- What is Unclaimed Property?
- All property unclaimed by its owner for a specific period of time, called a dormancy period. Unclaimed intangible property may
include: dormant savings and checking accounts, unclaimed wages, dividends, credit balances and any type of outstanding check. Tangible property may include contents of safe deposit boxes or other safekeeping depository.
- Why does Maine have an Unclaimed Property Law?
- > To protect the property rights of the owner and to reunite the owner with the property.
> To relieve the holders of the expense and liability of carrying the property.
> To provide a centralized search location for citizens.
- What attempts are made by the State to find the rightful owner?
- The Treasurer’s Office searches for the owners by sending post cards to owners with more than $250, stock or safekeeping
reported each year. The State Treasurer’s searchable database at www.maine.gov/unclaimed is very popular. State legislators
are an important part of owner outreach. The State Treasurer serves as custodian until the property is claimed.
- Do I need to file my report electronically?
- Yes. We appreciate all reports filed electronically.
- Who is a Holder?
- All business entities that possess or have custody of unclaimed property.
- What happens if a holder does NOT report unclaimed property?
- A holder who fails to report, pay or deliver property within the time prescribed by law may be assessed 18% interest from the date the property should have been reported. In addition, the state may impose penalties of $200 per day.
- Is there a minimum amount?
- No. Businesses must report all unclaimed property, no matter how small. The State Treasurer safeguards the property forever.
- Should I include the detail (names, addresses, social security numbers and amounts) for aggregate items?
- Yes. Please include an electronic copy of the aggregate detail with your report. Paper copies are acceptable when electronic copies are unavailable.
- What if my business sold gift certificates or gift cards that have not been redeemed?
- Gift certificates/obligations are reportable by May 1st of the third calendar year after, but not including, the year in which they
were sold. The dormancy period for gift cards is 2 years as of December 31. The amount unclaimed is 60% of the face value. No dormancy fees or inactivity charges are allowed. Effective for Gift Certificates sold on or after 12/31/2011, if a gift certificate was sold by a single issuer who, in the past calendar year, sold no more than $250,000 in face value of gift certificates, the gift
certificates would not be reportable as unclaimed property.
- When should I report money orders?
- Money orders issued by a bank are presumed unclaimed if they remain uncashed 3 years after date of issue. All other money orders are presumed unclaimed after 7 years.
- What is activity?
- An owner-generated transaction on or communication about an account or the negotiation of a check or other instrument by the payee.
- What is the dormancy period for municipalities and government entities?
There is a one year dormancy period for all property types held by municipalities and government entities.
- Are negative reports required?
- If your company is incorporated or physically located in Maine a report is required unless you have filed 3 consecutive negative
reports and still have nothing to report.
Does Maine have a voluntary compliance program for holders?
Maine does not have a formal voluntary compliance program at this time but we do review requests on an individual basis. Please contact email@example.com for more information.