Sec. 1. 33 MRSA §1952, sub-§13, ¶¶A and B, as enacted by PL 1997, c. 508, Pt. A, §2 and affected by §3, are amended to read:

A. Money, a check to a payee other than a business association, draft, deposit, interest or dividend;

B. Credit balance, customer's overpayment, gift certificate, security deposit, refund, credit memorandum, unpaid wage, unused ticket, mineral proceeds or unidentified remittance, except that credit balances shown on the books and records of a business association to or for the benefit of another business association do not constitute abandoned or unclaimed property, unless the balance is property described in section 1953, subsection 1, paragraphs A to E or section 1954 and is held by a banking organization or financial organization.__For purposes of this subsection, "credit balance" means any amount shown on the books and records of a business association, however constituted, including, but not limited to, credits, overpayments, advance payments, refunds and unidentified remittances;

SUMMARY

This bill excludes from unclaimed property credit balances, uncashed checks, advance payments, overpayments, refunds and credit memoranda arising in the ordinary course of business between business associations. Credit balances owed to individuals remain under the definition of property subject to abandonment.