An Act to Amend the
Maine Legislature, Session 132, LD 1969
Committee Amendment CA_A_H947 (House)
Amends: 33 MRSA §2052, 33 MRSA §2066, 33 MRSA §2067-A, 33 MRSA §2093, 33 MRSA §2132, 33 MRSA §2133, 33 MRSA §2166

COMMITTEE AMENDMENT uf\ " to H.P. 1313, L.D. 1969, "An Act to Amend the
Maine Revised Unclaimed Property Act"
Amend the bill by striking out the title and substituting the following:
'An Act to Amend the IVIaine Revised Unclaimed Property Act and Clarify the
Definition of "Virtual Currency'"
Amend the bill by inserting before section 1 the following:
'See. 1. 33 MRSA §2052, sub-§23-A is enacted to read:
23-A. Private key. "Private key" means a unique element of crvotoeraohic data used
for siRning transactions on a blockchain. as defined in Title 32. section 6164. subsection 1.
that is known to the owner of the element.'
Amend the bill in section 2 in subsection 32-A in the 3rd line (page 1, line 9 in L.D.)
by striking out the following: "of the United States" and inserting the following: \
reeardless of whether or not it is denominated in legal tender'
Amend the bill in section 2 in subsection 32-A by striking out all of paragraph A(page
1, line 10 in L.D.) and inserting the following:
'A. A loyalty card. includine a transaction in which a merchant grants as part of an
affinity or rewards oroeram value that cannot be taken from or exchanged with the
merchant for legal tender. bank or credit union credit or a dieital fmancial asset: or'
Amend the bill in section 2 in subsection 32-A in paragraph B in the first line (page 1,
line 11 in L.D.) by striking out the following: "^or" and inserting the following: 'consistmg
of a digital representation of value issued by or on behalf of a publisher and used solely
within an online game. gaming platform or family of games sold by the publisher or offered
on the same earning platform.'
Amend the bill in section 2 in subsection 32-A by striking out all of paragraph C (page
l,lmel2inL,D.).
COMMITTEE AMENDMENT
COMMITTEE AMENDMENT " A " to H.P. 1313, L.D. 1969
Amend the bill in section 5 in subsection 14-A in the 2nd line (page 1, line 29 in L.D.)
by striking out the following: "as soon as admmistratively feasible" and inserting the
following: 'one year'
Amend the bill in section 6 in §2062 in the first line (page 1 , line 32 in L.D.) by striking
out the following: "tax-advantaeed" and inserting the following: 'tax-exempt'
Amend the bill m section 6 in §2062 in subsection 1 in the 2nd line (page 1, line 35 in
L.D.) by striking out the following: "tax advantage" and inserting the following: 'in a
retirement account that is tax-exempt*
Amend the bill in section 6 in §2062 in subsection 1 in the last 4 lines (page 1, lines 37
to 40 in L.D.) by striking out the following: "later of: date a distribution is required under
the United States Internal Revenue Code of 1986 in order to avoid a tax penalty, includine
a distribution required due to the death of the apparent owner, or in the case of a tax-
advantaged retirement account. 3 years after the death of the apparent owner." and inserting
the following: 'later of:'
Amend the bill in section 6 in §2062 in subsection 1 by striking out all of paragraph A
(page 2, lines 1 to 7 in L.D.) and inserting the following:
'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'
Amend the bill in section 6 in §2062 in subsection 1 in paragraph B in the first line
(page 2, line 8 in L.D.) by striking out the following: "B. The" and inserting the following:
'B. The'
Amend the bill in section 6 in §2062 in subsection 1 in paragraph B in the first line
(page 2, line 8 in L.D.) by inserting after the following: "detesr" the following: 'date a
distribution isj'eauirecLunder the United States Internal Reyenue Code of 1986 in order to
avoid a tax penalty. includine situations in which the apparent owner is deceased.'
