An Act To Enact the Maine Revised Unclaimed Property Act
Maine Legislature, Session 129, LD 1544
Committee: Judiciary
Sponsors: KEIM
Amends: 4 MRSA §8-A, 8 MRSA §1032, 9-B MRSA §161, 9-B MRSA §428, 10 MRSA §3751, 10 MRSA §3953, 10 MRSA §4009, 12 MRSA §12661, 13-C MRSA §1440, 14 MRSA §2901, 14 MRSA §6324, 23 MRSA §156, 24-A MRSA §3486, 24-A MRSA §4551, 25 MRSA §3503-B, 25 MRSA §3504, 27 MRSA §601, 29-A MRSA §754, 30-A MRSA §3106, 30-A MRSA §3862, 34-A MRSA §3040, 34-B MRSA §1434, 36 MRSA §191

Legislative Document
No. 1544
S.P. 481
In Senate, April 11, 2019
An Act To Enact the Maine Revised Unclaimed Property Act
Reference to the Committee on Judiciary suggested and ordered printed.
DAREK M. GRANT
Secretary of the Senate
Presented by Senator KEIM of Oxford.
Be it enacted by the People of the State of Maine as follows:
Sec. 1.  4 MRSA §8-A, sub-§2, as amended by PL 2003, c. 20, Pt. T, §2, is further 
amended to read:
2.  Unclaimed property.  To provide, after reasonable notice to interested parties or 
their attorneys, for the transfer to the Treasurer of State for disposition as unclaimed 
property in the manner provided by Title 33, sections 1958 and 1959 chapter 45 of 
property in the possession or custody of the courts of this State as a result of civil or 
criminal litigation.
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:
K.  The examination or furnishing of any financial records by a financial institution 
authorized to do business in this State or credit union authorized to do business in this 
State to any officer, employee or agent of the Treasurer of State for use solely in the 
exercise of that officer's, employee's or agent's duties under Title 33, chapter 41 45;
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:
3.  Removal of abandoned ice fishing shacks.  A person may not leave a structure 
on another person's land without permission from the landowner.  Notwithstanding the 
provisions of Title 33, chapter 41 45 and Title 17, section 2263-A, a landowner on whose 
property an ice fishing shack is left in violation of this section may remove or destroy the 
shack.  The landowner may recover any costs of removing or destroying the shack from 
the owner of the shack in a civil action.
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:
14.  The provisions of Title 33, chapter 41 45 apply to any unclaimed payment to 
which a shareholder may be entitled under this section.
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:
1.  Property to be considered abandoned; definition.  Any tangible property held 
by a museum within the State that is held for 3 years or more without a written gift or 
loan agreement, or after expiration of a written loan agreement, and to which a person has 
not made claim is considered to be abandoned and, notwithstanding Title 33, chapter 41 
45, becomes the property of the museum, as long as the estimated market value of the 
material is less than $100 or the museum has complied with subsection 2.  The estimated 
market value must be determined by a qualified appraiser, and a written copy of the 
determination must be retained in the museum's permanent records.
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:
B.  After expiration of the 30-day notice period, the Secretary of State may dispose of 
the vehicle at public auction or report the vehicle as abandoned under Title 33, 
chapter 41 45.
Sec. 19.  30-A MRSA §3106, sub-§1, ¶A, as enacted by PL 1999, c. 667, §1, is 
amended to read:
A.  "Covered property" means all tangible property, other than tangible property 
described in Title 33, section 1954 2065, located in or on real estate acquired by a 
political subdivision through tax delinquency proceedings pursuant to Title 36 or 
through any similar procedure created by statute for the collection of unpaid taxes, 
assessments, expenses or charges.  "Covered property" includes all tangible property, 
other than tangible property described in Title 33, section 1954 2065, located in or on 
real estate that has been determined to be a dangerous building pursuant to Title 17, 
chapter 91, subchapter IV 4.
Sec. 20.  30-A MRSA §3862, sub-§3, as amended by PL 2003, c. 20, Pt. T, §17, 
is further amended to read:
3.  Proceeds.  After using the proceeds from the sale to satisfy the lien and any costs 
that may accrue, the keeper shall dispose of any remainder according to Title 33, chapter 
45.
Sec. 21.  33 MRSA c. 41, as amended, is repealed.
Sec. 22.  33 MRSA c. 45 is enacted to read:
CHAPTER 45
MAINE REVISED UNCLAIMED PROPERTY ACT
SUBCHAPTER 1
GENERAL PROVISIONS
§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.  Administrator.  "Administrator" means the Treasurer of State.
2.  Administrator's agent.  "Administrator's agent" means a person with which the 
administrator contracts to conduct an examination under subchapter 10 on behalf of the 
administrator.  "Administrator's agent" includes an independent contractor of the person 
and each individual participating in the examination on behalf of the person or contractor.
3.  Apparent owner.  "Apparent owner" means a person whose name appears on the 
records of a holder as the owner of property held, issued or owing by the holder.
4.  Business association.  "Business association" means a corporation, joint stock 
company, investment company, partnership, unincorporated association, joint venture, 
limited liability company, business trust, trust company, land bank, safe deposit company, 
safekeeping depository, financial organization, insurance company, federally chartered 
entity, utility, sole proprietorship or other business entity, whether or not for profit.  
5.  Confidential information.  "Confidential information" means records, reports 
and information that are confidential under section 2212.
6.  Domicile.  "Domicile" means: 
A.  For a corporation, the state of its incorporation;
B.  For a business association, other than a corporation, whose formation requires a 
filing with a state, the state of its filing;
C.  For a federally chartered entity, the state of its home office; and
D.  For any other holder, the state of its principal place of business.
7.  Electronic.  "Electronic" means relating to technology having electrical, digital, 
magnetic, wireless, optical, electromagnetic or similar capabilities.
8.  E-mail.  "E-mail" means a communication by electronic means that is 
automatically retained and stored and may be readily accessed or retrieved.
9.  Financial organization.  "Financial organization" means a savings and loan 
association, building and loan association, savings bank, industrial bank, bank, banking 
organization or credit union.
10.  Gift obligation.  "Gift obligation" means a record evidencing an obligation of a 
business association arising from a transaction between the business association and a 
consumer to provide goods or services at a future date for a specified amount shown in 
the record.
A.  A gift obligation:
(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.
B.  "Gift obligation" does not include account credits or account balances, including 
credits or balances funded by gift obligations.
11.  Holder.  "Holder" means a person obligated to hold property subject to this Act 
for the account of, or to deliver or pay to, the owner.
12.  Insurance company.  "Insurance company" means an association, corporation or 
fraternal or mutual benefit organization, whether or not for profit, engaged in the business 
of providing life endowments, annuities or insurance, including accident, burial, casualty, 
credit life, contract performance, dental, disability, fidelity, fire, health, hospitalization, 
illness, life, malpractice, marine, mortgage, surety, wage protection and workers' 
compensation insurance.
13.  Loyalty obligation.  "Loyalty obligation" means a record given without direct 
monetary consideration under an award, reward, benefit, loyalty, incentive, rebate or 
promotional program that may be used or redeemed only to obtain goods or services or a 
discount on goods or services.  "Loyalty obligation" does not include:
A.  A record that may be redeemed for money or otherwise monetized by the issuer;
B.  A gift obligation; or
C.  A stored-value obligation.
14.  Mineral.  "Mineral" means gas, oil, coal, oil shale, other gaseous, liquid or solid 
hydrocarbon, cement material, sand and gravel, road material, building stone, chemical 
raw material, gemstone, fissionable and nonfissionable ores, colloidal and other clay, 
steam and other geothermal resources and any other substance defined as a mineral by 
law of this State other than this Act.
15.  Mineral proceeds.  "Mineral proceeds" means an amount payable for extraction, 
production or sale of minerals or, on the abandonment of the amount, an amount that 
becomes payable after abandonment.  "Mineral proceeds" includes an amount payable:
A.  For the acquisition and retention of a mineral lease, including a bonus, royalty, 
compensatory royalty, shut-in royalty, minimum royalty and delay rental;
B.  For the extraction, production or sale of minerals, including a net revenue interest, 
royalty, overriding royalty, extraction payment and production payment; and
C.  Under an agreement or option, including a joint operating agreement, unit 
agreement, pooling agreement and farm-out agreement.
16.  Money order.  "Money order" means a payment order for a specified amount of 
money.  "Money order" includes an express money order and a personal money order on 
which the remitter is the purchaser.  "Money order" does not include a bank money order 
or any other instrument sold by a financial organization if the seller has obtained the 
name and address of the payee.
17.  Municipal bond.  "Municipal bond" means a bond or evidence of indebtedness 
issued by a municipality or other political subdivision of a state.
18.  Net obligation value.  "Net obligation value" means the original purchase price 
or original issued value of a stored-value or gift obligation, plus amounts added to the 
original price or value, if applicable, minus amounts used and any service charge, fee or 
dormancy charge permitted by law.
19.  Nonfreely transferable security.  "Nonfreely transferable security" means a 
security that cannot be delivered to the administrator by the Depository Trust and 
Clearing Corporation or similar custodian of securities providing post-trade clearing and 
settlement services to financial markets or cannot be delivered because there is no agent 
to effect transfer.  "Nonfreely transferable security" includes a worthless security.
20.  Owner.  "Owner" means a person that has a legal, beneficial or equitable interest 
in property subject to this Act or the person's legal representative when acting on behalf 
of the person.  "Owner" includes:
A.  A depositor, for a deposit;
B.  A beneficiary, for a trust other than a deposit in trust;
C.  A claimant, or payee, for other property; and
D.  The lawful bearer of a record that may be used to obtain money, a reward or a 
thing of value.
21.  Payroll card.  "Payroll card" means a record that evidences a payroll card 
account as defined in Regulation E, 12 Code of Federal Regulations, Part 1005, as 
amended.
