An Act To Enact the Maine Revised Unclaimed Property Act
Maine Legislature, Session 129, LD 1544
Committee Amendment CA_B_S352 (Senate)

COMMITTEE AMENDMENT ".B "to S.P. 481, L.D. 1544, Bill, "An Act To Enact 
the Maine Revised Unclaimed Property Act" 
Amend the bill in section 22 in §2052 by inserting after subsection 9 the following: 
'10. Game-related digital content. "Game-related digital content" means digital 
content that exists only in an electronic game or electronic game platform. "Game-related 
digital content": 
A. Includes: 
(1) Game-play currency such as a virtual wallet, even if denominated in United 
States currency; and 
(2) The following if for use or redemption only within the game or platform or 
another electronic game or electronic game platform: 
(a) Points accrued through game play, which may be referred to as gems, 
tokens, gold and similar names; and 
(b) Digital codes; and 
B. Does not include an item that the issuer: 
(1) Permits to be redeemed for use outside a game or platform for: 
(a) Money; or 
(b) Goods or services that have more than minimal value; or 
(2) Otherwise monetizes for use outside a game or platform.' 
Amend the bill in section 22 in §2052 in subsection 20 by striking out all of 
paragraph C (page 8, line 1 in L.D.) and inserting the following: 
'C. A creditor, claimant or payee, for other property; and' 
COMMITTEE AMENDMENT 
COMMITTEEAMENDMENT"f)"toS.P.481,L.D.1544 (''s ~~>)) 
Amend the bill in section 22 in §2052 in subsection 23 in paragraph B in 
subparagraph (1) in the first line (page 8, line 16 in L.D.) by striking out the following: 
11or depositor" and inserting the following: ',depositor' 
Amend the bill in section 22 in §2052 in subsection 23 in paragraph C in the first line 
(page 8, line 35 in L.D.) by inserting after the following: "obligation" the following: 'or 
game-related digital content' 
Amend the bill in section 22 in §2052 in subsection 29 by striking out all of 
paragraph B (page 9, line 32 in L.D.) and inserting the following: 
'B. Does not include a loyalty obligation, a gift obligation or game-related digital 
content.' 
Amend the bill in section 22 in §2052 by renumbering the subsections to read 
consecutively. 
Amend the bill in section 22 in §2061 by striking out all of subsection 5 (page 10, 
lines 29 to 34 in L.D.) and inserting the following: 
'5. Payroll card or demand, savings or time deposit. A payroll card or demand, 
savings or time deposit, including a deposit that is automatically renewable, 3 years after 
the maturity of the deposit, except that a deposit that is automatically renewable is 
deemed matured on its initial date of maturity unless the apparent owner consented in a 
record on file with the holder to renewal at or about the time of the renewal;' 
Amend the bill in section 22 in §2061 in subsection 7 in paragraph A by striking out 
all of subparagraphs (1) and (2) (page 11, lines 10 to 12 in L.D.) and inserting the 
following: 
'(1) The insurance company has knowledge of the death of the insured; and 
(2) The insured has attained, or would have attained if living, the limiting age 
under the mortality table on which the reserve for the policy is based; and' 
Amend the bill in section 22 in §2061 in subsection 7 by striking out all of paragraph 
B (page 11, lines 13 and 14 in L.D.) and inserting the following: 
'B. With respect to an amount owed on an annuity contract, 3 years after the date the 
insurance company has knowledge of the death of the annuitant;' 
Amend the bill in section 22 in §2066 in subsection 1 by striking out all of the first 2 
lines (page 14, lines 24 and 25 in L.D.) and inserting the following: 
· '1. Presumed abandoned after 3 years. Subject to section 2070, the net obligation 
value of a stored-value obligation is presumed abandoned on the latest of 3 years after:' 
Amend the bill in section 22 in §2068 by striking out all of subsection 4 (page 16, 
lines 20 to 22 in L.D.). 
Amend the bill in section 22 in §2070 in subsection 2 in paragraph E in the 2nd line 
(page 17, line 12 in L.D.) by striking out the following: "except for" and inserting the 
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following: 'including' 
Amend the bill in section 22 by striking out all of §2117 (page 28, lines 23 to 30 in 
L.D.) and inserting the following: 
COMMITTEE AMENDMENT 
• 
COMMITTEE AMENDMENT" i?f to S.P. 481,L.D. 1544 Cs·':?/~ J-') 
'§2117. Crediting income or gain to owner's account 
1. Income or gain realized. 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 demand, 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. 
