Amend the bill in section 22 in §2052 by inserting after subsection 9 the following:
Amend the bill in section 22 in §2052 in subsection 20 by striking out all of paragraph C (page 8, line 1 in L.D.) and inserting the following:
‘ C. A creditor, claimant or payee, for other property; and’
Amend the bill in section 22 in §2052 in subsection 23 in paragraph B in subparagraph (1) in the first line (page 8, line 16 in L.D.) by striking out the following: " or depositor" and inserting the following: ' , deposit or'
Amend the bill in section 22 in §2052 in subsection 23 in paragraph C in the first line (page 8, line 35 in L.D.) by inserting after the following: " obligation" the following: ' or game-related digital content'
Amend the bill in section 22 in §2052 in subsection 29 by striking out all of paragraph B (page 9, line 32 in L.D.) and inserting the following:
‘ B. Does not include a loyalty obligation, a gift obligation or game-related digital content.’
Amend the bill in section 22 in §2052 by renumbering the subsections to read consecutively.
Amend the bill in section 22 in §2061 by striking out all of subsection 5 (page 10, lines 29 to 34 in L.D.) and inserting the following:
Amend the bill in section 22 in §2061 in subsection 7 in paragraph A by striking out all of subparagraphs (1) and (2) (page 11, lines 10 to 12 in L.D.) and inserting the following:
‘ (1) The insurance company has knowledge of the death of the insured; and
’ (2) The insured has attained, or would have attained if living, the limiting age under the mortality table on which the reserve for the policy is based; and
Amend the bill in section 22 in §2061 in subsection 7 by striking out all of paragraph B (page 11, lines 13 and 14 in L.D.) and inserting the following:
‘ B. With respect to an amount owed on an annuity contract, 3 years after the date the insurance company has knowledge of the death of the annuitant;’
Amend the bill in section 22 in §2066 in subsection 1 by striking out all of the first 2 lines (page 14, lines 24 and 25 in L.D.) and inserting the following:
Amend the bill in section 22 in §2068 by striking out all of subsection 4 (page 16, lines 20 to 22 in L.D.).
Amend the bill in section 22 in §2070 in subsection 2 in paragraph E in the 2nd line (page 17, line 12 in L.D.) by striking out the following: " except for" and inserting the following: ' including'
Amend the bill in section 22 by striking out all of §2117 (page 28, lines 23 to 30 in L.D.) and inserting the following:
Amend the bill in section 22 in §2120 by striking out all of subsection 2 (page 29, lines 25 to 31 in L.D.) and inserting the following:
Amend the bill in section 22 in §2153 by striking out all of subsection 2 (page 34, lines 10 to 15 in L.D.) and inserting the following:
Amend the bill in section 22 in §2154 by striking out all of subsections 2 and 3 (page 34, lines 21 to 30 in L.D.) and inserting the following:
Amend the bill in section 22 in §2155 by striking out all of subsection 1 (page 34, lines 34 to 37 and page 35, lines 1 to 3 in L.D.) and inserting the following:
Amend the bill in section 22 by striking out all of §§2201 and 2202 (page 43, lines 12 to 35 and page 44, lines 1 to 18 in L.D.) and inserting the following:
Amend the bill in section 22 by striking out all of §2222 (page 48, lines 4 to 14 in L.D.) and inserting the following:
This Act does not relieve a holder of a duty that arose before October 1, 2019 to report, pay or deliver property. Subject to section 2120, subsection 2, a holder that did not comply with the law governing unclaimed property before October 1, 2019 is subject to applicable provisions for enforcement and penalties in effect before October 1, 2019.’
Amend the bill by relettering or renumbering any nonconsecutive Part letter or section number to read consecutively.
summary
This amendment includes the definition of "game-related digital content" from the Revised Uniform Unclaimed Property Act, or Uniform Act, and, consistent with the Uniform Act, exempts it from the definition of property that is subject to the Maine Revised Unclaimed Property Act and excludes it from the definition of "stored-value obligation."
This amendment revises the definition of "owner" to include a creditor.
This amendment amends the provision governing the presumption of abandonment for a payroll card or demand, savings or time deposit to track the language of the Uniform Act to provide that the property is presumed abandoned 3 years after the maturity of the deposit, deleting the reference to the last indication of interest by the owner.
This amendment provides that the date on which the dormancy period begins to run is the date an insurance company has knowledge of the death of an insured, rather than the date of death as provided in the bill.
The bill provides that a stored-value card is presumed abandoned on the latest of 2 years after key events have occurred; this amendment changes that time period to 3 years.
This amendment removes from the bill language providing that a security is presumed abandoned 2 years after the date of death of the owner.
This amendment revises the bill to provide that automatic withdrawals previously authorized and automatic reinvestments of dividends and interest are included as an indication of an apparent owner's interest in the property.
This amendment provides that interest on interest-bearing property that has been delivered to the administrator is not payable to the owner for any period before the effective date of the Maine Revised Unclaimed Property Act, unless the prior law authorized such payments. This provision is included in the Uniform Act.
This amendment provides that the administrator may not commence an action or proceeding to enforce the Maine Revised Unclaimed Property Act with respect to the reporting, payment or delivery of property more than 5 years after the holder filed a nonfraudulent report with the administrator. The parties may agree in a record to extend the limitation. In addition, the administrator may not commence an action, proceeding or examination with respect to a duty of a holder under the Maine Revised Unclaimed Property Act more than 10 years after the duty arose.
This amendment strikes out subchapter 13 in the bill and replaces it with the language of the current Maine Revised Statutes, Title 33, section 1976 with regard to agreements to locate property. This amendment provides that if a person with a claim held by the administrator enters into an agreement with a professional investigator licensed in the State, when the administrator has determined that a payment or property should be delivered to the claimant, the administrator is required to deliver the payment or property directly to the professional investigator. When such an agreement is in effect, the administrator is required to provide the claimant or the professional investigator with notice about the approval or denial of a claim.
The bill includes transitional provisions from the Uniform Act that require that when an initial report is filed under the Maine Revised Unclaimed Property Act, it must include all property reportable under the Maine Revised Unclaimed Property Act for the prior 10 years. It also requires that a duty that arose under the existing law to report, pay or deliver property is not relieved by the enactment of the Maine Revised Unclaimed Property Act. This amendment strikes the transition provision from the bill relating to reportable property for the prior 10 years.
FISCAL NOTE REQUIRED
(See attached)