Sec. 6. 33 MRSA §1972, as enacted by PL 1997, c. 508, Pt. A, §2 and affected by §3, is amended to read:

§1972. Retention of records; record keeping

1. Holder of property. Except as otherwise provided in subsection 2, a holder required to file a report under section 1958 shall maintain the records containing the information required to be included in the report for 10 6 years after the holder files the report, unless a shorter period is provided by rule of the administrator.

2. Business association or financial organization. A business association or financial organization that 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 business association or financial organization is directly liable, shall maintain a record of the instruments while they remain outstanding, indicating the state and date of issue, for 3 years after the holder files the report. An issuer of gift certificates or credit memos shall obtain the name and address of the purchaser or creditor at the time of issue.__The issuer shall maintain a record of this information for 3 years after the date of issue.

SUMMARY

This bill amends the Uniform Unclaimed Property Act as follows.

1. It reduces the general presumption of abandonment from 5 years to 2 years.

2. It specifically reduces the presumption of abandonment for gift certificates and credit memos from 5 years to 2 years as well as requires all issuers of gift certificates to keep records of purchasers and their addresses.

3. It requires holders of abandoned property to report the names and addresses of last known owners whose property they retain with a value over $200. Currently that requirement attaches for property with only a value of $50.

4. It raises the threshold for the ability to report, in the aggregate, held property with individual values of under $200 rather than the current $50.