An Act To Enact the Maine Revised Unclaimed Property Act
Sec. 1. 4 MRSA §8-A, sub-§2, as amended by PL 2003, c. 20, Pt. T, §2, is further amended to read:
Sec. 2. 8 MRSA §1032, as amended by IB 2009, c. 2, §40, is further amended to read:
§ 1032. Payment of credits by slot machine or casino operator
A slot machine operator or casino operator shall redeem credits for players who earn credits on a slot machine or table game located on the premises of that slot machine facility or casino in accordance with rules adopted by the board. A slot machine operator or casino operator may not redeem a credit slip more than 365 days from the date of issuance. The funds reserved for the payment of such a credit slip or expired unclaimed jackpot must be retained by the slot machine operator or casino operator and treated as gross slot machine income or gross table game income and do not constitute property subject to the requirements of Title 33, chapter 41 45.
Sec. 3. 9-B MRSA §161, sub-§2, ¶K, as amended by PL 2001, c. 262, Pt. B, §3, is further amended to read:
Sec. 4. 9-B MRSA §428, as amended by PL 2001, c. 211, §13, is further amended to read:
§ 428. Inactive deposits or accounts
All moneys in unclaimed accounts in each financial institution authorized to do business in this State must be disposed of according to Title 33, chapter 41 45.
Sec. 5. 10 MRSA §3751, last ¶, as amended by PL 2003, c. 20, Pt. T, §4, is further amended to read:
The contents of an opened safe or box, if unclaimed, must be disposed of according to Title 33, chapter 41 45.
Sec. 6. 10 MRSA §3953, as amended by PL 2003, c. 20, Pt. T, §5, is further amended to read:
§ 3953. Disposal of residue
After satisfying the lien and the reasonable costs and expenses accrued, the residue must be disposed of according to Title 33, chapter 41 45.
Sec. 7. 10 MRSA §4009, as amended by PL 2003, c. 20, Pt. T, §6, is further amended to read:
§ 4009. Disposal of proceeds
Money paid into court may be paid over to the person legally entitled to it, on motion and order of the court. If it is not called for at the first term after it is paid into court, it must be presumed unclaimed and disposed of according to Title 33, chapter 41 45.
Sec. 8. 12 MRSA §12661, sub-§3, as amended by PL 2017, c. 164, §22, is further amended to read:
Sec. 9. 13-C MRSA §1440, as enacted by PL 2001, c. 640, Pt. A, §2 and affected by Pt. B, §7, is amended to read:
§ 1440. Deposit with Treasurer of State
Assets of a dissolved corporation that should be transferred to a creditor, claimant or shareholder of the corporation who can not be found or who is not competent to receive the assets must be reduced to cash and deposited with the Treasurer of State or other appropriate state official for safekeeping in accordance with Title 33, chapter 41 45. When the creditor, claimant or shareholder furnishes satisfactory proof of entitlement to the amount deposited, the Treasurer of State or other appropriate state official shall pay the creditor, claimant or shareholder or that person's representative that amount.
Sec. 10. 14 MRSA §2901, last ¶, as enacted by PL 2003, c. 149, §8, is amended to read:
If the trustee discloses possession of goods, effects or credits of the principal defendant, or by virtue of default is adjudged trustee, and the trusteed funds are not collected or released within 7 years, they must be presumed abandoned under Title 33, chapter 41 45 unless the trustee is served with a certificate of the clerk of the appropriate court, between 30 and 90 days prior to such date, evidencing that the principal action is still pending.
