An Act to Amend the Maine Revised Unclaimed Property Act and Clarify the Definition of "Virtual Currency"
Sponsored By: Morgan Rielly (Democratic)
Signed by Governor
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Bill Overview
Analyzed Economic Effects
7 provisions identified: 2 benefits, 1 costs, 4 mixed.
Updated timelines for unclaimed money
The law updates when many accounts become unclaimed. Retirement plan money is abandoned 1 year after a plan ends; IRAs and similar are abandoned 3 years after the later of returned first‑class mail and the federal required distribution date. Holders must try to confirm a reported death within 90 days. Payroll cards and bank deposits are abandoned 3 years after the later of maturity or your last sign of interest; auto‑renew deposits count as matured on the first date unless you consented to renew. Stored‑value not activated is abandoned 1 year after funds first could be used; UGMA/UTMA accounts are 3 years after the transfer is due, and if a beneficiary’s address is unknown after death, the owner’s last address is used. Life or annuity proceeds in check‑writing accounts are 3 years after the beneficiary’s last sign of interest. Your own deposit, withdrawal, or presenting a check counts as interest; automated ACH, auto‑reinvestments, and fee sweeps do not.
Stronger notices, sale limits, and claim rights
If securities or virtual currency worth $1,000 or more are at risk and the holder has your valid address, the holder must send certified mail at least 60 days before reporting. Notices must warn that your property may be sold and include steps to stop reporting or sale. The State generally waits one year after taking custody before selling a security or crypto, and cannot sell below the current exchange price. If it sells within that first year and you claim within that year, you get the higher of the sale proceeds or the market value at claim time, minus sale costs. Virtual currency liquidation follows the new crypto rules, and you can file a claim at any time using the administrator’s form.
New rules for unclaimed crypto
The law defines virtual currency and a "private key." It treats crypto like money under unclaimed property rules. Crypto is presumed abandoned after 5 years with no owner activity or after mail is returned. Holders who control the keys must deliver the crypto in native form within 30 days before they file. The administrator may refuse nontransferable or tiny‑value coins and can order a sale or move to a state account.
Tighter exams and confidentiality for holders
Your unclaimed property filings and exam records are confidential and not public. The administrator can share records with an agent, and with a prior or new agent, under confidentiality. If you are examined, you must use the standard confidentiality form. If you do not sign and cannot agree within 90 days, the exam still goes forward under the statute’s protections. Materials created by the administrator or its agent are part of the exam record, and if you did not keep required records, the administrator can estimate what you owe using sampling or extrapolation. When the administrator starts an action or exam, time limits pause.
No escheat fees and stronger custody
Holders cannot charge or deduct an escheat or unclaimed property reporting fee from your money. On May 1 (insurance) and November 1 (other property), holders that still have presumed‑abandoned property hold it in trust for the State and are liable for the full value plus interest and penalties until they deliver it on time. This helps you receive the full amount owed.
New filing deadlines for holders
Life insurance unclaimed property reports are due before May 1 each year for the prior calendar year. For some issued obligations and added deposits, the key reference date moves from December 31 to June 30 of that year.
Targeted repeals in unclaimed property law
The law repeals several small subsections in the unclaimed property statute: 33 MRSA §§2063(2), 2064(2), 2064(3), and §2165(4). This cleans up prior text; practical effects depend on what those subsections previously required.
Sponsors & Cosponsors
Sponsor
Morgan Rielly
Democratic • House
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
Actions Timeline
Signed by Governor, ACTPUB Chapter 675
4/13/2026PASSED TO BE ENACTED, in concurrence.
4/6/2026SenatePASSED TO BE ENACTED. Sent for concurrence. ORDERED SENT FORTHWITH.
4/2/2026HouseReport READ and ACCEPTED, in concurrence.READ ONCE.Committee Amendment "A" (H-947) READ and ADOPTED, in concurrence.Under suspension of the Rules, READ A SECOND TIME and PASSED TO BE ENGROSSED AS AMENDED BY Committee Amendment "A" (H-947), in concurrence.Ordered sent down forthwith.
4/2/2026SenateCONSENT CALENDAR - FIRST DAYUnder suspension of the rules CONSENT CALENDAR - SECOND DAY.The Bill was PASSED TO BE ENGROSSED as Amended by Committee Amendment "A" (H-947).Sent for concurrence. ORDERED SENT FORTHWITH.
4/2/2026HouseCarried over, in the same posture, to any special or regular session of the 132nd Legislature, pursuant to Joint Order SP 800.
6/25/2025HouseThe House RECEDED and CONCURRED to REFERENCE to the Committee on STATE AND LOCAL GOVERNMENT.ORDERED SENT FORTHWITH.
5/14/2025HouseOn motion by Senator CARNEY of Cumberland REFERENCE to the Committee on STATE AND LOCAL GOVERNMENT In NON-CONCURRENCE Sent down for concurrence
5/13/2025SenateCommittee on JUDICIARY suggested and ordered printed. On motion of Representative KUHN of Falmouth, the Bill was REFERRED to the Committee on HEALTH COVERAGE, INSURANCE AND FINANCIAL SERVICES.Sent for concurrence. ORDERED SENT FORTHWITH.
5/13/2025House
Bill Text
Amendment C-A (H-947), adopted by House & Senate
Enacted
Introduced
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