129th MAINE LEGISLATURE
		LD 1612		LR 1329(07)
	An Act Regarding the Presumption of Abandonment of Gift Obligations
	Fiscal Note for Bill as Engrossed with: H "A" (H-661)
	Committee: Judiciary
Fiscal Note
			FY 2019-20	FY 2020-21	Projections  FY 2021-22	Projections  FY 2022-23
Net Cost (Savings)
	General Fund		$0	$0	$0	$1,700,000
Revenue
	General Fund		$0	$0	$0	($1,700,000)
Fiscal Detail and Notes
	This bill reduces in incremental steps and eventually eliminates the 60% presumption of abandonement for gift obligation cards from 60% to 40%, then to 20% and finally to 0%. It reduces General Fund revenue by an estimated $1,700,000 in fiscal year 2022-23, $3,500,000 in fiscal 2023-24 and $5,000,000 in fiscal year 2024-25 and thereafter from reduced balances being available in the Unclaimed Property Fund at the time of the normal transfers to the General Fund each year.