H.P. 832 - L.D. 1155
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 33 MRSA §1953, sub-§1, ¶E, as enacted by PL 1997, c. 508, Pt. A, §2 and affected by §3, is amended to read:
E. A demand, savings or time deposit, including a deposit that is automatically renewable, 5 years after the earlier of maturity or the date of the last indication by the owner of interest in the property; but a deposit that is automatically renewable is deemed matured for purposes of this section upon its initial date of maturity, unless the owner has consented to a renewal at or about the time of the renewal and the consent is in writing or is evidenced by a memorandum or other record on file with the holder;. In the case of certain types of deposits, the following rules apply:
(1) In the case of a time deposit that is automatically renewable and whose term is longer than one year, at the date of maturity following the 5th renewal of the deposit after the last indication of interest by the owner; and
(2) In the case of a deposit for the benefit of a minor, the later of 5 years after the last indication of interest by the owner or the date on which the minor reaches 18 years of age;
Sec. 2. 33 MRSA §1953, sub-§1, ¶¶N and O, as enacted by PL 1997, c. 508, Pt. A, §2 and affected by §3, are amended to read:
N. Property in an individual retirement account, defined benefit plan or other account or plan that is qualified for tax deferral under the income tax laws of the United States, including property described in this subsection, 3 years after the earliest of the date of the distribution or attempted distribution of the property, the date of the required distribution as stated in the plan or trust agreement governing the plan or the date, if determinable by the holder, specified in the income tax laws of the United States by which distribution of the property must begin in order to avoid a tax penalty; and
O. All other property, 5 years after the owner's right to demand the property or after the obligation to pay or distribute the property arises, whichever first occurs.; and
Sec. 3. 33 MRSA §1953, sub-§1, ¶P is enacted to read:
P. Notwithstanding paragraph E, property contained in a prearranged funeral or burial plan described in Title 32, section 1401, including deposits containing funds from such a plan, 3 years after the death of the person on whose behalf funds were paid into the plan.
Sec. 4. 33 MRSA §1953, sub-§4, ¶¶C and D, as enacted by PL 1997, c. 508, Pt. A, §2 and affected by §3, are amended to read:
C. The making of a deposit to or withdrawal from a bank account; and
D. The payment of a premium with respect to a property interest in an insurance policy; but the application of an automatic premium loan provision or other nonforfeiture provision contained in an insurance policy does not prevent a policy from maturing or terminating if the insured has died or the insured or the beneficiary of the policy has otherwise become entitled to the proceeds before the depletion of the cash surrender value of a policy by the application of those provisions.; and
Sec. 5. 33 MRSA §1953, sub-§4, ¶E is enacted to read:
E. For deposits in which the apparent owner has another relationship or account with the holder:
(1) The fact that the apparent owner has indicated an interest with respect to the other relationships or accounts; or
(2) The fact that there is a memorandum or other record on file prepared by the holder indicating that the holder has communicated in writing with the apparent owner with regard to the deposit at the address to which communication regarding the other relationships or deposits are regularly sent.
Sec. 6. 33 MRSA §1956, as enacted by PL 1997, c. 508, Pt. A, §2 and affected by §3, is amended to read:
A holder may deduct from property presumed abandoned a charge imposed by reason of the owner's failure to claim the property within a specified time only if there is a valid and enforceable written contract between the holder and the owner under which the holder may impose the charge and the holder regularly imposes the charge, which is not regularly reversed or otherwise canceled. The amount of the deduction is limited to an amount that is not unconscionable. Nothing in this section prevents the holder from deducting fees or charges in lieu of those fees or charges related to the owner's failure to claim the property within a specified period of time when such fees or charges are deducted from the property before the date the property is presumed abandoned.
Effective September 18, 1999, unless otherwise indicated.
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