MD HB761

Virtual currency is now subject to Maryland's abandoned property laws, presumed abandoned after 5 years of owner inactivity, with holders required to liquidate and remit proceeds to the Comptroller within 30 days before filing the required report

Insurance companies must annually compare policyholder records against the Social Security Administration Death Master File to identify deceased insureds and annuitants, establishing clearer procedures for determining when life insurance proceeds become due and payable

Property in pension and retirement accounts qualifying for tax deferral is presumed abandoned 3 years after mail is returned undeliverable, or the earlier of 3 years after the owner turns 72 or 2 years after confirmed death of the owner

The Comptroller may retain up to $5,000,000 annually from abandoned property proceeds for information technology costs including cybersecurity and unclaimed property management systems, and may apply abandoned property to satisfy state, county, or municipal tax debts owed by owners

Claims processing timelines are extended from 90 days to 6 months for the Comptroller to act on claims, and the deadline to file court actions is extended from 180 days to 1 year; the publication threshold for abandoned property notices is lowered from $100 to $50