22.  Person.  "Person" means an individual, estate, business association, public 
corporation, government or governmental subdivision, agency or instrumentality or other 
legal entity, whether or not for profit.
23.  Property.  "Property" means tangible property described in section 2065 or a 
fixed and certain interest in intangible property held, issued or owed in the course of a 
holder's business or by a government or governmental subdivision, agency or 
instrumentality.  "Property":
A.  Includes all income from or increments to the property;
B.  Includes property referred to as or evidenced by:
(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
C.  Does not include a loyalty obligation.
24.  Putative holder.  "Putative holder" means a person believed by the administrator 
to be a holder, until the person pays or delivers to the administrator property subject to 
this Act or the administrator or a court makes a final determination that the person is or is 
not a holder.
25.  Record.  "Record" means information that is inscribed on a tangible medium or 
that is stored in an electronic or other medium and is retrievable in perceivable form.  
"Record," with regard to records of a holder, includes records maintained by a 3rd party 
that has contracted with the holder.
26.  Security.  "Security" means:
A.  A security as defined in Title 11, Article 8-A;
B.  A security entitlement as defined in Title 11, Article 8-A, including a customer 
security account held by a registered broker-dealer, to the extent the financial assets 
held in the security account are not:
(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
C.  An equity interest in a business association not included in paragraph A or B.
27.  Sign.  "Sign" means, with present intent to authenticate or adopt a record:
A.  To execute or adopt a tangible symbol; or
B.  To attach to or logically associate with the record an electronic symbol, sound or 
process.
28.  State.  "State" means a state of the United States, the District of Columbia, the 
Commonwealth of Puerto Rico, the United States Virgin Islands or any territory or 
insular possession subject to the jurisdiction of the United States.
29.  Stored-value obligation.  "Stored-value obligation" means a record evidencing a 
promise made for consideration by the seller or issuer of the record that goods, services or 
money will be provided to the owner of the record in the amount of the value or amount 
shown in the record.  "Stored-value obligation":
A.  Includes a record that contains or consists of a microprocessor chip, magnetic 
strip or other means for the storage of information, that is prefunded and the value or 
amount of which is decreased on each use and increased by payment of additional 
consideration; and
B.  Does not include a loyalty obligation or gift obligation.
30.  United States savings bond.  "United States savings bond" means property, 
tangible or intangible, in the form of a savings bond issued by the United States Treasury 
whether in paper form, electronic form or paperless form, along with all the proceeds of 
the savings bond.
31.  Utility.  "Utility" means a person that owns or operates for public use a plant, 
equipment, real property, franchise or license for the following public services:
A.  Transmission of communications or information; 
B.  Production, storage, transmission, sale, delivery or furnishing of electricity, water, 
steam or gas; or
C.  Provision of sewage or septic services or trash, garbage or recycling disposal.
32.  Worthless security.  "Worthless security" means a security of which the cost of 
liquidation and delivery to the administrator would exceed the value of the security on the 
date a report is due under this Act.
§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.
SUBCHAPTER 2
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.  Traveler's check.  A traveler's check, 15 years after issuance;
2.  Money order.  A money order, 7 years after issuance;
3.  State or municipal bond.  A state or municipal bond, bearer bond or original 
issue discount bond, 3 years after the date the bond matures or is called or the obligation 
to pay the principal of the bond arises, whichever is earlier;
4.  Debt of a business association.  A debt of a business association, 3 years after the 
obligation to pay arises;
5.  Payroll card account demand, savings or time deposit.  A payroll card account 
demand, savings or time deposit, including a deposit that is automatically renewable, 3 
years after the date of the last indication of interest by the owner or the date of maturity of 
the deposit, whichever is earlier, except that a deposit that is automatically renewable is 
deemed matured on its initial date of maturity unless the apparent owner consents in a 
record on file with the holder to renewal at or about the time of the renewal;
6.  Money or credit owed.  Money or a credit owed to a customer as a result of a 
retail business transaction, 3 years after the obligation arose;
7.  Amount owed on insurance policy or annuity contract.  An amount owed by an 
insurance company on a life or endowment insurance policy or an annuity contract that 
has matured or terminated, 3 years after the obligation to pay arose under the terms of the 
policy or contract or, if a policy or contract for which an amount is owed on proof of 
death has not matured by proof of the death of the insured or annuitant:
A.  With respect to an amount owed on a life or endowment insurance policy, 3 years 
after the earlier of the date:
(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
B.  With respect to an amount owed on an annuity contract, 3 years after the date of 
the death of the annuitant;
8.  Distributable property.  Property distributable by a business association in the 
course of dissolution, one year after the property becomes distributable;
9.  Property held by a court.  Property held by a court, including property received 
as proceeds of a class action, one year after the property becomes distributable;
10.  Property held by a government.  Property held by a government or 
governmental subdivision, agency or instrumentality, including municipal bond interest 
and unredeemed principal under the administration of a paying agent or indenture trustee, 
one year after the property becomes distributable;
11.  Wages, commissions, bonuses or reimbursements.  Wages, commissions, 
bonuses or reimbursements to which an employee is entitled or other compensation for 
personal services, one year after the amount becomes payable;
12.  Deposit or refund owed by a utility.  A deposit or refund owed to a subscriber 
by a utility, one year after the deposit or refund becomes payable;
13.  Prearranged funeral or burial plan.  Notwithstanding subsection 5, property 
contained in a prearranged funeral or burial plan described in Title 32, section 1401, 
including deposits containing funds from such a plan, 3 years after the death of a person 
on whose behalf funds were paid into the plan;
14.  Nonactivated stored-value obligation or electronic payment medium.  Funds 
represented by a nonactivated stored-value obligation or other nonactivated electronic 
payment medium that require activation for use, one year after the funds would have 
otherwise first been available to the owner; and
15.  Property not specified.  Property not specified in this section or sections 2062 to 
2072, 3 years after the owner first has a right to demand the property or the obligation to 
pay or distribute the property arises, whichever is earlier.
§2062.  When tax-deferred retirement account presumed abandoned
1.  Presumed abandoned after 3 years.  Subject to section 2070, property held in a 
pension account or retirement account that qualifies for tax deferral under the income tax 
laws of the United States is presumed abandoned if it is unclaimed by the apparent owner 
years after the later of:
A.  The later of the following dates:
(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
B.  The earlier of the following dates:
(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.
2.  Confirmation of death of apparent owner.  If a holder in the ordinary course of 
its business receives notice or an indication of the death of an apparent owner and 
subsection 1, paragraph B applies, the holder shall attempt not later than 90 days after 
receipt of the notice or indication to confirm whether the apparent owner is deceased.
3.  Confirmation of apparent owner's interest.  If the holder does not send 
communications to the apparent owner of an account described in subsection 1 by first 
class United States mail on at least an annual basis, the holder shall attempt to confirm 
the apparent owner's interest in the property by sending the apparent owner an e-mail not 
later than 2 years after the apparent owner's last indication of interest in the property.  
However, the holder promptly shall attempt to contact the apparent owner by first class 
United States mail if:
A.  The holder does not have information needed to send the apparent owner an e-
mail or the holder believes that the apparent owner's e-mail address in the holder's 
records is not valid;
B.  The holder receives notification that the e-mail was not received; or
C.  The apparent owner does not respond to the e-mail within 30 days after the e-mail 
was sent.
§2063.  When other tax-deferred account presumed abandoned
1.  Presumed abandoned after 3 years.  Subject to section 2070 and except for 
property described in section 2062, property held in an account or plan, including a health 
savings account, that qualifies for tax deferral under the income tax laws of the United 
States is presumed abandoned if it is unclaimed by the apparent owner 3 years after the 
earlier of:
A.  The date, if determinable by the holder, specified in the income tax laws and 
regulations of the United States by which distribution of the property must begin to 
avoid a tax penalty, with no distribution having been made; and
B.  Thirty years after the date the account or plan was opened.
2.  Presumed abandoned after 2 years.  If the owner is deceased, property under 
subsection 1 is presumed abandoned 2 years from the earliest of:
A.  The date of the distribution or attempted distribution of the property;
B.  The date of the required distribution as stated in the plan or trust agreement 
governing the plan; and
C.  The date, if determinable by the holder, specified in the income tax laws of the 
United States by which distribution of the property must begin in order to avoid a tax 
penalty.
§2064.  When custodial account for minor presumed abandoned
1.  Presumed abandoned after 3 years.  Subject to section 2070, and except as 
provided in subsection 3, property held in an account established under a state's Uniform 
Gifts to Minors Act or Uniform Transfers to Minors Act, if it is unclaimed by or on 
behalf of the minor on whose behalf the account was opened, is presumed abandoned 3 
years after the later of:
A.  The date a communication sent by the holder by first class United States mail to 
the custodian of the minor on whose behalf the account was opened is returned as 
undeliverable to the holder by the United States Postal Service or, if the 
communication is resent within 30 days after the date the first communication is 
returned as undeliverable, the date the first communication was returned as 
undeliverable; and
B.  The date on which the custodian is required to transfer the property to the minor 
or the minor's estate in accordance with the Uniform Gifts to Minors Act or Uniform 
Transfers to Minors Act of the state in which the account was opened.
2.  Confirmation of custodian's interest.  If the holder does not send 
communications to the custodian of the minor on whose behalf an account described in 
subsection 1 was opened by first class United States mail on at least an annual basis, the 
holder shall attempt to confirm the custodian's interest in the property by sending the 
custodian an e-mail not later than 2 years after the custodian's last indication of interest in 
the property.  However, the holder promptly shall attempt to contact the custodian by first 
class United States mail if:
A.  The holder does not have information needed to send the custodian an e-mail or 
the holder believes that the custodian's e-mail address in the holder's records is not 
valid;
B.  The holder receives notification that the e-mail was not received; or
C.  The custodian does not respond to the e-mail within 30 days after the e-mail was 
sent.