Amend the bill in section 8 in subsection 1 in the 7th line (page 2, line 41 in L.D.) by
inserting after the following: "OESned" the following: 'in accordance with the provisions of
section 2068 for securities and section 2061. subsection 5 for a payroll card or demand.
savings or time deposit'
Amend the bill by striking out all of sections 11 and 12 and inserting the following:
'See. 11. 33 MRSA §2066, sub-§l, ^[A, as enacted by PL 2019, c. 498, §22, is
amended to read:
A. December 31 st June 3 Ofh of the year in which the obligation is issued or additional
funds are deposited into it;
Sec. 12. 33 MRSA §2067-A is enacted to read:
82067-A. When virtual currency presumed abandoned; liquidation bv holder
COMMITTEE AMENDMENT
COMMITTEE AMENDMENT "JP\ "toH.P. 1313, L.D. 1969
1. Presumed abandoned after 5 years. Subject to subsection 2. virtual currency is
presumed abandoned 5 years after the last indication of interest by the apparent owner, If
commimication is sent by first class United States mail durine the regular course of
business, the virtual currency is presumed abandoned 5 years after the date fhat 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.
2. Remittine virtual currency. If a holder of virtual currency has private keys.
credentials or other information necessary to effectuate a transfer of virtual currency that
is presumed abandoned, the holder shall report in a record to the administrator in
accordance with section 2091 and shall deliver the virtual currency within 30 days before
filing the report in natiyeform to the custodv of the admmistratorm accordance with any
directions from the administrator.
3. Holder unable to transfer virtual currencv. If a holder does not have sufficient
information to effectuate a transfer of the virtual currency. the holder shall maintain
possession of the virtuaLcurrencvjj.ntil theholder acauires the mformation necessary to
effectuate a transfer.
4. Determination of value; exempt from reportine or liquidation. The
administrator may decline to accept virtual currency that is presumed abandoned if the
administrator, in the administrator's discretion, determines that the virtual currency is not
freelv transferable, is of nominal value or has value that is less than the estimated expenses
of maintenance, notice or sale of the prooertv. The admuustrator may also prescribe by mle
classes or types of virtual currency exempt &om reportme or liquidation.
5. Liquidation of unclaimed virtual currency; transfer to state-owned account.
The admmisfrator. at the administrator's discretion, may direct a^older of unclaimed virtual
currency to liquidate the virtual currency. The liquidation must occur wifhin 30 days prior
to the filine of a reoort under section 2091. The holder mav transfer virtual currency to a
state-owned account held by the holder before liquidation.
6. Liquidation not possible. If a holder of unclaimed virtual currency reasonably
believes that the holder cannot liquidate the virtual currency and cannot otherwise cause
the virtual currencv to be liauidated. the holder shall oromotlv notify the administrator in
writine and explain the reasons why the virtual currency cannot be liquidated as otherwise
required under subsection 5. The administrator shall then direct the holder concemine an
alternate disposition of the virtual currency..
7. Administrator. State and holder held harmless. An aooarent owner does not have
recourse against the administrator. the State or a holder of unclaimed virtual currency to
recoYer_anv gain in value that occurs after the liquidation of the virtual currency under
subsection 5 or pursuant to section 2132. subsection 3. Consistent with section 2114.
subsection 2. the administrator shall defend and mdemnifv a holder against liability on aw
such claim, as long as the holder has actedjnseod faith and substantially complied with
sections 2101 and 2102.'
Amend the bill in section 15m §2071 in the first indented paragraph in the last 3 lines
(page 4, lines 29 to 31 in L.D.) by striking out the following; "in accordance with section
2061, subsection 7. or 3 years after the beneficiary's last indication of interest in the
account, whichever is later" and inserting the following; '3 years after the beneficiary's last
indication of interest in the account'
COMMITTEE AMENDMENT
COMMITTEE AMENDMENT "/4 " to H.P. 1313, L.D. 1969
Amend the bill by inserting after section 16 the following:
'See. 17. 33 MRSA §2093, sub-§2, as enacted by PL 2019, c, 498, §22, is amended
to read:
2. IMay 1st. Subject to subsection 3, a report under section 2091 containing
information about life insurance policies, gift obligations and stored value obligattefis must
be filed before May 1st of each year for the immediately preceding calendar year.'
