Bill > LD1969

This bill amends Maine's Unclaimed Property Act to include "virtual currency" within its scope, defining it as a digital representation of value used as a medium of exchange, unit of account, or store of value, but excluding loyalty program rewards and in-game digital content. It also defines a "private key" as the cryptographic data used to sign blockchain transactions. The bill clarifies when virtual currency is presumed abandoned, generally after five years of owner inactivity, and outlines procedures for holders to report and deliver it to the state administrator, including provisions for liquidation and situations where a holder cannot transfer the currency. Additionally, the bill makes several other changes to the unclaimed property law, such as adjusting the presumed abandonment period for certain retirement accounts, clarifying rules for reporting and claiming property, prohibiting "escheat fees," and enhancing confidentiality protections for information gathered during examinations of holders.