3.  If undeliverable, presumed abandoned after 3 years.  If first class United States 
mail sent under subsection 2 is returned as undeliverable to the holder by the United 
States Postal Service, the property is presumed abandoned 3 years after the later of:
A.  The date a 2nd consecutive communication to contact the custodian by first class 
United States mail is returned to the holder as undeliverable by the United States 
Postal Service; and
B.  The date established by subsection 1, paragraph C.
4.  No longer subject to section.  When the property in the account described in 
subsection 1 is transferred to the minor on whose behalf the account was opened or to the 
minor's estate, the property in the account is no longer subject to this section.
§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
1.  Presumed abandoned after 2 years.  Subject to section 2070, the net obligation 
value of a stored-value obligation is presumed abandoned on the latest of 2 years after:
A.  December 31st of the year in which the obligation is issued or additional funds 
are deposited into it;
B.  The most recent indication of interest in the obligation by the apparent owner; and
C.  A verification or review of the balance by or on behalf of the apparent owner.
2.  Amount presumed abandoned.  The amount presumed abandoned in a stored-
value obligation is the net obligation value at the time it is presumed abandoned.
3.  No period of limitation, charges or fees; exceptions, disclosure.  
Notwithstanding section 2112, fees, charges or a period of limitation may not be imposed 
on stored-value obligations, except that the issuer may charge a transaction fee for the 
initial issuance and for each occurrence of adding value to an existing stored-value 
obligation.  These fees must be disclosed in a separate writing prior to the initial issuance 
or referenced on the stored-value obligation.
4.  Redemption; balance in cash.  If a stored-value obligation is redeemed in person 
and a balance of less than $5 remains following redemption, at the consumer's request the 
merchant redeeming the stored-value obligation must refund the balance in cash to the 
consumer.  This subsection does not apply to a stored-value obligation with an initial 
value of $5 or less, or a stored-value obligation that is not purchased but provided as a 
promotion or as a refund for merchandise returned without a receipt.
§2067.  When gift obligation presumed abandoned
1.  Presumed abandoned after 2 years.  Subject to section 2070, a gift obligation is 
presumed abandoned 2 years after December 31st of the year in which the obligation 
arises or the most recent transaction involving the obligation occurs, whichever is later.
2.  Amount unclaimed is 60%.  The amount unclaimed of a gift obligation is 60% of 
the net obligation value at the time it is presumed abandoned.
3.  Not presumed abandoned; sales by a single issuer under $250,000.  A gift 
obligation is not presumed abandoned if it was sold by a single issuer who in the past 
calendar year sold no more than $250,000 in face value of gift obligations.  Sales of gift 
obligations are considered sales by a single issuer if the sales were by businesses that 
operate either:
A.  Under common ownership or control with another business or businesses in the 
State; or
B.  As franchised outlets of a parent business.
4.  No period of limitation for redemption.  A period of limitation may not be 
imposed on the owner's right to redeem the gift obligation.
5.  No charges or fees; exception, disclosure.  Notwithstanding section 2112, fees or 
charges may not be imposed on gift obligations, except that the issuer may charge a 
transaction fee for the initial issuance.  The fee must be disclosed in a separate writing 
prior to the initial issuance or referenced on the gift obligation.
6.  Redemption; balance in cash.  If a gift obligation is redeemed in person and a 
balance of less than $5 remains following redemption, at the consumer's request the 
merchant redeeming the gift obligation must refund the balance in cash to the consumer.  
This subsection does not apply to a gift obligation with an initial value of $5 or less.
§2068.  When security presumed abandoned
1.  If communications sent at least annually, presumed abandoned after 3 years.  
Subject to section 2070, if the holder sends communications to the apparent owner of a 
security by first class United States mail on at least an annual basis, a security is 
presumed abandoned 3 years after the later of:
A.  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
B.  If the communication is resent within 30 days after the first communication is 
returned, the date the resent communication is returned as undeliverable to the holder 
by the United States Postal Service.
2.  If no communications sent, duty to confirm owner's interest not later than 2 
years.  If the holder does not send communications to the apparent owner of a security by 
first class United States mail, the holder shall attempt to confirm the apparent owner's 
interest in the security by sending the apparent owner an e-mail not later than 2 years 
after the apparent owner's last indication of interest in the security.  However, the holder 
promptly shall attempt to contact the apparent owner by first class United States mail if:
A.  The holder does not have information needed to send the apparent owner an e-
mail or the holder believes that the apparent owner's e-mail address in the holder's 
records is not valid;
B.  The holder receives notification that the e-mail was not received; or
C.  The apparent owner does not respond to the e-mail within 30 days after the e-mail 
was sent.
3.  If confirmation returned undeliverable, presumed abandoned after 3 years.  
If first class United States mail sent under subsection 2 is returned to the holder as 
undeliverable by the United States Postal Service, the security is presumed abandoned 3 
years after the latest indication of interest by the apparent owner in the security.
4.  Presumed abandoned 2 years after death of owner.  Notwithstanding the 
standards set forth in subsection 1, if the owner is deceased, the security is presumed 
abandoned 2 years after the date of death of the owner.
§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.  Period of abandonment.  The period after which property is presumed 
abandoned is measured from the later of:
A.  The date the property is presumed abandoned under this subchapter; and
B.  The latest indication of interest by the apparent owner in the property.
2.  Indication of interest.  Under this Act, an indication of an apparent owner's 
interest in property includes:
A.  A record communicated by the apparent owner to the holder or agent of the 
holder concerning the property or the account in which the property is held;
B.  An oral communication by the apparent owner to the holder or agent of the holder 
concerning the property or the account in which the property is held, if the holder or 
its agent contemporaneously makes and preserves a record of the fact of the apparent 
owner’s communication;
C.  Presentment by the apparent owner of a check or other instrument of payment of a 
dividend, interest payment or other distribution, or evidence of receipt of a 
distribution made by electronic or similar means, with respect to an account, 
underlying security or interest in a business association;
D.  Activity by the apparent owner in the account in which the property is held, 
including accessing the account balance, or a request by the apparent owner to 
increase, decrease or otherwise change the amount or type of property held in the 
account;
E.  A deposit into or withdrawal from an account at a financial organization by the 
apparent owner, except for an automatic withdrawal previously authorized or an 
automatic reinvestment of dividends or interest;
F.  Subject to subsection 4, payment by the apparent owner of a premium on an 
insurance policy; and
G.  For deposits in which the apparent owner has another relationship or account with 
the holder:
(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.
3.  Action of agent.  Action by an agent of an apparent owner, other than the holder 
acting as the apparent owner's agent, is presumed to be an action on behalf of the 
apparent owner.
4.  Nonforfeiture provision.  Application of an automatic premium loan provision or 
other nonforfeiture provision contained in an insurance policy is not an indication of 
interest in the policy and does not prevent the policy from maturing or terminating if the 
insured has died or the insured or the beneficiary of the policy otherwise has become 
entitled to the proceeds before depletion of the cash surrender value of the policy by 
application of the provision.
§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
1.  Presumed abandoned.  Notwithstanding section 2061, subsection 9 and sections 
2112 and 2131, a United States savings bond subject to this chapter or held or owing in 
this State by any person is presumed abandoned in this State if:
A.  The last known address of the owner of the United States savings bond is in this 
State; and
B.  The United States savings bond has remained unclaimed for 3 years after its date 
of final maturity.
2.  Escheat; procedure.  United States savings bonds that are presumed abandoned 
and unclaimed under subsection 1, including bonds in the possession of the administrator, 
and those lost, stolen or destroyed bonds registered to persons with last known addresses 
in this State, escheat to the State 3 years after the bonds are presumed abandoned, and all 
property rights and legal title to and ownership of the United States savings bonds, 
including all rights, powers and privileges of survivorship of any owner, co-owner or 
beneficiary, vest solely in the State according to the following procedure.
A.  Within 180 days after the 3-year period in this subsection has passed, if no claim 
has been filed in accordance with this chapter for the United States savings bonds, the 
administrator shall commence a civil action in the Kennebec County Superior Court 
or in any other court of competent jurisdiction for a determination that the United 
States savings bonds escheat to the State.  The administrator may postpone the 
bringing of such an action until sufficient United States savings bonds have 
accumulated in the administrator's custody to justify the expense of such a 
proceeding.
B.  The administrator shall make service by publication of the civil action in 
accordance with the Maine Rules of Civil Procedure, Rule 4 and Title 1, sections 601 
and 603.
C.  If no person files a claim or appears at the hearing to substantiate a claim or if the 
court determines that a claimant is not entitled to the property claimed by the 
claimant, the court, if satisfied by evidence that the administrator has substantially 
complied with the laws of this State, shall enter a judgment that the United States 
savings bonds have escheated to the State and all property rights and legal title to and 
ownership of the United States savings bonds, including all rights, powers and 
privileges of survivorship of any owner, co-owner or beneficiary, vest solely in the 
State.
D.  The administrator shall redeem the United States savings bonds escheated to the 
State.  When the escheated proceeds have been recovered by the administrator, the 
administrator shall first pay all costs incident to the collection and recovery of the 
proceeds from the redemption of the United States savings bonds and then promptly 
deposit the remaining balance of the proceeds in the Unclaimed Property Fund under 
section 2141 to be distributed in accordance with law.
3.  Claims after escheat.  Notwithstanding subchapter 9, any person making a claim 
for a United States savings bond escheated to the State under this section may file a claim 
with the administrator.  Upon being provided sufficient proof of the validity of the 
person's claim, the administrator may pay the claim and may subtract any expenses and 
costs incurred by the State in securing full title and ownership of the property by escheat.  
If payment has been made to a claimant, no action may be maintained by any other 
claimant or the State or any state officer for or on account of the funds.
