Amend the Maine Revised Unclaimed Property Act

Last updated: Feb 14, 2021

Details about this bill
Category: Gift Cards
Status: In Committee
Sponsor: Representative Morgan Rielly, House 34
Session: 130
Bill #: LD 420

Position:

Monitoring.

Summary:

This bill amends the Maine Revised Unclaimed Property Act in the following ways. 1. It provides that fee restrictions do not apply to any stored-value obligation that enables the holder to transfer the underlying funds to multiple unaffiliated merchants at the merchants' point-of-sale terminals or online or at an automated teller machine. 2. It provides that an automatic reinvestment of dividends or interest or an automatic withdrawal of disclosed fees is not an indication of an apparent owner's interest in property for purposes of determining when property is presumed abandoned.