL WAS 25
743		-	NOT RECEIVED ; OR 26
744		-
745		-	(3) THE APPARENT OWNER DO ES NOT RESPOND TO TH E E–MAIL 27
746		-	WITHIN 30 DAYS AFTER THE HOLDE R SENDS THE E–MAIL. 28
747		-
748		-	(F) (1) IF THE REGISTERED MAI L SENT BY THE HOLDER UNDER 29
749		-	SUBSECTION (E) OF THIS SECTION IS R ETURNED AS UNDELIVER ABLE: 30
750		-
751		-	(I) THE REGISTERED MAIL S HALL CONSTITUTE A FI RST 31
752		-	COMMUNICATION FOR PU RPOSES OF SUBSECTION (B)(1)(I) OF THIS SECTION; AND 32
753		-	SENATE BILL 665 17
754		-
755		-
756		-	(II) THE HOLDER SH ALL SEND A SECOND CO MMUNICATION TO 1
757		-	THE APPARENT OWNER B Y FIRST–CLASS MAIL. 2
758		-
759		-	(2) (I) IF THE SECOND COMMUNI CATION UNDER PARAGRA PH 3
760		-	(1)(II) OF THIS SUBSECTION I S RETURNED AS UNDELI VERABLE WITHIN 30 DAYS 4
761		-	AFTER SENDING THE FI RST COMMUNICATION UN DER PARAGRAPH (1)(I) OF THIS 5
762		-	SUBSECTION, THE DATE THE SECOND COMMUNICATION IS RET URNED AS 6
763		-	UNDELIVERABLE SHALL CONSTITUTE THE DATE FOR PURPOSES OF SUBS ECTION 7
764		-	(B)(1)(II) OF THIS SECTION. 8
765		-
766		-	(II) IF THE SECOND COMMUNI CATION UNDER PARAGRA PH 9
767		-	(1)(II) OF THIS SUBSECTION I S SENT MORE THAN 30 DAYS AFTER THE FIRST 10
768		-	COMMUNICATION UNDER PARAGRAPH (1)(I) OF THIS SUBSECTION I S RETURNED AS 11
769		-	UNDELIVERABLE , THE DATE THE FIRST C OMMUNICATION IS RETU RNED AS 12
770		-	UNDELIVERABLE SHALL CONTROL FOR PURPOSES OF DETERMINING A DAT E UNDER 13
771		-	SUBSECTION (B)(1) OF THIS SECTION. 14
772		-
773		-	17–307.2. 15
774		-
775		-	(A) VIRTUAL CURRENCY IS P RESUMED ABANDONED IF IT REMAINS 16
776		-	UNCLAIMED 5 YEARS AFTER THE LAST INDICATION OF APPARE NT OWNER INTEREST 17
777		-	IN THE PROPERTY . 18
778		-
779		-	(B) WITHIN 30 DAYS BEFORE THE FILI NG OF THE REPORT REQ UIRED 19
780		-	UNDER § 17–310 OF THIS SUBTITLE , THE HOLDER OF ABANDO NED VIRTUAL 20
781		-	CURRENCY SHALL LIQUI DATE THE VIRTUAL CUR RENCY. 21
782		-
783		-	(C) THE HOLDER SHALL REMI T ANY LIQUIDATION PR OCEEDS TO THE 22
784		-	ADMINISTRATOR . 23
785		-
786		-	(D) NOTWITHSTANDING ANY O THER PROVISION UNDER THIS SUBTITLE, AN 24
787		-	OWNER HAS NO RIGHT OF RECOURSE AGAINST A HOLDER OR THE ADMINISTRATOR 25
788		-	TO RECOVER ANY GAIN IN VALUE TO THE VIRT UAL CURRENCY THAT OC CURS AFTER 26
789		-	THE LIQUIDATION DESC RIBED UNDER SUBSECTI ON (B) OF THIS SECTION. 27
790		-
791		-	17–308. 28
792		-
793		-	(d) Property is reportable to this State under subsection (b) of this section under 29
794		-	the priority rules established under [§ 17–301(d)] § 17–301.1(D) of this subtitle. 30
795		-
796		-	17–308.1. 31
797		-
798		-	(b) A holder may consider a money order dormant or inactive for purposes of 32
799		-	imposing a service charge if the owner has taken none of the actions set forth in [§ 33 18 SENATE BILL 665
800		-
801		-