SUBCHAPTER 3
RULES FOR TAKING CUSTODY OF PROPERTY PRESUMED ABANDONED
§2081.  Address of apparent owner to establish priority
In this subchapter, the following rules apply:
1.  Last known address.  The last known address of an apparent owner, as shown in 
the records of the holder, is any description, code or other indication of the location of the 
apparent owner that identifies the state, even if the description, code or indication of 
location is not sufficient to direct the delivery of first class United States mail to the 
apparent owner.
2.  Zip code in this State; exception.  If the zip code associated with the apparent 
owner is for a post office located in this State, this State is deemed to be the state of the 
last known address of the apparent owner unless other records associated with the 
apparent owner specifically identify the physical address of the apparent owner in another 
state.
3.  Physical address in another state.  If the address under subsection 2 is in another 
state, the other state is deemed to be the state of the last known address of the apparent 
owner.
4.  Address of insured or annuitant.  The address of the apparent owner of a life or 
endowment insurance policy or annuity contract or its proceeds is presumed to be the 
address of the insured or annuitant if a person other than the insured or annuitant is 
entitled to the amount owed under the policy or contract and the address of the other 
person is not known by the insurance company and cannot be determined under section 
2082.
§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:
1.  Last known address in records of holder.  The last known address of the 
apparent owner in the records of the holder is in this State; or
2.  Determination by administrator.  The records of the holder do not reflect the 
identity or last known address of the apparent owner, but the administrator has 
determined that the last known address of the apparent owner is in this State.
§2083.  If records show multiple addresses of apparent owner
1.  Most recently recorded address.  Except as in subsection 2, if records of a 
holder reflect multiple addresses for an apparent owner and this State is the state of the 
most recently recorded address, this State may take custody of property presumed 
abandoned, whether located in this State or another state.
2.  Next most recently recorded address.  If it appears from records of the holder 
that the most recently recorded address of the apparent owner under subsection 1 is a 
temporary address and this State is the state of the next most recently recorded address 
that is not a temporary address, this State may take custody of the property presumed 
abandoned.
§2084.  Holder domiciled in this State
1.  Holder domiciled in this State.  Except as in subsection 2 or section 2082 or 
2083, the administrator may take custody of property presumed abandoned, whether 
located in this State, another state or a foreign country, if the holder is domiciled in this 
State or is this State or a governmental subdivision, agency or instrumentality of this 
State and:
A.  Another state or foreign country is not entitled to the property because there is no 
last known address of the apparent owner or other person entitled to the property in 
the records of the holder; or
B.  The state or foreign country of the last known address of the apparent owner or 
other person entitled to the property does not provide for custodial taking of the 
property.
2.  Holder deemed domiciled.  If a holder's state of domicile has changed since the 
time property was presumed abandoned, the holder’s state of domicile in this section is 
deemed to be the state where the holder was domiciled at the time the property was 
presumed abandoned.
§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:
1.  Transaction in this State.  The transaction out of which the property arose took 
place in this State;
2.  Holder's domicile in another state.  The holder is domiciled in a state that does 
not provide for the custodial taking of the property; and
3.  Apparent owner or other person entitled.  The last known address of the 
apparent owner or other person entitled to the property is unknown or in a state that does 
not provide for the custodial taking of the property.
§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:
1.  Amount.  The amount of the property;
2.  Presumed abandoned.  That the property is presumed abandoned; and
3.  Custody of the administrator.  That the property is subject to the custody of the 
administrator.
SUBCHAPTER 4
REPORT BY HOLDER
§2091.  Report required by holder
1.  Report by holder.  A holder of property presumed abandoned and subject to the 
custody of the administrator shall report in a record to the administrator concerning the 
property in a format approved by the administrator.
2.  Contract with 3rd party.  A holder may contract with a 3rd party to make the 
report required under subsection 1.
3.  Responsibilities of holder.  Whether or not a holder contracts with a 3rd party 
under subsection 2, the holder is responsible:
A.  To the administrator for the complete, accurate and timely reporting of property 
presumed abandoned; and
B.  For paying or delivering to the administrator property described in the report.
§2092.  Content of report
1.  Report.  The report required under section 2091 must:
A.  Be signed by or on behalf of the holder and verified as to its completeness and 
accuracy;
B.  Be filed electronically;
C.  Describe the property;
D.  Except for a traveler's check, money order or similar instrument, contain the 
name, if known, last known address, if known, and social security number or 
taxpayer identification number, if known or readily ascertainable;
E.  For an amount held or owing under a life or endowment insurance policy, annuity 
contract or other property for which ownership vests in a beneficiary upon the death 
of the owner, contain the name and last known address of the insured, annuitant or 
other apparent owner of the policy or contract and of the beneficiary;
F.  For property held in or removed from a safe deposit box, indicate the location of 
the property, where it may be inspected by the administrator and any amounts owed 
to the holder under section 2116;
G.  Contain the commencement date for determining abandonment under subchapter 
2;
H.  State that the holder has complied with the notice requirements of section 2101;
I.  Identify property that is a nonfreely transferable security and explain why it is a 
nonfreely transferable security; and
J.  Contain other information the administrator prescribes by rule.
2.  Aggregate items valued under $50.  A report under section 2091 may include in 
the aggregate items valued under $50 each for which personal information, as defined in 
section 2211, subsection 1, concerning the owner is unknown.
3.  Personal information.  A report under section 2091 may include personal 
information as defined in section 2211, subsection 1 about the apparent owner or the 
apparent owner's property.
4.  Former name, name of previous holder.  If a holder has changed its name while 
holding property presumed abandoned or is a successor to another person that previously 
held the property for the apparent owner, the holder must include in the report under 
section 2091 its former name or the name of the previous holder, if any, and the known 
name and address of each previous holder of the property.
§2093.  When report filed
1.  November 1st.  Except as otherwise provided in subsection 2 and subject to 
subsection 3, the report under section 2091 must be filed before November 1st of each 
year and cover the 12 months preceding July 1st of that year.
2.  May 1st.  Subject to subsection 3, a report under section 2091 containing 
information about life insurance policies, gift obligations and stored-value obligations 
must be filed before May 1st of each year for the immediately preceding calendar year.
3.  Extension; payment.  Before the date for filing the report under section 2091, the 
holder of property presumed abandoned may request the administrator to extend the time 
for filing.  The administrator may grant an extension.  If the extension is granted, the 
administrator may require the holder to pay or make a partial payment of the amount the 
holder estimates ultimately will be due.  The payment or partial payment terminates 
accrual of interest on the amount paid.
§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:
1.  Required information.  The information required to be included in the report;
2.  Date, place, nature of circumstances.  The date, place and nature of the 
circumstances that gave rise to the property right;
3.  Amount or value.  The amount or value of the property;
4.  Last known address of apparent owner.  The last known address of the apparent 
owner, if known to the holder;
5.  Items not reported unclaimed.  Records of items that were not reported as 
unclaimed sufficient to allow examination to determine whether the holder has complied 
with the Act; and
6.  Record of outstanding instruments.  If the holder sells, issues or provides to 
others for sale or issue in this State traveler's checks, money orders or similar instruments, 
other than 3rd-party bank checks, on which the holder is directly liable, a record of the 
instruments while they remain outstanding indicating the state and date of issue.
§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.
SUBCHAPTER 5
NOTICE TO APPARENT OWNER OF PROPERTY PRESUMED ABANDONED
§2101.  Notice to apparent owner by holder
1.  Notice to apparent owner.  Subject to subsection 2, the holder of property 
presumed abandoned shall send to the apparent owner notice by first class United States 
mail that complies with section 2102 in a format acceptable to the administrator not more 
than 180 days nor less than 60 days before filing the report under 2091 if:
A.  The holder has in its records an address for the apparent owner that the holder's 
records do not disclose to be invalid and is sufficient to direct the delivery of first 
class United States mail to the apparent owner; and
B.  The value of the property held for an owner in aggregate is $50 or more.
2.  E-mail.  If an apparent owner has consented to receive e-mail delivery from the 
holder, the holder shall send the notice described in subsection 1 both by first class 
United States mail to the apparent owner's last known mailing address and by e-mail, 
unless the holder believes that the apparent owner's e-mail address is invalid.
3.  Notice; tax deferred account or security.  The holder of securities presumed 
abandoned under section 2062, 2063 or 2068 shall send to the apparent owner notice by 
certified United States mail that complies with section 2102 in a format acceptable to the 
administrator not less than 60 days before filing the report under section 2091 if:
A.  The holder has in its records an address for the apparent owner that the holder's 
records do not disclose to be invalid and that is sufficient to direct the delivery of 
United States mail to the apparent owner; and
B.  The value of the property is $1,000 or more.
4.  Return receipt constitutes record communicated by apparent owner.  In 
addition to other indications of an apparent owner's interest in property pursuant to 
section 2070, a signed return receipt in response to a notice sent pursuant to this section 
by certified United States mail constitutes a record communicated by the apparent owner 
to the holder concerning the property or the account in which the property is held.
§2102.  Contents of notice by holder
1.  Notice heading.  Notice under section 2101 must contain a heading that reads 
substantially as follows: "Notice. The State of Maine requires us to notify you that your 
property may be transferred to the custody of the State Treasurer if you do not contact us 
before (insert date that is 30 days after the date of this notice)."
2.  Notice contents.  The notice under section 2101 must:
A.  Identify the nature and, except for property that does not have a fixed value, the 
value of the property that is the subject of the notice;
B.  State that the property will be turned over to the administrator;
C.  State that after the property is turned over to the administrator an apparent owner 
that seeks return of the property must file a claim with the administrator;  
D.  State that property that is not legal tender of the United States may be sold by the 
administrator; and
E.  Provide instructions that the apparent owner must follow to prevent the holder 
from reporting and paying or delivering the property to the administrator.
§2103.  Notice by administrator
1.  Website; apparent owners.  The administrator shall maintain a website 
accessible by the public and electronically searchable that contains the names reported to 
the administrator of all apparent owners for whom property is being held by the 
administrator.  The administrator may exclude certain properties from publication on this 
website if reasonable exclusion serves the best interest of the State and the owner of the 
property.