Sec. 11. 14 MRSA §6324, as amended by PL 2003, c. 20, Pt. T, §10, is further amended to read:
§ 6324. Proceeds of sale
After first deducting the expenses incurred in making the sale, the mortgagee shall disburse the remaining proceeds in accordance with the provisions of the judgment. The mortgagee shall file a report of the sale and the disbursement of the proceeds therefrom with the court and shall mail a copy to the mortgagor at the mortgagor's last known address. This report need not be accepted or approved by the court, provided that the mortgagor or any other party in interest may contest the accounting by motion filed within 30 days of receipt of the report, but any such challenge may be for money only and does not affect the title to the real estate purchased by the highest bidder at the public sale. Any deficiency must be assessed against the mortgagor and an execution must be issued by the court therefor. In the event the mortgagee has been the purchaser at the public sale, any deficiency is limited to the difference between the fair market value of the premises at the time of the public sale, as established by an independent appraisal, and the sum due the mortgagee as established by the court with interest plus the expenses incurred in making the sale. Any surplus must be paid to the mortgagor, the mortgagor's successors, heirs or assigns in the proceeding. If the mortgagor has not appeared personally or by an attorney, the surplus must be paid to the clerk of courts, who shall hold the surplus in escrow for 6 months for the benefit of the mortgagor, the mortgagor's successors, heirs or assigns and, if the surplus remains unclaimed after 6 months, the clerk shall pay the surplus to the Treasurer of State to be credited to the General Fund until it becomes unclaimed under the Uniform Maine Revised Unclaimed Property Act, and report and pay it to the State in accordance with that Act.
Sec. 12. 23 MRSA §156, next to the last ¶, as affected by PL 1997, c. 508, Pt. A, §3 and amended by Pt. B, §5, is further amended to read:
After the appeal period from the decree of the State Claims Commission or a judgment of any court has expired, any sum of money directed by a decree of the commission or by a judgment of any court to be paid over that remains unclaimed for 60 days must be disposed of consistent with Title 33, chapter 41 45.
Sec. 13. 24-A MRSA §3486, sub-§14, as amended by PL 2003, c. 344, Pt. D, §16, is further amended to read:
Sec. 14. 24-A MRSA §4551, first ¶, as amended by PL 2017, c. 129, §1, is further amended to read:
All unclaimed money held and owing by any life insurer doing business in this State must be disposed of according to Title 33, chapter 41 45. Before disposing of any unclaimed money in accordance with Title 33, chapter 41 45, a life insurer doing business in this State shall comply with this section.
Sec. 15. 25 MRSA §3503-B, as enacted by PL 2003, c. 77, §1, is amended to read:
§ 3503-B. Bicycle disposal
Notwithstanding section 3503, a local legislative body in a municipality may dispose of unclaimed bicycles in a manner decided by that body and is exempt from Title 33, chapter 41 45 with respect to unclaimed bicycles.
Sec. 16. 25 MRSA §3504, as affected by PL 1997, c. 508, Pt. A, §3 and amended by Pt. B, §6, is further amended to read:
§ 3504. Deposit of proceeds
Proceeds of the sale of the property at public auction, less reimbursement to the law enforcement agency and others authorized of the reasonable expenses of custody, must be disposed of according to Title 33, chapter 41 45.
Sec. 17. 27 MRSA §601, sub-§1, as amended by PL 2011, c. 263, §1, is further amended to read:
As used in this section, "museum" means an organization that is operated by a nonprofit corporation, public agency or educational institution primarily for educational, scientific, historic preservation, cultural or aesthetic purposes and that owns, cares for, exhibits, studies, archives and catalogues tangible property and includes, but is not limited to, historical societies, archives and art, history, science and natural history organizations.
Sec. 18. 29-A MRSA §754, sub-§4, ¶B, as affected by PL 1997, c. 508, Pt. A, §3 and amended by Pt. B, §7, is further amended to read:
Sec. 19. 30-A MRSA §3106, sub-§1, ¶A, as enacted by PL 1999, c. 667, §1, is amended to read:
Sec. 20. 30-A MRSA §3862, sub-§3, as amended by PL 2003, c. 20, Pt. T, §17, is further amended to read:
Sec. 21. 33 MRSA c. 41, as amended, is repealed.
Sec. 22. 33 MRSA c. 45 is enacted to read:
MAINE REVISED UNCLAIMED PROPERTY ACT
§ 2051. Short title
This chapter may be known and cited as "the Maine Revised Unclaimed Property Act."