2. Period before effective date. Interest on interest-bearing property is not payable 
under this section for any period before the effective date of this Act, unless authorized 
by former chapter 41.' 
Amend the bill in section 22 in §2120 by striking out all of subsection 2 (page 29, 
lines 25 to 31 in L.D.) and inserting the following: 
'2. Proceeding within 5 years after nonfraudulent report. The administrator may 
not commence an action or proceeding to enforce this Act with respect to the reporting, 
payment or delivery of property more than 5 years after the holder filed a nonfraudulent 
report under section 2091 with the administrator. The parties may agree in a record to 
extend the limitation in this subsection. 
3. 
Proceeding within 10 years after duty arose. 
The administrator may not 
commence an action, proceeding or examination with respect to a duty of a holder under 
this Act more than 10 years after the duty arose.' 
Amend the bill in section 22 in §2153 by striking out all of subsection 2 (page 34, 
lines 10 to 15 in L.D.) and inserting the following: 
'2. Waive; pay or deliver directly. The administrator may waive the requirement in 
subsection 1 and may pay or deliver property directly to a person if: 
A. The person receiving the property or payment is shown to be the apparent owner 
included on a report filed under section 2091; and 
B. 
The administrator reasonably believes the person is entitled to receive the 
property or payment. 
If a claimant has an agreement pmsuant to subchapter 13 with a professional investigator 
licensed under Title 32, chapter 89, the administrator shall deliver the payment or 
property to the professional investigator.' 
Amend the bill in section 22 in §2154 by striking out all of subsections 2 and 3 (page 
34, lines 21 to 30 in L.D.) and inserting the following: 
'2. Approve or deny claim within 90 days. Not later than 90 days after a claim is 
filed and completed under section 2153, subsection 1, the administrator shall approve or 
deny the claim and give the claimant, or professional investigator licensed under Title 32, 
chapter 89 under an agreement with the claimant pmsuant to subchapter 13, notice in a 
record of the decision. 
A claim is complete when a claimant has provided all the 
information and documentation requested by the administrator necessary to prove legal 
ownership of the property. 
COMMITTEE AMENDMENT 
COMMITTEEAMENDMENT"fJ "to S.P. 481, L.D. 1544 (\, !J'> ), ) 
3. 
Claim denied; procedure; amended claim. If the claim is denied under 
subsection 2: 
A. The administrator shall inform the claimant. or professional investigator under an 
agreement with the claimant pursuant to sub chapter 13. of the reason for the denial; 
and 
B. The claimant, or professional investigator under an agreement with the claimant 
pursuant to subchapter 13, may file an amended claim with the administrator or 
commence an action under section 2156.' 
Amend the bill in section 22 in §2155 by striking out all of subsection 1 (page 34,. 
lines 34 to 37 and page 35, lines 1 to 3 in L.D.) and inserting the following: 
'1. Pay or deliver within 30 days. Not later than 30 days after a claim is approved 
under section 2154, subsection 2, the administrator shall pay or deliver to the owner the 
property or pay to the owner the net proceeds of a sale of the property, together with 
income or gain to which the owner is entitled under section 2117. If a claimant has an 
agreement pursuant to subchapter 13 with a professional investigator licensed under Title 
32, chapter 89, the administrator shall deliver the payment or property to the professional 
investigator. On request of the owner, the administrator may sell or liquidate a security 
and pay the net proceeds to the owner, even if the security had been held by the 
administrator for less than one year or the administrator has not complied with the notice 
requirements under section 2131.' 
Amend the bill in section 22 in §2169 by adding at the end a new paragraph to read: 
'At least 60 days before assigning a person under contract with the administrator 
under this section to conduct an examination, the administrator shall demand in a record 
that the person to be examined submit a report and deliver property that is previously 
unreported.' 
Amend the bill in section 22 by inserting after §2170 the following: 
'§2171. Limit on future employment 
The administrator or an individual employed by the administrator who participates in, 
recommends or approves the award of a contract under section 2169 on or after the 
effective date of this Act may not be employed by, contracted with or compensated in any 
capacity by the contractor or an affiliate of the contractor for 2 years after the latest of 
participation in. recommendation of or approval of the award or conclusion of the 
contract.' 
