Reporting FAQs

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 items left in safe keeping.
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?: Once the property has been reported to the state, the State Treasurer publishes all unclaimed property of $10 or more on the internet - Maine's database and nationally. The State Treasurer also searches for the owner by publishing names of owners with $250 or more. State legislators are an important part of owner outreach. The State Treasurer uses other outreach opportunities including information booths at fairs and malls. The State Treasurer serves as the custodian until the property is claimed.
Do I need to file my report electronically?: If you have more than 10 items to report, you must file electronically (this includes our new Online Reporting Service) or request an exemption.
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 – $1,000 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 and stored value cards are reportable by May 1st of the third calendar year after, but not including, the year in which they were sold. For example, cards sold during 2003 are reportable by May 1st of 2006. The amount unclaimed is 60% of the face value IF the issuer does not impose a dormancy charge. The amount unclaimed is 100% of the face value if the issuer does impose a dormancy charge. No dormancy fees or inactivity charges are allowed for gift certificates/obligations or stored value cards sold after September 21, 2005.
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.
Are negative reports required?: You must file a negative report IF:
you are an entity located or incorporated in the State of Maine; and

you are holding NO unclaimed property; and

you have never filed an unclaimed property report before; OR

you have filed a positive report within the last three years.

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Reporting FAQs