Amend the bill in section 18 in paragraph D in the last 3 lines (page 5, lines 11 to 13
in L.D.) by striking out the following: "sold by the administrator and. with respect to virtual
currency presumed abandoned under section 2067-A. state that the urooertv may be sold
by the holder prior to its reporting" and inserting the following: 'sold by the admiaisteatef
subject to liquidation if the apparent owner does not respond to the notice
Amend the bill in section 23 in §2121 in. the first indented paragraph in the first line
(page 5, line 32 in L.D.) by striking out the following: "and stored-value obligations"
Amend the bill by inserting after section 23 the following:
'See. 24. 33 MRSA §2132, as enacted by PL 2019,c. 498,§22, is amended to read:
§2132. Disposal of securities or virhial currency
1. Sell or liquidate security securities or virhial currency after one year. Except
as provided m section 2155, subsection 1, or unless in the discretion of the administrator it
is determined to be in the best interest of the State otherwise. the administrator may not sell
or otherwise liquidate a security or virtual currency until one year after the admmistmtor
receives the security or virtual currency is placed in the administrator's custody.
2. Price of security or virtual currency. The administrator may not sell a security
or virtual currency listed on an established steek exchange for less than the price prevailing
on the exchange at the time of sale. The administrator may sell a security or virtual
currency not listed on an established exchange by any commercially reasonable method.
3. Claim after securities or virtual currency sold. A person makine a claim under
this Act after a security or virtual currency has been sold is entitled only to the net proceeds
received from the sale.
See. 25. 33 MRSA §2133, as enacted by PL 2019,c. 498,§22, is amended to read:
§2133. Recovery of securities, virtual currency or value by owner
1. Claim for securities or virtual currency sold before one year after delivery. If
2 securities or virtual currency are sold by the administrator before the expiration of one year
3 after (beff delivery of the securities or virtual currency 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 virtual currency or the market value of the securities or virtual
currency 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 or virtual currency delivered to the administrator by the
holder, if the securities or virtual currency remain in the custody of the administrator, or
the net proceeds received from sale and is not entitled to receive any appreciation in the
Page4-132LR0562(02)
COMMITTEE AMENDMENT
•A
COMMHTEE AMENDMENT"/^ "toH.P. 1313, L.D. 1969
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.'
Amend the bill by inserting after section 27 the following:
'See. 28. 33 MRSA §2166, as enacted by PL 2019,c. 498, §22, is amended to read:
§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. A payment made based on estimation under this section does not relieve
a person from the oblieation to retain records as required by section 2094.'
Amend the bill by relettering or renumbering any nonconsecutive Part letter or section
number to read consecutively,
SUMMARY
This amendment amends the bill in the following ways.
1. It defines "private key" as it relates to signing transactions on a blockchain.
2. It clarifies when funds from a terminated retirement plan are presumed to be
abandoned.
3. It establishes new provisions for the presumption of abandonment process for tax-
exempt rather than tax-advantaged retirement accounts and other tax-deferred accounts.
4. It clarifies the presumption of abandonment for custodial accounts for minors to not
be remitted to the administrator until the owner is no longer a minor.
5.It adds a new provision that changes the date for when a stored-value obligation is
presumed abandoned.
6. It clarifies the establishment of virtual currency as a property type and provisions
regarding presumed abandonment and liquidation and amends the definition of "virtual
currency."
7. It retains provisions under current law governing when a security is presumed
abandoned.
8. It specifies how long proceeds must be retained by an insurance company or a
financial organization with which accounts for the proceeds of an insurance policy or
annuity are deposited.
9. It removes provisions of law in which the terms "gift obligations" and "stored-value
obligations" are no longer applicable.
COMMITTEE AMENDMENT
COMMITTEE AMENDMENT"^ "toH.P. 1313, L.D. 1969
10. It adds a provision clarifying that a payment made based on estimation when a
person is subject to examination and does not retain records as required by law does not
relieve a person from an obligation to report and deliver property to the state in which the
holder is domiciled.
FISCAL NOTE REQUIRED
(See attached)
COMMITTEE AMENDMENT
Approved: 02/19/26 i-Ki-
LD 1969 LR 562(02)
An Act to Amend the Maine Revised Unclaimed Property Act
Fiscal Note for BiU as Amended by Committee Amendment'}
Committee: State and Local Government
Fiscal Note Required: Yes
Committee: State and Local Government
Fiscal Note
Potential current biennium revenue increase - General Fund
Fiscal Detail and Notes
General Fund revenue could be increased based upon abandonment of virtual currency. No estimate of the increase
has been made at this time.
LR0562(02) - Fiscal Note - Page 1 of 1