§ 2052. Definitions
As used in this Act, unless the context otherwise indicates, the following terms have the following meanings.
(1) Is a bearer instrument not associated with an account holder or individual;
(2) May be decreased in value only by redemption for merchandise, goods or services; and
(3) Unless required by law, may not be redeemed for or converted into money or otherwise monetized.
(1) Money, interest or a dividend, check, draft or depositor payroll card;
(2) A credit balance, customer's overpayment, stored-value obligation, security deposit, refund, credit memorandum, unpaid wage, unused ticket for which the issuer has an obligation to provide a refund, mineral proceeds or unidentified remittance;
(3) A security, except for:
(a) A worthless security; or
(b) A security that is subject to a lien, legal hold or restriction evidenced on the records of the holder or imposed by operation of law, if the lien, legal hold or restriction restricts the holder's or owner's ability to receive, transfer, sell or otherwise negotiate the security;
(4) A bond, debenture, note or other evidence of indebtedness;
(5) Money deposited to redeem a security, make a distribution or pay a dividend;
(6) An amount due and payable under an annuity contract or insurance policy; and
(7) An amount distributable from a trust or custodial fund established under a plan to provide a health, welfare, pension, vacation, severance, retirement, death, stock purchase, profit sharing, employee savings, supplemental unemployment insurance or similar benefit; and
(1) Registered on the books of the issuer in the name of the person for which the broker-dealer holds the assets;
(2) Payable to the order of the person; or
(3) Specifically indorsed to the person; or
§ 2053. Inapplicability to foreign transaction
This Act does not apply to property held, due and owing in a foreign country if the transaction out of which the property arose was a wholly foreign transaction.
§ 2054. Rulemaking
The administrator may adopt rules to implement and administer this Act. Rules adopted pursuant to this section are routine technical rules as defined in Title 5, chapter 375, subchapter 2-A.
PRESUMPTION OF ABANDONMENT
§ 2061. When property presumed abandoned
Subject to section 2070, the following property is presumed abandoned if it is unclaimed by the apparent owner during the period specified:
(1) Of the death of the insured; and
(2) The insured has attained the limiting age under the mortality table on which the reserve for the policy is based; and
§ 2062. When tax-deferred retirement account presumed abandoned
(1) Except as in subparagraph (2), the date a communication sent by the holder by first class United States mail to the apparent owner is returned to the holder as undeliverable by the United States Postal Service; and
(2) If the returned communication is resent within 30 days, the date the resent communication was returned as undeliverable by the United States Postal Service; and
(1) The date the apparent owner becomes 70 1/2 years of age; and
(2) If the federal Internal Revenue Code of 1986, as amended, requires distribution to avoid a tax penalty, the date the holder:
(a) Receives confirmation of the death of the apparent owner in the ordinary course of its business; or
(b) Confirms the death of the apparent owner under subsection 2.
§ 2063. When other tax-deferred account presumed abandoned
§ 2064. When custodial account for minor presumed abandoned
§ 2065. When contents of safe deposit box presumed abandoned
Tangible property held in a safe deposit box or other safekeeping depository in this State in the ordinary course of the holder's business and proceeds resulting from the sale of the property permitted by other law are presumed abandoned if the property and proceeds remain unclaimed by the owner for more than 3 years after expiration of the lease or rental period on the box or other depository.
§ 2066. When stored-value obligation presumed abandoned
§ 2067. When gift obligation presumed abandoned
§ 2068. When security presumed abandoned
§ 2069. When related property presumed abandoned
At and after the time property is presumed abandoned under this Act, any other property right or interest accrued or accruing from the property and not previously presumed abandoned is also presumed abandoned.
§ 2070. Indication of apparent owner
(1) The fact that the apparent owner has indicated interest with respect to the other relationships or accounts; or
(2) The fact that there is a memorandum or other record on file prepared by the holder indicating that the holder has communicated in writing with the apparent owner with regard to the deposit at the address to which communications regarding the other relationships or deposits are regularly sent.
