Bill > SB665

This bill modifies Maryland's Uniform Disposition of Abandoned Property Act by making several key changes to how unclaimed property is handled. It introduces a definition for virtual currency, which is presumed abandoned after 5 years of inactivity, and requires holders to liquidate such currency before reporting it to the state. The bill expands the definition of "indication of apparent owner interest" to include various forms of account activity, such as accessing account information, making electronic transactions, or responding to communications. It also establishes new procedures for determining the death of an insured or annuitant using the Death Master File, which allows insurance companies to presume an individual's death based on database matches. The bill lowers the threshold for property that must be published in notices from $100 to $50 and increases the amount the Administrator can retain for information technology costs from an unspecified amount to up to $5,000,000. Additionally, the bill modifies claim filing procedures, giving claimants more opportunities to amend denied claims and reducing the time frame for administrative action on claims. The changes aim to modernize the state's approach to unclaimed property, incorporating digital assets and streamlining administrative processes. The bill is set to take effect on October 1, 2025.