802		-	17–301(b)(3)] § 17–301.1(B)(3) of this subtitle for 1 year from the date of issuance of the 1
803		-	money order. 2
804		-
805		-	17–311. 3
806		-
807		-	(c) The Administrator is not required to publish in the notice any item valued at 4
808		-	less than [$100] $50 unless the Administrator considers the publication to be in the public 5
809		-	interest. 6
810		-
811		-	17–317. 7
812		-
813		-	(a) (1) (i) All funds received under this title, including the proceeds of the 8
814		-	sale of abandoned property under § 17–316 of this subtitle, shall be credited by the 9
815		-	Administrator to a special fund. 10
816		-
817		-	(ii) The Administrator shall retain in the special fund at the end of 11
818		-	each fiscal year, from the proceeds received[, an]: 12
819		-
820		-	1. AN AMOUNT NOT EXCEEDI NG $5,000,000 FOR 13
821		-	INFORMATION TECHNOLO GY COSTS OF THE ADMINISTRATOR , INCLUDING 14
822		-	CYBERSECURITY , CUSTOMER RELATION SY STEMS, AND A SYSTEM FOR MAN AGING 15
823		-	UNCLAIMED PROPERTY ; AND 16
824		-
825		-	2. AN amount [not to exceed $50,000] OF FUNDS THE 17
826		-	ADMINISTRATOR REASONA BLY ESTIMATES IS SUF FICIENT, from which sum the 18
827		-	Administrator shall pay any claim allowed under this title. 19
828		-
829		-	17–318. 20
830		-
831		-	(A) (1) Any person who claims a legal interest in any property delivered to the 21
832		-	State under this title must [file]: 22
833		-
834		-	(I) FILE a claim to the property or to the proceeds from its sale on 23
835		-	the form prescribed by the Administrator; AND 24
836		-
837		-	(II) VERIFY THE CLAIM AS T O ITS COMPLETENESS A ND 25
838		-	ACCURACY. 26
839		-
840		-	(2) AFTER A CLAIM IS FILE D UNDER PARAGRAPH (1) OF THIS 27
841		-	SUBSECTION, THE ADMINISTRATOR SHALL A LLOW OR DENY THE CLA IM AND 28
842		-	PROVIDE THE CLAIMANT NOTICE OF THE DECISI ON. 29
843		-
844		-	(3) IF A CLAIM FILED IN A CCORDANCE WITH THIS SUBSECTION IS 30
845		-	DENIED: 31
846		-	SENATE BILL 665 19
847		-
848		-
849		-	(I) THE ADMINISTRATOR SHALL I NFORM THE CLAIMANT O F 1
850		-	THE REASON FOR THE D ENIAL AND SPECIFY WH AT ADDITIONAL EVIDEN CE, IF ANY, 2
851		-	IS REQUIRED FO R THE CLAIM TO BE AL LOWED; 3
852		-
853		-	(II) THE CLAIMANT MAY FILE AN AMENDED CLAIM WIT H THE 4
854		-	ADMINISTRATOR OR COMM ENCE AN ACTION UNDER § 17–320 OF THIS SUBTITLE ; 5
855		-	AND 6
856		-
857		-	(III) THE ADMINISTRATOR SHALL C ONSIDER AN AMENDED 7
858		-	CLAIM FILED UNDER IT EM (II) OF THIS PARAGRAPH AS THE INITIAL CLAIM . 8
859		-
860		-	(4) IF THE ADMINISTRATOR DOES NO T TAKE ACTION ON A C LAIM 9
861		-	DURING THE 6–MONTH PERIOD IMMEDIA TELY FOLLOWING THE F ILING OF A CLAIM 10
862		-	UNDER THIS SUBSECTIO N, THE CLAIM SHALL BE D EEMED DENIED . 11
863		-
864		-	(B) (1) THE ADMINISTRATOR MAY WAIVE THE FILI NG REQUIREMENT 12