§ 2071. Deposit account for proceeds of insurance policy or annuity
If proceeds payable under a life or endowment insurance policy or annuity contract are deposited into an account with check-writing or draft-writing privileges for the beneficiary of the policy or contract and, under a supplementary contract not involving annuity benefits other than death benefits, the proceeds are retained by the insurance company or the financial organization where the account is held, the policy or contract includes the assets in the account.
§ 2072. When United States savings bonds are presumed abandoned
RULES FOR TAKING CUSTODY OF PROPERTY PRESUMED ABANDONED
§ 2081. Address of apparent owner to establish priority
In this subchapter, the following rules apply:
§ 2082. Address of apparent owner in this State
The administrator may take custody of property that is presumed abandoned, whether located in this State, another state or a foreign country if:
§ 2083. If records show multiple addresses of apparent owner
§ 2084. Holder domiciled in this State
§ 2085. Custody if transaction took place in this State
Except as in section 2082, 2083 or 2084, the administrator may take custody of property presumed abandoned whether located in this State or another state if:
§ 2086. Traveler's check, money order or similar instrument
The administrator may take custody of sums payable on a traveler's check, money order or similar instrument presumed abandoned to the extent permissible under 12 United States Code, Sections 2501 to 2503, as amended.
§ 2087. Burden of proof to establish administrator's right to custody
Subject to subchapter 4 and section 2165, if the administrator asserts a right to custody of unclaimed property and there is a dispute concerning the property, the administrator has the burden of proving:
REPORT BY HOLDER
§ 2091. Report required by holder
§ 2092. Content of report
§ 2093. When report filed
§ 2094. Retention of records by holder
A holder required to file a report under section 2091 shall retain records for 10 years after the date the report was filed or the last date a timely report was due to be filed, whichever is later, unless a shorter period is provided by rule of the administrator. The holder may satisfy the requirement to retain records under this section through an agent. The records must contain:
§ 2095. Property reportable and payable or deliverable absent owner demand
Property is reportable and payable or deliverable under this Act even if the owner fails to make demand or present an instrument or document otherwise required to obtain payment.
NOTICE TO APPARENT OWNER OF PROPERTY PRESUMED ABANDONED
§ 2101. Notice to apparent owner by holder
§ 2102. Contents of notice by holder
§ 2103. Notice by administrator
§ 2104. Cooperation among state officers and agencies to locate apparent owner
Unless prohibited by law of this State other than this Act, on request of the administrator, each officer, agency, board, commission, division and department of this State, any body politic and corporate created by this State for a public purpose, and each political subdivision of this State shall make its books and records available to the administrator and cooperate with the administrator to determine the current address of an apparent owner of property held by the administrator under this Act or to otherwise assist the administrator in the administration of this Act. The administrator may also enter into data-sharing agreements to enable other governmental agencies to provide an additional notice to apparent owners of property held by the administrator.
TAKING CUSTODY OF PROPERTY BY ADMINISTRATOR
§ 2111. Definition of good faith
In this subchapter, payment or delivery of property is made in good faith if a holder:
§ 2112. Dormancy charge
§ 2113. Payment or delivery of property to administrator
§ 2114. Effect of payment or delivery of property to administrator
§ 2115. Recovery of property by holder from administrator
§ 2116. Property removed from safe deposit box
Property removed from a safe deposit box and delivered under this Act to the administrator is subject to the holder's right to reimbursement for the cost of opening the box and a lien or contract providing reimbursement to the holder for unpaid rent charges for the box. The administrator shall reimburse the holder from the proceeds remaining after deducting the expense incurred by the administrator in selling the property.
§ 2117. Crediting income or gain to owner's account
If property other than money is delivered to the administrator, the owner is entitled to receive from the administrator income or gain realized or accrued on the property before the property is sold. If the property was an interest-bearing savings or time deposit, the administrator shall pay interest at the current 10-year average cash pool rate. Interest is calculated from the date the property is delivered to the administrator and ends on the expiration of 10 years after its delivery or the date on which payment is made to the owner, whichever is earlier.
