Maryland Uniform Disposition of Abandoned Property Act - Revisions

HB 761 updates Maryland’s abandoned property law to include digital assets like virtual currency, requiring financial institutions to treat them like traditional property (e.g., bank accounts) if unclaimed. It adds clear rules for proving ownership - such as transaction records or account activity - to prevent property from being deemed abandoned too quickly. The bill also ensures insurance policies don’t automatically terminate if an owner is uncontactable and simplifies how people reclaim forgotten property. These changes directly affect digital asset holders, banks, insurers, and the State Comptroller’s office managing unclaimed funds.