MD SB561

Unclaimed capital credits held by electric cooperatives and owed to past members are exempted from Maryland's abandoned property laws, provided at least 5 years have passed since the credits were retired

"Nonescheat capital credits" are defined as money allocated on a patronage basis to past cooperative members for amounts exceeding operating costs, that remain unclaimed after 5 years

Electric cooperatives may use these unclaimed funds only to assist current members under existing cooperative powers or to make donations to nonprofit charitable organizations approved by the board of directors

Past members retain the right to claim their capital credits upon application, regardless of how long the funds have been unclaimed

Effective October 1, 2025