§1964. Deposit of funds

1. Deposit of funds; Unclaimed Property Fund; records. The administrator shall promptly deposit in the Abandoned Unclaimed Property Fund of this State all funds received under this Act, including the proceeds from the sale of abandoned unclaimed property under section 1963. The Abandoned Unclaimed Property Fund is a permanent account and may not lapse, but must be carried forward. The administrator shall record the name and last known address of each person appearing from the holders' reports to be entitled to the property and the name and last known address of each insured person or annuitant and beneficiary and with respect to each policy or annuity listed in the report of an insurance company, its number, the name of the company and the amount due.

2. Authorized expenditures; transfer of funds. The administrator may deduct:

A. Expenses of sale of abandoned unclaimed property;

B. Costs of mailing and publication in connection with abandoned unclaimed property;

C. Reasonable service charges; and

D. Expenses incurred in examining records of holders of property and in collecting the property from those holders.; and

E.__Personal service expenditures for the unclaimed property manager.

At the end of each year or more often, the administrator shall transfer to the General Fund all money in the Abandoned Unclaimed Property Fund that is in excess of $150,000 $500,000.

Sec. T-29. 33 MRSA §1965, sub-§2, as enacted by PL 1997, c. 508, Pt. A, §2 and affected by §3, is amended to read:

2. Prescribed form. A claim of another state to recover escheated or abandoned unclaimed property must be presented in a form prescribed by the administrator who shall decide the claim within 90 days after it is presented. The administrator shall allow the claim upon determining that the other state is entitled to the abandoned unclaimed property under subsection 1.