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HB 761

Maryland Uniform Disposition of Abandoned Property Act - Revisions

2025 Regular Session

HB 761 modernizes Maryland's unclaimed property law to streamline reporting, holding, and recovery procedures for abandoned funds held by businesses and financial institutions.

Approved by the Governor - Chapter 636
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WeVote Research Nonpartisan
Bill Summary · HB 761

Legislative bill overview

HB 761 updates Maryland's Uniform Disposition of Abandoned Property Act to modernize how the state handles unclaimed property held by businesses and financial institutions. The bill revises procedures for reporting, holding, and returning abandoned property to rightful owners, aligning Maryland's laws with the Uniform Law Commission's model act.

Why is this important

Abandoned property laws affect millions of dollars in unclaimed funds—bank accounts, insurance proceeds, utility deposits, and wages that owners have lost track of. Modernizing these rules makes it easier for citizens to reclaim their money while clarifying obligations for businesses that hold such property, potentially reducing administrative confusion and improving recovery rates.

Potential points of contention

  • Compliance burden on businesses: Updated reporting requirements and timelines may impose new administrative costs on financial institutions and corporations, though they could argue modernization was overdue
  • State custody of funds: The bill expands state authority to hold and manage unclaimed property, raising questions about how effectively Maryland will locate and return funds to owners versus retaining them indefinitely
  • Definition changes: Revisions to what qualifies as "abandoned" may shift when businesses must surrender property to the state, potentially affecting how long companies can retain dormant accounts before transfer

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

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