§ 2118. Administrator's options as to custody
§ 2119. Disposition of property having no substantial value; immunity from liability
§ 2120. Periods of limitation and repose
SALE OF PROPERTY BY ADMINISTRATOR
§ 2131. Public sale of property
§ 2132. Disposal of securities
§ 2133. Recovery of securities or value by owner
§ 2134. Purchaser owns property after sale
A purchaser of property at a sale conducted by the administrator under this Act takes the property free of all claims of the owner, a previous holder or a person claiming through the owner or holder. The administrator shall execute documents necessary to complete the transfer of ownership to the purchaser.
§ 2135. Military medal or decoration
ADMINISTRATION OF PROPERTY
§ 2141. Deposit of funds by administrator
§ 2142. Administrator to retain records of property
The administrator shall:
§ 2143. Expenses and service charges of administrator
Before making a deposit of funds received under this Act to the Unclaimed Property Fund under section 2141, the administrator may deduct:
At the end of each year or more often, the administrator shall transfer to the General Fund all money in the Unclaimed Property Fund under section 2141 that is in excess of $500,000.
§ 2144. Administrator holds property as custodian for owner
Except as provided in section 2072, property received by the administrator under this Act is held in custody for the benefit of the owner and is not owned by the State.
CLAIM TO RECOVER PROPERTY FROM ADMINISTRATOR
§ 2151. Claim of another state to recover property
§ 2152. When property subject to recovery by another state
(1) The other state establishes that the last known address of the apparent owner or other person entitled to the property was in the other state; or
(2) Under the law of the other state, the property has become subject to a claim by the other state of abandonment;
(1) Is a sum payable on a traveler's check, money order or similar instrument that was purchased in the other state and delivered to the administrator under section 2086; and
(2) Under the law of the other state, has become subject to a claim by the other state of abandonment.
§ 2153. Claim for property by person claiming to be owner
§ 2154. When administrator must honor claim for property
§ 2155. Allowance of claim for property
§ 2156. Action by person whose claim is denied
Not later than one year after being denied a claim under section 2154, the claimant may commence an action against the administrator in the Superior Court of Kennebec County to establish a claim.
VERIFIED REPORT OF PROPERTY; EXAMINATION OF RECORDS
§ 2161. Verified report of property
If a person does not file a report required by section 2091 or the administrator believes that a person may have filed an inaccurate, incomplete or false report, the administrator may require the person to file a verified report in a form prescribed by the administrator. The verified report must:
§ 2162. Examination of records to determine compliance
The administrator, at reasonable times and on reasonable notice, may:
§ 2163. Rules for conducting examination
The administrator may adopt rules governing procedures and standards for an examination under section 2162.
§ 2164. Records obtained in examination
Records obtained and records compiled, including work papers, by the administrator in the course of conducting an examination under section 2162:
§ 2165. Evidence of unpaid debt or undischarged obligation
§ 2166. Failure of person examined to retain records
If a person subject to examination under section 2162 does not retain the records as required by section 2094, the administrator may determine the value of property due using a reasonable method of estimation based on all information available to the administrator, including extrapolation and use of statistical sampling when appropriate and necessary, consistent with examination procedures and standards adopted under and in accordance with section 2163.
§ 2167. Report to person whose records were examined
At the conclusion of an examination under section 2162, upon request, the administrator shall provide to the person whose records were examined a report that specifies:
§ 2168. Complaint to administrator about conduct of person conducting examination
If a person subject to examination under section 2162 believes the person conducting the examination has made an unreasonable or unauthorized request or is not proceeding expeditiously to complete the examination, the person in a record may ask the administrator to intervene and take appropriate remedial action, including countermanding the request of the person conducting the examination, imposing a time limit for completion of the examination or reassigning the examination to another person. The administrator shall respond to all such requests within 30 days of receipt of the complaint.
§ 2169. Administrator's contract to conduct examination
The administrator may contract with a person to conduct an examination under this subchapter.
