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SB 665

Maryland Uniform Disposition of Abandoned Property Act – Revisions

2025 Regular Session

Maryland updates its abandoned property law to modernize procedures for locating owners and returning unclaimed funds held by financial institutions and businesses.

Approved by the Governor - Chapter 635
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WeVote Research Nonpartisan
Bill Summary · SB 665

Legislative bill overview

SB 665 revises Maryland's Uniform Disposition of Abandoned Property Act, modernizing state procedures for handling unclaimed or abandoned property held by businesses and institutions. The bill updates definitions, timelines, and reporting requirements to align with contemporary practices and the Uniform Law Commission's model act. These changes affect how banks, insurance companies, and other holders manage funds owed to individuals who cannot be located.

Why is this important

Abandoned property laws directly impact millions of dollars in unclaimed funds that rightfully belong to individuals and families. The revisions streamline the process for returning this money while also clarifying obligations for businesses, potentially reducing administrative burdens and improving the accuracy of unclaimed property records. This modernization affects both consumers seeking lost assets and the institutions responsible for safeguarding them.

Potential points of contention

  • State revenue implications: Abandoned property funds sometimes benefit state general treasuries before being claimed; updated reporting and holding requirements could reduce state revenue from unclaimed property accounts
  • Business compliance costs: Expanded or clarified reporting obligations may increase administrative and compliance expenses for financial institutions and other property holders
  • Definition changes: Revisions to what qualifies as "abandoned" or modified dormancy periods could shift when property transfers to state custody, affecting both consumer access and business liability timelines

Compiled from official sources — confirm details with the bill’s official record.

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