Amend the bill in section 22 by striking out all of §§2201 and 2202 (page 43, lines 12 
to 35 and page 44, lines 1 to 18 in L.D.) and inserting the following: 
'§2201. Agreements to locate property 
1. Agreements within 24 months. An agreement by an owner the primary purpose 
of which is to locate, deliver, recover or assist in the recovery of property that is 
presumed abandoned is void and unenforceable if it was entered into during the period 
commencing on the date the property was presumed abandoned and extending to a time 
that is 24 months after the date the property is paid or delivered to the administrator. This 
COMMITTEE AMENDMENT 
COMMITTEE AMENDMENT "_b "to S.P. 481, L.D. 1544 l S- 3.,-::i J) 
subsection does not apply to an owner's agreement with an attorney to file a claim as to 
identified property or contest the administrator's denial of a claim. 
2. Agreement requirements. An agreement by an owner the primary purpose of 
which is to locate, deliver, recover or assist in the recovery of property is enforceable 
only if the agreement is in writing, clearly sets forth the nature of the property and the 
services to be rendered, is signed by the apparent owner and states the value of the 
property before and after the fee or other compensation has been deducted. 
3. Mineral proceeds. If an agreement covered by this section applies to mineral 
proceeds and the agreement contains a provision to pay compensation that includes a 
portion of the underlying minerals or any mineral proceeds not then presumed 
abandoned, the provision is void and unenforceable. 
4. 
Unconscionable compensation. An agreement covered by this section that 
provides for compensation that is unconscionable is unenforceable except by the owner. 
An owner who has agreed to pay compensation that is unconscionable, or the 
administrator on behalf of the owner, may maintain an action to reduce the compensation 
to a conscionable amount. The court may award reasonable attorney's fees to an owner 
who prevails in the action. 
5. Other grounds not precluded. This section does not preclude an owner from 
asserting that an agreement covered by this section is invalid on grounds other than 
unconscionable compensation. 
6. Limitation on fees or compensation. Fees or compensation under agreements 
made more than 24 months but less than 36 months after the date the property is paid or 
delivered to the administrator may not exceed 15%. 
7. 
Unfair trade practice. A person who makes a claim for compensation in 
violation of this section commits an unfair trade practice in violation of Title 5, section 
207.' 
Amend the bill in section 22 by striking out all of §2222 (page 48, lines 4 to 14 in 
L.D.) and inserting the following: 
'§2222. Transitional provision 
This Act does not relieve a holder of a duty that arose before October 1, 2019 to 
report, pay or deliver property. Subject to section 2120, subsection 2, a holder that did 
not comply with the law governing unclaimed property before October 1, 2019 is subject 
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to applicable provisions for enforcement and penalties in effect before October 1, 2019.' 
Amend the bill by relettering or renumbering any nonconsecutive Part letter or 
section number to read consecutively. 
SUMMARY 
This amendment is the minority report of the committee. It differs from the majority 
report in 2 ways. 
First, it provides that before the administrator requires a person who is required to file 
a report with the administrator to be subject to an examination of records by the 
COMMITTEE AMENDMENT 
COMMITTEE AMENDMENT" -\~J" to S.P. 481, L.D. 1544 ( c::, · :'..,. J _) _} 
administrator's contractor to determine compliance, the administrator is required to 
demand in a record that the person submit a report and deliver property that is previously 
unreported. The demand must be made at least 60 days before assigning the contractor to 
conduct the examination. This language is part of the Revised Uniform Unclaimed 
Property Act. 
Second, this amendment prohibits the administrator or an employee of the 
administrator from being employed or compensated by any entity that is contracted to 
conduct examinations for 2 years after the latest participation in, recommendation of or 
approval of the award or conclusion of the contract. This language is part of the Revised 
Uniform Unclaimed Property Act. 
FISCAL NOTE REQUIRED 
(See attached) 
COMMITTEE AMENDMENT 
Approved: 06/18/19 feac 
LD 1544 
LR 1887(03) 
An Act To Enact the Maine Revised Unclaimed Property Act 
Fiscal Note for Bill as Amended by Committee Amendment 'B" ( S '3 '-;~) J 
Committee: Judiciary 
Fiscal Note Required: Yes 
Fiscal Note 
Minor cost increase - General Fund 
Minor revenue increase - General Fund 
Minor revenue increase - Other Special Revenue Funds 
Correctional and Judicial Impact Statements 
This bill may increase the number of civil suits filed in the court system. 
The additional workload associated with the minimal number of new cases filed in the court system does not require 
additional funding at this time, 
The collection of additional filing fees may increase General Fund and other dedicated revenue by minor amounts, 
Fiscal Detail and Notes 
The Office of the State Treasurer administers the unclaimed property function of the State. That office has indicated 
that the changes in this bill will have no fiscal impact Therefore, the revenues turned over annually to the General 
Fund from this function are not expected to be affected by the provisions of this bilL 
LR1887(03) - Fiscal Note - Page 1 of 1