§ 2170. Determination of liability for unreported reportable property
If the administrator determines from an examination conducted under section 2162 that a putative holder failed or refused to pay or deliver to the administrator property that is reportable under this Act, the administrator shall issue a determination of the putative holder's liability to pay or deliver and shall give notice in a record to the putative holder of the determination.
DETERMINATION OF LIABILITY; PUTATIVE HOLDER REMEDIES
§ 2181. Informal conference
§ 2182. Review of administrator's determination
A putative holder may seek relief from a determination under section 2170 by:
§ 2183. Administrative review
§ 2184. Judicial remedy
ENFORCEMENT BY ADMINISTRATOR
§ 2191. Judicial action to enforce liability
§ 2192. Interstate and international agreement; cooperation
§ 2193. Action involving another state or foreign country
§ 2194. Interest and penalty for failure to act in timely manner
§ 2195. Other civil penalties
§ 2196. Waiver of interest and penalty
AGREEMENT TO LOCATE PROPERTY OF APPARENT OWNER HELD BY ADMINISTRATOR
§ 2201. When agreement to locate property enforceable
An agreement by an apparent owner and a professional investigator, as defined by Title 32, section 8103, subsection 5, the primary purpose of which is to locate, deliver, recover or assist in the location, delivery or recovery of property held by the administrator, is enforceable only if the agreement:
§ 2202. When agreement to locate property void
CONFIDENTIALITY AND SECURITY OF INFORMATION
§ 2211. Definitions; applicability
(1) Social security number or other government-issued number or identifier;
(2) Date of birth;
(3) Home or physical address;
(4) E-mail address or other online contact information or Internet protocol address;
(5) Financial account number or credit or debit card number;
(6) Biometric data, health or medical data or insurance information; or
(7) Passwords or other credentials that permit access to an online or other account;
§ 2212. Confidential information
§ 2213. When confidential information may be disclosed
§ 2214. Confidentiality agreement
A person to be examined under section 2162 may require, as a condition of disclosure of the records of the person to be examined, that the administrator or the administrator's agent execute and deliver to the person to be examined a confidentiality agreement that:
§ 2215. Security breach
(1) Compromises the security, confidentiality or integrity of the information; or
(2) Creates a substantial risk of identity fraud or theft.
(1) Any notification required by law concerning a data or other security breach; and
(2) A regulatory inquiry, litigation or similar action.
§ 2216. Indemnification for breach
§ 2221. Relation to Electronic Signatures in Global and National Commerce Act
This Act modifies, limits and supersedes the federal Electronic Signatures in Global and National Commerce Act, 15 United States Code, Section 7001 et seq., but does not modify, limit or supersede Section 101(c) of that Act, 15 United States Code, Section 7001(c), or authorize electronic delivery of any of the notices described in Section 103(b) of that Act, 15 United States Code, Section 7003(b).
§ 2222. Transitional provision
§ 2223. Effective date
This Act takes effect October 1, 2019.
Sec. 23. 34-A MRSA §3040, as amended by PL 2003, c. 20, Pt. T, §32, is further amended to read:
§ 3040. Clients' property presumed abandoned
Any property abandoned or unclaimed by a client in a correctional or detention facility must be disposed of according to Title 33, chapter 41 45.
Sec. 24. 34-B MRSA §1434, as amended by PL 2003, c. 20, Pt. T, §33, is further amended to read:
§ 1434. Resident's property presumed abandoned
Any property abandoned or unclaimed by a resident of a state institution must be disposed of according to Title 33, chapter 41 45.
Sec. 25. 36 MRSA §191, sub-§2, ¶Z, as amended by PL 2003, c. 390, §3, is further amended to read:
(1) The current mailing address for a taxpayer for purposes of returning unclaimed or abandoned property to the rightful owner or heir; and
(2) The names and mailing addresses of all Maine corporate income tax filers in an electronic medium prescribed by the State Tax Assessor;
This bill repeals Maine's Uniform Unclaimed Property Act and enacts the Maine Revised Unclaimed Property Act. The bill also corrects cross-references.