An Act To Amend The Maine Revised Unclaimed Property Act

Maine's LD 1969 amends the Unclaimed Property Act to clarify rules for financial institutions holding forgotten assets. It adds "virtual currency" (like Bitcoin) to the definition of unclaimed property and specifies that retirement funds are deemed unclaimed after 3 years if not claimed, or after age 70.5 for required distributions. The bill also updates timelines for payroll cards and deposits, requiring institutions to confirm ownership annually via email or mail if no activity is detected. These changes directly affect banks, retirement plan administrators, and account holders with dormant funds.