An Act To Amend The Laws Regarding The Retention Of Proceeds From Municipal Foreclosures

LD 399 changes Maine's law about leftover money from municipal property foreclosures. If a former property owner doesn't claim excess sale proceeds within 30 days of a final notice, the town or city must now keep that money instead of sending it to the state Unclaimed Property Fund. This directly affects municipalities handling foreclosures and former property owners who might miss the 30-day claim window. The key change simplifies the process by removing the requirement to transfer unclaimed funds to the state fund. The bill updates existing law (36 MRSA §943-C) to require municipalities to retain these funds.