An Act To Protect Consumers from Closure of Inactive Bank Accounts

Sec. 1. 9-B MRSA §428,  as amended by PL 2001, c. 211, §13, is further amended to read:

§ 428. Inactive or unclaimed accounts

All moneys money in unclaimed accounts in each financial institution authorized to do business in this State must be disposed of according to Title 33, chapter 41. Before disposing of money in an unclaimed account or closing an inactive account, a financial institution authorized to do business in this State shall send a written notice by registered mail to the holder of the unclaimed or inactive account at the holder’s last known address informing the account holder of the disposition of the money or the pending closure of the account.

SUMMARY

This bill requires a financial institution authorized to do business in this State to notify a holder of an inactive or unclaimed account by registered mail before the closure of the account or the disposition of the money of that closure or disposition.