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MaineLD 1969132nd Maine Legislature (2025-2026)HouseWALLET

An Act to Amend the Maine Revised Unclaimed Property Act and Clarify the Definition of "Virtual Currency"

Sponsored By: Morgan Rielly (Democratic)

Became Law

STATE GOVERNMENTSTATE GOVERNMENT - PROPERTY

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Bill Overview

Analyzed Economic Effects

10 provisions identified: 3 benefits, 3 costs, 4 mixed.

New rules for unclaimed virtual currency

The law treats virtual currency as unclaimed property and defines “virtual currency” and “private key.” A balance is presumed abandoned after 5 years with no owner activity, or after returned mail. If a holder has the needed credentials, it must deliver the currency within 30 days before filing; otherwise it keeps custody until transfer is possible. For virtual currency or securities worth $1,000 or more, and with a valid address, the holder must send certified mail at least 60 days before filing; notices must warn of possible sale and tell you how to stop it. The State waits one year after taking custody before selling and, for listed assets, may not sell below the exchange price. If a sale happens, you can still claim the asset or sale proceeds as the statute sets, but you do not get gains after delivery except for administrator misconduct. Liquidation follows the statute’s set process.

Stronger enforcement and holder liability rules

If required records are missing during an examination, the administrator can estimate amounts due using sampling or extrapolation. Starting an action, proceeding, or exam pauses the time limits. On May 1 for insurance and November 1 for other property, holders who still have presumed‑abandoned property hold it in trust for the State and are liable for the full value plus interest and penalty unless they deliver on time. The law also repeals two older sections to align with these rules.

Bank account dormancy and activity rules

A payroll card or deposit is treated as abandoned 3 years after the later of maturity or your last sign of interest. For auto‑renewed time deposits, the original maturity date counts unless you consented to renewal on file. Your deposit or withdrawal, including authorized automatic withdrawals, reinvested dividends, and disclosed fee withdrawals, keeps the account active; unauthorized recurring ACH items do not. Showing you received a payment or distribution electronically also prevents abandonment. For tracking, the reference date for when an obligation is issued or funds are deposited is now June 30 of that year.

Retirement accounts: new dormancy triggers

Retirement accounts are presumed abandoned 3 years after the later of a returned‑mail notice or a required distribution date. If a holder does not send annual mail, it must try email within 2 years of last contact and then mail if email is invalid or you do not respond in 30 days; after a death notice, it must try to confirm within 90 days. Funds from a terminated plan are presumed abandoned 1 year after the plan ends. These rules aim to avoid forced taxable distributions while improving contact.

No escheat or reporting fees

Holders may not charge or deduct an escheat fee, an unclaimed‑property reporting fee, or similar charges just because property becomes reportable. This helps preserve the full value for owners when assets are turned over.

Stronger privacy in unclaimed property exams

Records and work papers from unclaimed‑property examinations and reports are confidential and not public. Maine can share information only for allowed uses and with other states that keep it confidential. If you are examined, you can require a standard confidentiality agreement; if no agreement is reached in 90 days, the exam proceeds under the law’s protections. The administrator can also share limited information with a predecessor or successor agent to keep oversight moving.

Custodial accounts get a 3-year clock

UGMA and UTMA account property is presumed abandoned 3 years after the date the custodian must transfer it to the minor or the minor’s estate. The law also repeals two older subsections in this area, updating how custodial accounts are handled.

Insurance payouts: 3-year and address rules

If life insurance or annuity proceeds go into a checkable account for a beneficiary, that account is presumed abandoned 3 years after the beneficiary’s last sign of interest. When a beneficiary’s address is unknown and cannot be found, the deceased owner’s address is used for notice and reporting.

Nonactivated prepaid funds: 1-year rule

Funds on a nonactivated stored‑value card or other nonactivated electronic payment medium are presumed abandoned 1 year after the funds first became available to you.

How to file an unclaimed property claim

You can file a claim to get property held by the State at any time using the administrator’s form. You must verify that your claim is complete and accurate.

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

  1. ACTPUB Chapter 675

    5/1/2026

  2. PASSED TO BE ENACTED, in concurrence.

    4/6/2026Senate

  3. PASSED TO BE ENACTED. Sent for concurrence. ORDERED SENT FORTHWITH.

    4/2/2026House

  4. Report 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.

    4/2/2026Senate

  5. CONSENT 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.

    4/2/2026House

  6. Carried over, in the same posture, to any special or regular session of the 132nd Legislature, pursuant to Joint Order SP 800.

    6/25/2025House

  7. The House RECEDED and CONCURRED to REFERENCE to the Committee on STATE AND LOCAL GOVERNMENT.ORDERED SENT FORTHWITH.

    5/14/2025House

  8. On motion by Senator CARNEY of Cumberland REFERENCE to the Committee on STATE AND LOCAL GOVERNMENT In NON-CONCURRENCE Sent down for concurrence

    5/13/2025Senate

  9. Committee 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

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