2.  Instructions for filing.  The website must include instructions for filing with the 
administrator a claim to property.
3.  Other communications and media.  The administrator may use any printed 
publication, telecommunication, the Internet or other media to inform the public of the 
existence of unclaimed property held by the 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.
SUBCHAPTER 6
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:
1.  Reasonable basis.  Had a reasonable basis for believing, based on the facts then 
known, that the property was required or permitted to be paid or delivered to the 
administrator under this Act; or 
2.  Payment or delivery.  Made payment or delivery:
A.  In response to a demand by the administrator or administrator's agent; or
B.  Under a guidance or ruling issued by the administrator that the holder reasonably 
believed required or permitted the property to be paid or delivered.
§2112.  Dormancy charge
1.  Deduct dormancy charge.  A holder may deduct a dormancy charge from 
property required to be paid or delivered to the administrator if:
A.  A valid contract between the holder and the apparent owner authorizes imposition 
of the charge for the apparent owner's failure to claim the property within a specified 
time; and
B.  The holder regularly imposes the charge and regularly does not reverse or 
otherwise cancel the charge.
2.  Not unconscionable amount.  The amount of the deduction under subsection 1 is 
limited to an amount that is not unconscionable considering all relevant factors, including 
the marginal transactional costs incurred by the holder in maintaining the apparent 
owner's property and any services received by the apparent owner.
§2113.  Payment or delivery of property to administrator
1.  Payment or delivery.  Except as otherwise provided in this section, on filing a 
report under section 2091, the holder shall pay or deliver to the administrator the property 
described in the report.
2.  Extension of date.  If property in a report under section 2091 is an automatically 
renewable deposit and a penalty or forfeiture in the payment of interest would result from 
paying the deposit to the administrator at the time of the report, the date for payment of 
the property to the administrator is extended until a penalty or forfeiture no longer would 
result from payment, if the holder informs the administrator of the extended date.
3.  Delivery of tangible property in safe deposit box.  Tangible property in a safe 
deposit box may not be delivered to the administrator until a mutually agreed upon date 
no sooner than 120 days after filing the report under section 2091. 
4.  Security.  If property reported to the administrator under section 2091 is a 
security, the administrator may:
A.  Make an endorsement, instruction or entitlement order on behalf of the apparent 
owner to invoke the duty of the issuer, its transfer agent or the securities intermediary 
to transfer the security; or
B.  Dispose of the security under section 2132.
5.  Issuer of certificated security.  If the holder of property reported to the 
administrator under section 2091 is the issuer of a certificated security, the administrator 
may obtain a replacement certificate in physical or book-entry form under Title 11, 
section 8-1405.  An indemnity bond is not required.
6.  Securities procedures.  The administrator shall establish procedures for the 
registration, issuance, method of delivery, transfer and maintenance of securities 
delivered to the administrator by a holder.
7.  No liability after delivered.  An issuer, holder and transfer agent or other person 
acting in good faith under this section under instructions of and on behalf of the issuer or 
holder is not liable to the apparent owner for, and must be indemnified by the State 
against, a claim arising with respect to property after the property has been delivered to 
the administrator.  
8.  Nonfreely transferable security.  A holder is not required to deliver to the 
administrator a security identified by the holder as a nonfreely transferable security.  If 
the administrator or holder determines that a security is no longer a nonfreely transferable 
security, the holder shall deliver the security on the next regular date prescribed for 
delivery of securities under this Act.  The holder shall make a determination annually 
whether a security identified in a report filed under section 2091 as a nonfreely 
transferable security is no longer a nonfreely transferable security.
§2114.  Effect of payment or delivery of property to administrator
1.  No liability of holder on payment or delivery.  On payment or delivery of 
property to the administrator under this Act, the administrator as agent for the State 
assumes custody and responsibility for safekeeping the property.  A holder that pays or 
delivers property to the administrator in good faith and substantially complies with 
sections 2101 and 2102 is relieved of liability arising thereafter with respect to payment 
or delivery of the property to the administrator.  
2.  State indemnification.  This State shall defend and indemnify a holder against 
liability on a claim against the holder resulting from the payment or delivery of property 
to the administrator made in good faith and after the holder substantially complied with 
sections 2101 and 2102.
§2115.  Recovery of property by holder from administrator
1.  Claim for reimbursement.  A holder that under this Act pays money to the 
administrator may file a claim for reimbursement from the administrator of the amount 
paid if the holder:
A.  Paid the money in error; or
B.  After paying the money to the administrator, paid money to a person the holder 
reasonably believed entitled to the money.
2.  Proof instrument presented and paid.  If a claim for reimbursement under 
subsection 1 is made for a payment made on a negotiable instrument, including a 
traveler's check, money order or similar instrument, the holder must submit proof that the 
instrument was presented and payment was made to a person the holder reasonably 
believed entitled to payment.  The holder may claim reimbursement even if the payment 
was made to a person whose claim was made after expiration of a period of limitation on 
the owner's right to receive or recover property, whether specified by contract, statute or 
court order.
3.  Income or gain.  If a holder is reimbursed by the administrator under subsection 
1, paragraph B, the holder may also recover from the administrator income or gain under 
section 2117 that would have been paid to the owner if the money had been claimed from 
the administrator by the owner to the extent the income or gain was paid by the holder to 
the owner.
4.  Property other than money, claim for return.  A holder that under this Act 
delivers property other than money to the administrator may file a claim for return of the 
property from the administrator if:
A.  The holder delivered the property in error; or
B.  The apparent owner has claimed the property from the holder.
5.  Evidence property claimed.  If a claim for return of property under subsection 4 
is made, the holder shall include with the claim evidence sufficient to establish that the 
apparent owner has claimed the property from the holder or that the property was 
delivered by the holder to the administrator in error.
6.  Affidavit sufficient.  The administrator may determine that an affidavit submitted 
by a holder is evidence sufficient to establish that the holder is entitled to reimbursement 
or to recover property under this section.
7.  No fee or other charge.  A holder is not required to pay a fee or other charge for 
reimbursement or return of property under this section.
8.  Determination on claim.  Not later than 90 days after a claim is filed under 
subsection 1 or 4, the administrator shall allow or deny the claim and give the claimant 
notice of the decision in a record.  If the administrator does not take action on a claim 
during the 90-day period, the claim is deemed denied.
9.  Claim in Superior Court.  A person aggrieved by a decision of the administrator 
may maintain an original action to establish the claim in the Superior Court of Kennebec 
County naming the administrator as a defendant.
§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
1.  Custody declined.  The administrator may decline to take custody of property 
reported under section 2091 if the administrator determines that:
A.  The property has a value less than the estimated expenses of notice and sale of the 
property; or
B.  Taking custody of the property would be unlawful.
2.  Before presumed abandoned.  A holder may pay or deliver property to the 
administrator before the property is presumed abandoned under this Act if the holder:
A.  Provides the apparent owner of the property notice required by section 2101 and 
provides the administrator evidence of the holder's compliance with this paragraph;
B.  Includes with the payment or delivery a report regarding the property conforming 
to section 2092; and
C.  First obtains the administrator's consent in a record to accept payment or delivery.  
The holder's request must be in writing.
3.  Presumed abandoned.  On payment or delivery of property under subsection 2, 
the property is presumed abandoned.
§2119.  Disposition of property having no substantial value; immunity from liability
1.  Return to holder.  If the administrator takes custody of property delivered under 
this Act and later determines that the property has no substantial commercial value or that 
the cost of disposing of the property will exceed the value of the property, the 
administrator may return the property to the holder or destroy or otherwise dispose of the 
property.
2.  Immunity from liability.  An action or proceeding may not be commenced 
against the State, an agency of the State, the administrator, another officer, employee or 
agent of the State or a holder for or because of an act of the administrator under this 
section, except for intentional misconduct or malfeasance.
§2120.  Periods of limitation and repose
1.  Holder's duty to pay or deliver.  Expiration, before, on or after October 1, 2019, 
of a period of limitation on an owner's right to receive or recover property, whether 
specified by contract, statute or court order, does not prevent the property from being 
presumed abandoned or affect the duty of a holder under this Act to file a report or pay or 
deliver property to the administrator.
2.  Proceeding within 10 years after report; tolled.  An action or proceeding may 
not be maintained by the administrator to enforce this Act in regard to the reporting, 
delivery or payment of property more than 10 years after the holder specifically identified 
the property in a report filed with the administrator or gave express notice to the 
administrator of a dispute regarding the property.  In the absence of such a report or other 
express notice, the period of limitation is tolled.  The period of limitation is also tolled by 
the filing of a report that is fraudulent.
SUBCHAPTER 7
SALE OF PROPERTY BY ADMINISTRATOR
§2131.  Public sale of property
1.  Sale after one year.  Subject to section 2132, not earlier than one year after 
receipt of property presumed abandoned, the administrator may sell the property.
2.  Notice of sale.  Before selling property under subsection 1, the administrator shall 
give notice to the public of:
A.  The date of the sale; and
B.  The nature of the property.
3.  Sale to highest bidder.  A sale under subsection 1 must be to the highest bidder:
A.  At public sale at a location in this State that the administrator determines to be the 
most favorable market for the property;
B.  On the Internet; or
C.  On another forum the administrator determines is likely to yield the highest net 
proceeds of sale.
4.  Highest bid insufficient.  The administrator may decline the highest bid at a sale 
under this section and reoffer the property for sale if the administrator determines the 
highest bid is insufficient.
5.  Publication of notice.  If a sale held under this section is to be conducted other 
than on the Internet, the administrator may publish at least one notice of the sale, at least 
weeks but not more than 10 weeks before the sale.