865		-	UNDER SUBSECTION (A) OF THIS SECTION IF: 13
866		-
867		-	(I) THE PERSON RECEIVING THE PROPERTY OR PAYM ENT IS 14
868		-	THE APPARENT OWNER I NCLUDED IN A REPORT FILED UNDER § 17–310 OF THIS 15
869		-	SUBTITLE; 16
870		-
871		-	(II) THE ADMINISTRATOR REASONA BLY BELIEVES THE PER SON 17
872		-	IS ENTITLED TO RECEIVE THE PROPERTY OR PAYM ENT; AND 18
873		-
874		-	(III) THE PROPERTY OR PAYME NT HAS A VALUE OF $5,000 OR 19
875		-	LESS. 20
876		-
877		-	(2) IF THE ADMINISTRATOR WAIVES THE FILING REQUIREME NT IN 21
878		-	ACCORDANCE WITH PARA GRAPH (1) OF THIS SUBSECTION , THE ADMINISTRATOR 22
879		-	SHALL MAKE PA YMENT IN ACCORDANCE WITH § 17–319(B) OF THIS SUBTITLE. 23
880		-
881		-	(C) THE ADMINISTRATOR SHALL P AY OR DELIVER PROPER TY TO A 24
882		-	CLAIMANT UNDER THIS SECTION IF THE ADMINISTRATOR RECEIVE S EVIDENCE 25
883		-	SUFFICIENT TO THE SA TISFACTION OF THE ADMINISTRATOR TO ESTA BLISH THAT 26
884		-	THE CLAIMANT IS THE OWNER OF THE PROPERTY . 27
885		-
886		-	17–319. 28
887		-
888		-	(a) (1) The Administrator shall consider any claim filed under this title and 29
889		-	may hold a hearing and receive evidence concerning it. 30
890		-
891		-	(2) (I) If a hearing is held, [he] THE ADMINISTRATOR shall prepare a 31
892		-	finding and a decision in writing on each claim filed, stating the substance of any evidence 32 20 SENATE BILL 665
893		-
894		-
895		-	heard by [him] THE ADMINISTRATOR and the reasons for [his] THE ADMINISTRATOR ’S 1
896		-	decision. 2
897		-
898		-	(II) The decision shall be a public record. 3
899		-
900		-	(b) (1) If the claim is allowed, OR IF THE ADMINISTRATOR WAIVES THE 4
901		-	FILING REQUIREMENT I N ACCORDANCE WITH § 17–318(B) OF THIS SUBTITLE , the 5
902		-	Administrator immediately shall make payment. 6
903		-
904		-	(2) The claim shall be paid without deduction for costs of notices or sale or 7
905		-	for service charges. 8
906		-
907		-	(c) In satisfying a claim the Administrator shall pay the claimant an amount 9
908		-	equal to the sales price obtained at the public sale. 10
909		-
910		-	17–319.1. 11
911		-
912		-	(A) NOT LATER THAN 6 MONTHS AFTER A CLAIM IS ALLOWED UNDER § 12
913		-	17–318(A) OF THIS SUBTITLE, THE ADMINISTRATOR SHALL D ELIVER THE PROPERTY 13
914		-	TO THE OWNER OR PAY TO THE OWNER THE NET PROCEEDS OF A SALE O F THE 14
915		-	PROPERTY. 15
916		-
917		-	(B) THE ADMINISTRATOR MAY APP LY PROPERTY HELD UND ER THIS TITLE 16
918		-	BY THE ADMINISTRATOR TO A CL AIM FOR THE PAYMENT OF A DEBT OWED TO THE 17
919		-	STATE IDENTIFIED BY O R CERTIFIED TO THE ADMINISTRATOR , INCLUDING DEBTS 18
920		-	FOR UNPAID STATE, COUNTY, OR MUNICIPAL TAX . 19
921		-
922		-	(C) BEFORE DELIVERY TO AN OWNER OF PROPERTY VALUED AT $100 OR 20
923		-	MORE OR PAYMENT TO AN OWN ER FOR NET PROCEEDS OF A SALE OF PROPERT Y 21
