Bill > HB761

This bill updates Maryland's Uniform Disposition of Abandoned Property Act with several key provisions. It expands the definition of abandoned property to include virtual currency, which becomes presumed abandoned after 5 years of inactivity, and requires holders to liquidate such virtual currency before reporting it to the state. The bill introduces a new definition of "apparent owner" and provides more detailed guidelines for determining when property is considered abandoned, including specific rules for bank accounts, insurance policies, and pension or retirement accounts. The legislation lowers the threshold for publishing notices of unclaimed property from $100 to $50 and modifies procedures for addressing undeliverable communications with property owners. Additionally, the bill establishes new protocols for determining the death of an insured or annuitant using the Death Master File, which allows insurance companies to more efficiently identify deceased policyholders. The bill also adjusts claim filing procedures, allowing the administrator more flexibility in processing claims and providing clearer guidelines for how unclaimed property can be used to satisfy state or local debts. These changes aim to modernize the state's approach to managing unclaimed property and improve the process for reuniting owners with their lost assets.

Budget and Finance, Business and Industry, Health and Social Services

https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/HB0761?ys=2025RS