§2132.  Disposal of securities
1.  Sell or liquidate security after one year.  Except as provided in section 2155, 
subsection 1, the administrator may not sell or otherwise liquidate a security until one 
year after the administrator receives the security.
2.  Price of security.  The administrator may not sell a security listed on an 
established stock exchange for less than the price prevailing on the exchange at the time 
of sale.  The administrator may sell a security not listed on an established exchange by 
any commercially reasonable method.
§2133.  Recovery of securities or value by owner
1.  Claim for securities sold before one year after delivery.  If securities are sold 
by the administrator before the expiration of one year after their delivery to the 
administrator, a person making a claim under this Act before the end of the one-year 
period is entitled to the proceeds of the sale of the securities or the market value of the 
securities at the time the claim is made, whichever is greater, plus dividends, interest and 
other increments thereon up to the time the claim is made, less any deduction for 
expenses of sale.  A person making a claim under this Act after the expiration of the one-
year period is entitled to receive the securities delivered to the administrator by the 
holder, if the securities remain in the custody of the administrator, or the net proceeds 
received from sale and is not entitled to receive any appreciation in the value of the 
property occurring after delivery to the administrator, except in a case of intentional 
misconduct or malfeasance by the administrator. 
2.  Claim for securities of a single issue.  Notwithstanding this section, the 
administrator may sell the securities of any single issue for which custodial costs are 
likely to exceed value 90 days or more after the securities have been published pursuant 
to section 2103.  A person making a claim under this Act after the securities have been 
sold is entitled only to the net proceeds received from the sale.
§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
1.  Sale prohibited.  The administrator may not sell a medal or decoration awarded 
for military service in the Armed Forces of the United States. 
2.  Delivery of medal or decoration.  The administrator, with the consent of the 
respective organization under paragraph A, agency under paragraph B or entity under 
paragraph C, may deliver a medal or decoration described in subsection 1, to be held in 
custody for the owner, to:
A.  A military veterans' organization qualified under the federal Internal Revenue 
Code of 1986, 26 United States Code, Section 501(c)(19), as amended;
B.  The agency that awarded the medal or decoration; or
C.  A governmental entity.
3.  Not responsible after delivery.  On delivery under subsection 2, the 
administrator is not responsible for safekeeping the medal or decoration.
SUBCHAPTER 8
ADMINISTRATION OF PROPERTY
§2141.  Deposit of funds by administrator
1.  Unclaimed Property Fund.  The administrator shall deposit in the Unclaimed 
Property Fund all funds received under this Act, including proceeds from the sale of 
property under subchapter 7.  The Unclaimed Property Fund is a permanent account and 
may not lapse, but must be carried forward.  
2.  Payment of claims from Unclaimed Property Fund.  The administrator shall 
make prompt payment of claims the administrator duly allows as provided for in this Act 
from the Unclaimed Property Fund under subsection 1.  This shall constitute an 
irrevocable and continuing appropriation of all amounts in the Unclaimed Property Fund 
necessary to make prompt payment of claims duly allowed by the administrator pursuant 
to this Act.
§2142.  Administrator to retain records of property
The administrator shall:
1.  Name and address of apparent owners.  Record and retain the name and last 
known address of each person shown on a report filed under section 2091 to be the 
apparent owner of property delivered to the administrator;
2.  Name and address of insureds, annuitants and beneficiaries.  Record and 
retain the name and last known address of each insured or annuitant and beneficiary 
shown on the report; 
3.  Policy or account number, company and amount.  For each policy of insurance 
or annuity contract listed in the report of an insurance company, record and retain the 
policy or account number, the name of the company and the amount due or paid; and
4.  Holder that filed report.  For each apparent owner listed in the report, record and 
retain the name of the holder that filed the report and the amount due or paid.
§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:
1.  Expenses of disposition of property.  Expenses of disposition of property 
delivered to the administrator under this Act;
2.  Costs of mailing and publication.  Costs of mailing and publication in 
connection with property delivered to the administrator under this Act;
3.  Reasonable service charges.  Reasonable service charges; and
4.  Expenses incurred.  Expenses incurred in examining records of or collecting 
property from a putative holder or holder.
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.
SUBCHAPTER 9
CLAIM TO RECOVER PROPERTY FROM ADMINISTRATOR
§2151.  Claim of another state to recover property
1.  Subject to superior claim of another state.  If the administrator knows that 
property held by the administrator under this Act is subject to a superior claim of another 
state, the administrator shall:
A.  Report and pay or deliver the property to the other state; or
B.  Return the property to the holder so that the holder may pay or deliver the 
property to the other state.
2.  Agreement to transfer not required.  The administrator is not required to enter 
into an agreement to transfer property to the other state under subsection 1.
§2152.  When property subject to recovery by another state
1.  Subject to right of another state.  Property held under this Act by the 
administrator is subject to the right of another state to take custody of the property if:
A.  The property was paid or delivered to the administrator because the records of the 
holder did not reflect a last known address in the other state of the apparent owner 
and:
(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;
B.  The records of the holder did not accurately identify the owner of the property, 
the last known address of the owner was in another state and, under the law of the 
other state, the property has become subject to a claim by the other state of 
abandonment;
C.  The property was subject to the custody of the administrator under section 2085 
and, under the law of the state of domicile of the holder, the property has become 
subject to a claim by the state of domicile of the holder of abandonment; or
D.  The property:
(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.
2.  Form prescribed.  A claim by another state to recover property under this section 
must be presented in a form prescribed by the administrator, unless the administrator 
waives presentation of the form.
3.  Decision within 90 days.  The administrator shall decide a claim under this 
section not later than 90 days after it is presented.  If the administrator determines that the 
other state is entitled under subsection 1 to custody of the property, the administrator 
shall allow the claim and pay or deliver the property to the other state.
4.  May require indemnification.  The administrator may require another state, 
before recovering property under this section, to agree to indemnify this State and its 
agents, officers and employees against any liability on a claim to the property.
§2153.  Claim for property by person claiming to be owner
1.  Claim for property.  A person claiming to be the owner of property held under 
this Act by the administrator may file a claim for the property on a form prescribed by the 
administrator.  The claimant must verify the claim as to its completeness and accuracy.
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.
§2154.  When administrator must honor claim for property
1.  Administrator shall pay claim.  The administrator shall pay or deliver property 
to a claimant under section 2153, subsection 1 if the administrator receives evidence 
sufficient to establish to the satisfaction of the administrator that the claimant is the owner 
of the property.
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 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.
3.  Claim denied; procedure; amended claim.  If the claim is denied under 
subsection 2:
A.  The administrator shall inform the claimant of the reason for the denial; and
B.  The claimant may file an amended claim with the administrator or commence an 
action under section 2156.
4.  Claim deemed denied.  If the administrator does not take action on a claim 
during the 90-day period under subsection 2, the claim is deemed denied.
§2155.  Allowance of claim for property
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.  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.
2.  Subject to claim.  Property held under this Act by the administrator is subject to a 
claim for the payment of an enforceable debt the owner owes in this State for: 
A.  Child support arrearages, including child support collection costs and child 
support arrearages that are combined with maintenance;
B.  A final court judgment; or
C.  State or federal taxes, penalties and interest that have been determined to be 
delinquent by the relevant tax authority.
§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. 
SUBCHAPTER 10
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:
1.  Reportable property.  State whether the person is holding property reportable 
under this Act;
2.  Describe property.  Describe property not previously reported or about which the 
administrator has inquired;
3.  Specifically identify disputed property.  Specifically identify property described 
under subsection 2 about which there is a dispute whether it is reportable under this Act; 
and
4.  Amount or value.  State the amount or value of the property.
§2162.  Examination of records to determine compliance
The administrator, at reasonable times and on reasonable notice, may:
1.  Examine records.  Examine the records of a person, including examination of 
appropriate records in the possession of an agent of the person under examination, if the 
records are reasonably necessary to determine whether the person has complied with this 
Act;
2.  Issue administrative subpoena.  Issue an administrative subpoena requiring the 
person under subsection 1 or agent of the person to make records available for 
examination;
3.  Examination even if person believes not in possession.  The administrator may 
conduct the examination under subsection 1 even if the person believes it is not in 
possession of any property that must be reported, paid or delivered under this Act; and
4.  Bring enforcement action.  Bring an action seeking judicial enforcement of the 
subpoena under subsection 2.
§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:
1.  Confidentiality and security provisions.  Are subject to the confidentiality and 
security provisions of subchapter 14 and are not public records; 
2.  Use to collect property, enforce the Act.  May be used by the administrator in an 
action to collect property or otherwise enforce this Act;
3.  Use in joint examination.  May be used in a joint examination conducted with 
another state, the United States, a foreign country or subordinate unit of a foreign 
country, or any other governmental entity if the governmental entity conducting the 
examination is legally bound to maintain the confidentiality and security of information 
obtained from a person subject to examination in a manner substantially equivalent to that 
under subchapter 14;
4.  Disclosure.  Must be disclosed, on request, to the person that administers the 
unclaimed property law of another state for that state's use in circumstances equivalent to 
circumstances described in this subchapter, if the other state is required to maintain the 
confidentiality and security of information obtained in a manner substantially equivalent 
to that under subchapter 14;
5.  Produced pursuant to subpoena.  Must be produced by the administrator under 
an administrative or judicial subpoena or administrative or court order; and
6.  Produced upon request in proceeding.  Must be produced by the administrator 
on request of the person subject to the examination in an administrative or judicial 
proceeding relating to the property.
§2165.  Evidence of unpaid debt or undischarged obligation
1.  Prima facie evidence of debt or obligation.  A record of a putative holder 
showing an unpaid debt or undischarged obligation is prima facie evidence of the debt or 
obligation.
2.  Preponderance of evidence.  A putative holder may establish by a preponderance 
of the evidence that there is no unpaid debt or undischarged obligation for a debt or 
obligation described in subsection 1 or that the debt or obligation was not, or no longer is, 
a fixed and certain obligation of the putative holder.