924		-	WHERE THE NET PROCEE DS ARE $100 OR MORE, THE ADMINISTRATOR SHALL : 22
925		-
926		-	(1) APPLY THE PROPERTY OR NET PROCEEDS TO ANY DEBT UNDER 23
927		-	SUBSECTION (B) OF THIS SECTION THAT THE ADMINISTRATOR DETERMI NES IS 24
928		-	OWED BY THE OWNER ; 25
929		-
930		-	(2) PAY THE AMOUNT IDENTI FIED BY OR CERTIFIED TO THE 26
931		-	ADMINISTRATOR UNDER S UBSECTION (B) OF THIS SECTION; AND 27
932		-
933		-	(3) NOTIFY THE OWNER OF A NY PAYMENT TOWARD A DEBT UNDER 28
934		-	SUBSECTION (B) OF THIS SECTION THAT THE ADMINISTRATOR DETERMI NES IS 29
935		-	OWED BY THE OWNER . 30
936		-
937		-	(D) (1) THE ADMINISTRATOR MAY MAK E PERIODIC INQUIRIES O F STATE 31
938		-	AND LOCAL AGENCIES I N THE ABSENCE OF A C LAIM FILED UNDER § 17–318(A) OF 32 SENATE BILL 665 21
939		-
940		-
941		-	THIS SUBTITLE TO DET ERMINE WHETHER AN AP PARENT OWNER INCLUDE D IN THE 1
942		-	UNCLAIMED PROPERTY R ECORDS OF THE STATE HAS ENFORCEABLE DEBTS UNDER 2
943		-	SUBSECTION (B) OF THIS SECTION IF THE AMOUNT OF PRO PERTY IS VALUED AT $100 3
944		-	OR MORE. 4
945		-
946		-	(2) IF THE ADMINISTRATOR IDENTIF IES AN ENFORCEABLE D EBT 5
947		-	DURING A PERIODIC IN QUIRY, THE ADMINISTRATOR SHALL : 6
948		-
949		-	(I) APPLY THE PROPERTY OR NET PROCEEDS OF A SA LE OF THE 7
950		-	PROPERTY HELD BY THE ADMINISTRATOR TO THE DEBT OF AN APPARENT OWNER 8
951		-	WHO APPEARS IN THE R ECORDS OF THE ADMINISTRATOR ; 9
952		-
953		-	(II) PAY THE AMOUNT IDENTI FIED BY OR CERTIFIED TO THE 10
954		-	ADMINISTRATOR UNDER S UBSECTION (B) OF THIS SECTION; AND 11
955		-
956		-	(III) NOTIFY THE OWNER OF A NY PAYMENT TOW ARD A DEBT 12
957		-	UNDER SUBSECTION (B) OF THIS SECTION THAT THE ADMINISTRATOR DETERMI NES 13
958		-	IS OWED BY THE OWNER . 14
959		-
960		-	17–320. 15
961		-
962		-	(A) Any person aggrieved by a decision of the Administrator or as to whose claim 16
963		-	the Administrator has failed to act within [90 days] 6 MONTHS after the filing of the claim, 17
964		-	may commence an action in the circuit court for the county to establish [his] THE claim. 18
965		-
966		-	(B) The proceeding shall be brought within 90 days after the decision of the 19
967		-	Administrator or within [180 days] 1 YEAR from the filing of the claim if the Administrator 20
968		-	fails to act. 21
969		-
970		-	SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect 22
971		-	October 1, 2025. 23
972	948
973	949
974	950
975	951		Approved:
976	952		________________________________________________________________________________
977	953		Governor.
978	954		________________________________________________________________________________
979	955		President of the Senate.
980	956		________________________________________________________________________________
981	957		Speaker of the House of Delegates.