An Act To Correct the Maine Revised Unclaimed Property Act To Reflect Recent Changes
Emergency preamble. Whereas, acts and resolves of the Legislature do not become effective until 90 days after adjournment unless enacted as emergencies; and
Whereas, Public Law 2019, chapter 496 enacted provisions in the Uniform Unclaimed Property Act concerning the reporting and delivery to the Treasurer of State of unclaimed funds in a lawyer's trust account, with those provisions taking effect September 19, 2019; and
Whereas, Public Law 2019, chapter 498 repealed the existing Uniform Unclaimed Property Act and replaced it with the Maine Revised Unclaimed Property Act, which took effect October 1, 2019; and
Whereas, Public Law 2019, chapter 498 did not incorporate the changes made in Public Law 2019, chapter 496; and
Whereas, this legislation amends the Maine Revised Unclaimed Property Act to include the language approved by the Legislature that was abrogated as of October 1, 2019; and
Whereas, in the judgment of the Legislature, these facts create an emergency within the meaning of the Constitution of Maine and require the following legislation as immediately necessary for the preservation of the public peace, health and safety; now, therefore,
Sec. 1. 33 MRSA §2052, sub-§13-A is enacted to read:
Sec. 2. 33 MRSA §2052, sub-§13-B is enacted to read:
Sec. 3. 33 MRSA §2052, sub-§24, ¶B, as enacted by PL 2019, c. 498, §22, is amended to read:
(1) Money, interest or a dividend, check, draft, deposit or payroll card;
(2) A credit balance, customer's overpayment, stored-value obligation, security deposit, refund, credit memorandum, unpaid wage, unused ticket for which the issuer has an obligation to provide a refund, mineral proceeds or unidentified remittance;
(3) A security, except for:
(a) A worthless security; or
(b) A security that is subject to a lien, legal hold or restriction evidenced on the records of the holder or imposed by operation of law, if the lien, legal hold or restriction restricts the holder's or owner's ability to receive, transfer, sell or otherwise negotiate the security;
(4) A bond, debenture, note or other evidence of indebtedness;
(5) Money deposited to redeem a security, make a distribution or pay a dividend;
(6) An amount due and payable under an annuity contract or insurance policy; and
(7) An amount distributable from a trust or custodial fund established under a plan to provide a health, welfare, pension, vacation, severance, retirement, death, stock purchase, profit sharing, employee savings, supplemental unemployment insurance or similar benefit; and
(8) Funds in a lawyer's trust account; and
Sec. 4. 33 MRSA §2054, as enacted by PL 2019, c. 498, §22, is amended to read:
§ 2054. Rulemaking
The administrator may adopt rules to implement and administer this Act. Rules adopted pursuant to this section are routine technical rules as defined in Title 5, chapter 375, subchapter 2-A. In addition, the Supreme Judicial Court may adopt rules for the provisions of this Act relating to lawyer's trust accounts.
Sec. 5. 33 MRSA §2061, sub-§15, as enacted by PL 2019, c. 498, §22, is amended to read:
Sec. 6. 33 MRSA §2113, sub-§9 is enacted to read:
Emergency clause. In view of the emergency cited in the preamble, this legislation takes effect when approved.
summary
This bill amends the Maine Revised Unclaimed Property Act to clarify the procedure for disposing of funds presumed abandoned in a lawyer's trust account.