3.  Overcome prima facie evidence.  A putative holder may overcome prima facie 
evidence under subsection 1 by establishing by a preponderance of the evidence that a 
check, draft or similar instrument was:
A.  Issued as an unaccepted offer in settlement of an unliquidated amount;
B.  Issued but later was replaced with another instrument because the earlier 
instrument was lost or contained an error that was corrected;
C.  Issued to a party affiliated with the issuer;
D.  Paid, satisfied or discharged;
E.  Issued in error;
F.  Issued without consideration;
G.  Issued but there was a failure of consideration;
H.  Voided not later than 90 days after issuance for a valid business reason set forth 
in a contemporaneous record; or
I.  Issued but not delivered to a 3rd-party payee for a sufficient reason recorded 
within a reasonable time after issuance.
4.  Evidence of course of dealing.  In asserting a defense under this section, and 
subject to section 2094, a putative holder may present evidence of a course of dealing 
between the putative holder and the apparent owner.
§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:
1.  Work performed.  The work performed;
2.  Property types.  The property types reviewed;
3.  Methodology.  The methodology of any estimation technique, extrapolation or 
statistical sampling used in conducting the examination;
4.  Calculation.  Each calculation showing the value of property determined to be 
due; and
5.  Findings.  The findings of the person conducting the examination.
§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.
SUBCHAPTER 11
DETERMINATION OF LIABILITY; PUTATIVE HOLDER REMEDIES
§2181.  Informal conference
1.  Request for informal conference.  Not later than 30 days after receipt of a notice 
under section 2170, the putative holder may request an informal conference with the 
administrator to review the determination.  The holder must include in the request the 
specific items to be discussed.  Except as otherwise provided in this section, the 
administrator may designate an employee to act on behalf of the administrator.
2.  Response to request for informal conference.  If a putative holder makes a 
timely request under subsection 1 for an informal conference:
A.  Not later than 30 days after the date of the request, the administrator shall set the 
time and place of the conference;
B.  The administrator shall give the putative holder notice in a record of the time and 
place of the conference;
C.  The conference may be held in person, by telephone or by electronic means, as 
determined by the administrator;
D.  The request tolls the 90-day period under sections 2183 and 2184 until notice of a 
decision under paragraph G has been given to the putative holder or the putative 
holder withdraws the request for the conference;
E.  The conference may be postponed, adjourned and reconvened as the administrator 
determines appropriate;
F.  The administrator or administrator's designee with the approval of the 
administrator may modify a determination made under section 2170 or withdraw the 
determination; and
G.  The administrator shall issue a decision in a record and provide a copy of the 
record to the putative holder and examiner not later than 30 days after the conference 
ends.
3.  Conference not administrative remedy; procedure.  A conference under 
subsection 1 is not an administrative remedy.  An oath is not required and rules of 
evidence do not apply in the conference.
4.  Opportunity to confer informally.  At a conference under subsection 2, the 
putative holder must be given an opportunity to confer informally with the administrator 
and the person that examined the records of the putative holder to:
A.  Discuss the determination made under section 2170; and
B.  Present any issue concerning the validity of the determination made under section 
2170.
5.  Failure to act within period.  If the administrator fails to act within the period 
prescribed in subsection 2, paragraph A or G, the failure does not affect a right of the 
administrator, except that interest does not accrue on the amount for which the putative 
holder was determined to be liable under section 2170 during the period in which the 
administrator failed to act until the earlier of:
A.  The date under section 2183 on which the putative holder initiates administrative 
review or the date on which the putative holder files an action under section 2184; 
and
B.  Ninety days after the putative holder received notice of the administrator's 
determination under section 2170 if no review was initiated under section 2183 and 
no action was filed under section 2184.
6.  Informal conference before administrative review.  The administrator may hold 
an informal conference with a putative holder about a determination under section 2170 
without a request at any time before the putative holder initiates administrative review 
under section 2183 or files an action under section 2184.
7.  Interest and penalties.  Interest and penalties under section 2194 continue to 
accrue on property not reported, paid or delivered as required by this Act after the 
initiation, and during the pendency, of an informal conference under this section.
§2182.  Review of administrator's determination
A putative holder may seek relief from a determination under section 2170 by:
1.  Administrative review.  Administrative review under section 2183; or
2.  Judicial review.  Judicial review under section 2184.
§2183.  Administrative review
1.  Review under Maine Administrative Procedure Act.  Not later than 90 days 
after receiving notice of the administrator's determination under section 2170, a putative 
holder may initiate a proceeding under the Maine Administrative Procedure Act for 
review of the administrator's determination.
2.  Judicial review; de novo proceeding.  A final decision in an administrative 
proceeding initiated under subsection 1 is subject to judicial review by the Superior Court 
as a matter of right in a de novo proceeding on the record in which either party is entitled 
to introduce evidence as a supplement to the record.
§2184.  Judicial remedy
1.  Action by putative holder.  Not later than 90 days after receiving notice of the 
administrator's determination under section 2170, the putative holder may:
A.  File an action against the administrator in the Superior Court of Kennebec County 
challenging the administrator's determination of liability and seeking a declaration 
that the determination is unenforceable, in whole or in part; or
B.  Pay the amount or deliver the property determined by the administrator to be paid 
or delivered to the administrator and, not later than 6 months after payment or 
delivery, file an action against the administrator in the Superior Court of Kennebec 
County for a refund of all or part of the amount paid or return of all or part of the 
property delivered.
2.  Continue action.  If a putative holder pays or delivers property that the 
administrator determined must be paid or delivered to the administrator at any time after 
the putative holder files an action under subsection 1, paragraph A, the court shall 
continue the action as if it had been filed originally as an action for a refund or return of 
property under subsection 1, paragraph B.
SUBCHAPTER 12
ENFORCEMENT BY ADMINISTRATOR
§2191.  Judicial action to enforce liability
1.  Enforcement of determination.  If a determination under section 2170 becomes 
final and is not subject to administrative or judicial review, the administrator may 
commence an action in the Superior Court of Kennebec County or in an appropriate court 
of another state to enforce the determination and secure payment or delivery of past due, 
unpaid or undeliverable property.  The action must be brought not later than 5 years after 
the determination becomes final. 
2.  Court having jurisdiction.  In an action under subsection 1, if no court in this 
State has jurisdiction over the defendant, the administrator may commence an action in 
any court having jurisdiction over the defendant.
§2192.  Interstate and international agreement; cooperation
1.  Exchange or examination.  Subject to subsection 2, the administrator may:
A.  Exchange information with another state or foreign country relating to property 
presumed abandoned or relating to the possible existence of property presumed 
abandoned; and
B.  Authorize in a record another state or foreign country or a person acting on behalf 
of the other state or country to examine the administrator's records of a putative 
holder as provided in subchapter 10.
2.  Confidentiality and security protections.  An exchange or examination under 
subsection 1 may be done only if the state or foreign country has confidentiality and 
security requirements substantially equivalent to those in subchapter 14 or agrees in a 
record to be bound by this State's confidentiality and security requirements.
§2193.  Action involving another state or foreign country
1.  Joint examination and enforcement.  The administrator may join another state 
or foreign country to examine and seek enforcement of this Act against a putative holder.
2.  Action by Attorney General.  On request of another state or foreign country, the 
Attorney General may commence an action on behalf of the other state or country to 
enforce in this State the law of the other state or country against a putative holder subject 
to a claim by the other state or country.
3.  Requested action in another state or foreign country.  The administrator may 
request the official authorized to enforce the unclaimed property law of another state or 
foreign country to commence an action to recover property in the other state or country 
on behalf of the administrator.  This State may pay the costs, including reasonable 
attorney's fees and expenses, incurred by the other state or foreign country in an action 
under this subsection.
4.  Recovery of property in another state.  The administrator may pursue an action 
on behalf of this State to recover property subject to this Act but delivered to the custody 
of another state if the administrator believes the property is subject to the custody of the 
administrator.
5.  Retain an attorney.  With the consent of the Attorney General, the administrator 
may retain an attorney in this State, another state or a foreign country to commence an 
action to recover property on behalf of the administrator and may agree to pay attorney's 
fees based in whole or in part on a fixed fee, hourly fee or a percentage of the amount or 
value of property recovered in the action.
6.  Expenses.  Expenses incurred by this State in an action under this section may be 
paid from property received under this Act or the net proceeds of the property.  Expenses 
paid to recover property may not be deducted from the amount that is subject to a claim 
under this Act by the owner.
§2194.  Interest and penalty for failure to act in timely manner
1.  Interest.  A holder that fails to report, pay or deliver property within the time 
prescribed by this Act shall pay to the administrator interest at an annual rate of 18%, or 
10% above the annual rate of discount in effect on the date the property should have been 
paid or delivered for the most recent issue of 52-week United States Treasury bills, on the 
property or value thereof from the date the property should have been reported, paid or 
delivered.
2.  Civil penalty.  Except as otherwise provided in section 2195 or 2196, the 
administrator may require a holder that fails to report, pay or deliver property within the 
time prescribed by this Act to pay to the administrator, in addition to interest included 
under subsection 1, a civil penalty of $200 for each day the duty is not performed, up to a 
cumulative maximum amount of $5,000.
§2195.  Other civil penalties
1.  Evading obligation or willfully failing to perform.  If a holder enters into a 
contract or other arrangement for the purpose of evading an obligation under this Act or 
otherwise willfully fails to perform a duty imposed on the holder under this Act, the 
administrator may require the holder to pay the administrator, in addition to interest as 
provided in section 2194, subsection 1, a civil penalty of $1,000 for each day the 
obligation is evaded or the duty is not performed, up to a cumulative maximum amount of 
$25,000, plus 25% of the amount or value of property that should have been but was not 
reported, paid or delivered as a result of the evasion or failure to perform.
