Bill > LD1969

This bill amends the Maine Revised Unclaimed Property Act to introduce several key changes. It adds "virtual currency" as a new type of property that can be considered abandoned, defining it as a digital representation of value that is not legal tender, and establishes specific rules for its presumption of abandonment and liquidation. The bill simplifies the abandonment process for various types of accounts, including tax-advantaged retirement accounts, custodial accounts for minors, and securities, by modifying the criteria for when property is considered abandoned. Notably, the bill removes automatic transactions as an indication of an owner's interest in property and prohibits charging escheat fees on certain accounts. It also strengthens confidentiality provisions for unclaimed property records and third-party auditors, requires unremitted property to be held in trust on behalf of the owner, and clarifies when an audit has commenced. The bill provides protections for property owners by allowing claims to be filed at any time and ensures that holders must attempt to notify owners before reporting property as abandoned. Additionally, it introduces specific provisions for handling virtual currency, including guidelines for liquidation and addressing situations where liquidation might not be possible.

Health and Social Services

https://legislature.maine.gov/legis/bills/display_ps.asp?LD=1969&snum=132