2.  Fraudulent report.  If a holder makes a fraudulent report under this Act, the 
administrator may require the holder to pay to the administrator, in addition to interest 
under section 2194, subsection 1, a civil penalty of $1,000 for each day from the date the 
report was made until corrected, up to a cumulative maximum of $25,000, plus 25% of 
the amount or value of any property that should have been reported but was not included 
in the report or was underreported.
3.  Lack of knowledge of death.  A holder who fails to report, pay or deliver 
property within the time prescribed by this Act is not required to pay interest under 
section 2194, subsection 1 or subject to penalties under section 2194, subsection 2 if the 
failure to report, pay or deliver the property was due to lack of knowledge of a death that 
established the period of abandonment under this Act.
§2196.  Waiver of interest and penalty
The administrator:
1.  Waive interest and penalties.  May waive, in whole or in part, interest under 
section 2194, subsection 1 and penalties under section 2194, subsection 2 or section 
2195; and
2.  Good faith, without negligence.  Shall waive a penalty under section 2194, 
subsection 2 if the administrator determines that the holder acted in good faith and 
without negligence.
SUBCHAPTER 13
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:
1.  Record.  Is in a record that clearly states the nature of the property and the 
services to be provided;
2.  Signed.  Is signed by or on behalf of the apparent owner; and 
3.  Amount or value.  States the amount or known value of the property reasonably 
expected to be recovered, computed before and after a fee or other compensation to be 
paid to the professional investigator has been deducted.
§2202.  When agreement to locate property void
1.  Agreement void in 24-month period.  Subject to subsection 2, an agreement 
under section 2201 is void if it is entered into during the period beginning on the date the 
property was paid or delivered by a holder to the administrator and ending 24 months 
after the payment or delivery.
2.  Mineral proceeds.  If a provision in an agreement described in subsection 1 
applies to mineral proceeds for which compensation is to be paid to the other person 
based in whole or in part on a part of the underlying minerals or mineral proceeds not 
then presumed abandoned, the provision is void regardless of when the agreement was 
entered into.
3.  Unconscionable amount; action to reduce amount.  An agreement under 
subsection 1 that provides for compensation in an amount that is unconscionable is 
unenforceable except by the apparent owner.  An apparent owner that believes the 
compensation the apparent owner has agreed to pay is unconscionable may file an action 
to reduce the compensation to the maximum amount that is not unconscionable.
4.  Unconscionable on other grounds.  An apparent owner or the administrator may 
assert that an agreement described in this section is void on a ground other than it 
provides for payment of unconscionable compensation.
5.  Not applicable.  This section does not apply to an apparent owner's agreement 
with an attorney to pursue a claim for recovery of specifically identified property held by 
the administrator or to contest the administrator's denial of a claim for recovery of the 
property.
6.  Administrator provides list.  Upon request, the administrator shall provide a list 
of unclaimed funds to a person possessing a valid professional investigator's license 
granted under the laws of this State.  The list must be compiled semiannually and must 
contain the property identification, owner name, owner relationship, owner address, 
holder name, property description, date received and property value.  The list must 
include all reconciled, identifiable, nontangible unclaimed properties at the time of 
compilation that have been in the possession of the administrator for at least 24 months 
and that have a minimum value of $500.  The administrator may charge a reasonable fee 
to cover the costs of creating, maintaining and distributing this list.
SUBCHAPTER 14
CONFIDENTIALITY AND SECURITY OF INFORMATION
§2211.  Definitions; applicability
1.  Personal information defined.  As used in this subchapter, "personal 
information" means:
A.  Information that identifies or reasonably can be used to identify an individual, 
such as first and last name in combination with the individual's:
(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;
B.  Personally identifiable financial or insurance information, including nonpublic 
personal information defined by applicable federal law; and
C.  Any combination of data that, if accessed, disclosed, modified or destroyed 
without authorization of the owner of the data or if lost or misused, would require 
notice or reporting under Title 10, section 1348 and federal privacy and data security 
law, whether or not the administrator or the administrator's agent is subject to the law.
2.  Applies to administrator's agent.  A provision of this subchapter that applies to 
the administrator or the administrator's records applies to an administrator's agent.
§2212.  Confidential information
1.  Confidential.  Except as otherwise provided in this Act, the following are 
confidential and exempt from public inspection and disclosure:
A.  Records of the administrator and the administrator's agent related to the 
administration of this Act;
B.  Reports and records of a holder in the possession of the administrator or the 
administrator's agent;
C.  Personal information and other information derived or otherwise obtained by or 
communicated to the administrator or the administrator's agent from an examination 
under this Act of the records of a person; and
D.  The identity of a person subject to an examination under section 2162.
2.  Continues to be confidential.  A record or other information that is confidential 
under the laws of this State other than this Act, of another state or of the United States 
continues to be confidential when disclosed or delivered under this Act to the 
administrator or administrator's agent.
§2213.  When confidential information may be disclosed
1.  To enforce or implement Act.  When reasonably necessary to enforce or 
implement this Act, the administrator may disclose confidential information concerning 
property held by the administrator or the administrator's agent only to:
A.  An apparent owner or the apparent owner's attorney, other legal representative or 
relative;
B.  The personal representative, executor, other legal representative or relative of a 
deceased apparent owner or a person entitled to inherit from a deceased apparent 
owner;
C.  Another department or agency of this State or the United States;
D.  The person that administers the unclaimed property law of another state, if the 
other state accords substantially reciprocal privileges to the administrator and if the 
other state is required to maintain the confidentiality and security of obtained 
information in a manner substantially equivalent to that under this subchapter; or
E.  Pursuant to section 2164, subsection 6, the person subject to an examination.
2.  Name of apparent owners; additional information.  Except as otherwise 
provided in section 2212, subsection 1, the administrator shall include on the website 
required by section 2103, subsection 1 the name of each apparent owner of property held 
by the administrator.  The administrator may include in published notices, printed 
publications, telecommunications, the Internet or other media and on the website or in the 
database additional information concerning the apparent owner's property if the 
administrator believes the information will assist in identifying and returning property to 
the owner and does not disclose personal information except the home or physical 
address of an apparent owner.
3.  No use of confidential information; exception.  The administrator and the 
administrator's agent may not use confidential information provided to them or in their 
possession except as expressly authorized by this Act or required by law other than this 
Act.
§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:
1.  Form.  Is in a form that is reasonably satisfactory to the administrator; and
2.  Compliance with subchapter.  Requires the person having access to the records 
to comply with the provisions of this subchapter applicable to the person.
§2215.  Security breach
1.  Notice to holder.  Except to the extent prohibited by law other than this Act, the 
administrator or administrator's agent shall notify a holder as soon as practicable of:
A.  A suspected loss, misuse or unauthorized access, disclosure, modification or 
destruction of confidential information obtained from the holder in the possession of 
the administrator or an administrator's agent; and
B.  Any interference with operations in any system hosting or housing confidential 
information that:
(1)  Compromises the security, confidentiality or integrity of the information; or
(2)  Creates a substantial risk of identity fraud or theft.
2.  Disclosure of breach limited.  Except as necessary to inform an insurer, attorney, 
investigator or others as required by law, the administrator and an administrator's agent 
may not disclose, without the express consent in a record of the holder, an event 
described in subsection 1 to a person whose confidential information was supplied by the 
holder.
3.  Action of administrator and administrator's agent.  If an event described in 
subsection 1 occurs, the administrator and the administrator's agent shall:
A.  Take action necessary for the holder to understand and minimize the effect of the 
event and determine its scope; and
B.  Cooperate with the holder with respect to:
(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
1.  Indemnification of holder by State.  If a claim is made or action commenced 
arising out of an event described in section 2215, subsection 1 relating to confidential 
information possessed by the administrator, this State shall indemnify, defend and hold 
harmless a holder and the holder's affiliates, officers, directors, employees and agents as 
to:
A.  Any claim or action; and
B.  A liability, obligation, loss, damage, cost, fee, penalty, fine, settlement, charge or 
other expense, including reasonable attorney's fees and costs, established by the claim 
or action.
2.  Indemnification by administrator's agent.  If a claim is made or action 
commenced arising out of an event described in section 2215, subsection 1 relating to 
confidential information possessed by an administrator's agent, the administrator's agent 
shall indemnify, defend and hold harmless a holder and the holder's affiliates, officers, 
directors, employees and agents as to:
A.  Any claim or action; and
B.  A liability, obligation, loss, damage, cost, fee, penalty, fine, settlement, charge or 
other expense, including reasonable attorney's fees and costs, established by the claim 
or action.
3.  Insurance for indemnification.  The administrator shall require an 
administrator's agent that will receive confidential information required under this Act to 
maintain adequate insurance for indemnification obligations of the administrator's agent 
under subsection 2.  The administrator's agent required to maintain the insurance shall 
provide evidence of the insurance to:
A.  The administrator not less frequently than annually; and
B.  The holder on commencement of an examination and annually thereafter until all 
confidential information is returned or destroyed by the administrator or the 
administrator's agent because the confidential information is no longer reasonably 
needed under this Act.
SUBCHAPTER 15
MISCELLANEOUS PROVISIONS
§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
1.  Initial report, 10-year period preceding October 1, 2019.  An initial report filed 
under this Act for property that was not required to be reported before October 1, 2019 
but that is required to be reported under this Act, must include all items of property that 
would have been presumed abandoned during the 10-year period preceding October 1, 
2019 as if this Act had been in effect during that period.
2.  Duty before October 1, 2019 continues.  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 to applicable provisions for 
enforcement and penalties in effect before October 1, 2019.
§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:
Z.  The disclosure to the Treasurer of State when necessary for the performance of 
the Treasurer of State's official duties as administrator under Title 33, chapter 41 45 
of the following information:
(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;
SUMMARY
This bill repeals Maine's Uniform Unclaimed Property Act and enacts the Maine 
Revised Unclaimed Property Act.  The bill also corrects cross-references.