Maryland Escheat and Unclaimed Property Laws
| State | Reporting Period | Deadline | Due Diligence | Negative Report | Voluntary Disclosure Agreement | Reporting Method | Remittance Method | More Information |
|---|---|---|---|---|---|---|---|---|
| Maryland | All Insurance: January 1 to December 31 Others: July 1 to June 30 | All Insurance: Before April 30 Others: Before October 31 | Written notice to last known address 30 to 120 days prior to report filing. New provisions also requiring email diligence. | Required if holder information has changed since the last report or if it is the final report for the holder who has reported in the past or if incorporated in Maryland. | Available | 10 or fewer properties may be submitted using manual forms. Electronic reports must be in NAUPA II format, file extension: .txt, .hrs or .rpt. and submitted online or on CD/DVD. | Funds: Check, Direct Debit, ACH Credit, Wire Securities: DTC, DRS or DWAC | Maryland Unclaimed Property |
The current statutes that govern unclaimed property in Maryland can be found in the Holder Reporting Manual. Maryland has not enacted the 2016 Revised Uniform Unclaimed Property Act (RUUPA).
Maryland Unclaimed Property Reporting Period
The annual reporting period for unclaimed property in Maryland is January 1 to December 31 for Insurance companies and July 1 to June 30 for all others.
Maryland Unclaimed Property Due Diligence Requirements
Holders of unclaimed property must perform due diligence to show that they attempted to find the rightful owner of unclaimed property. Written notice must be sent to the owners last known address 30 to 120 days days before the unclaimed property report is filed. Email diligence may also be required in some situations. Keep records to prove that due diligence was completed including whether mail was returned as undeliverable.
Maryland Unclaimed Property Reporting and Remittance Deadline
Annual reports and remittances are due before April 30 for Insurance companies and before October 31 for all others.
Maryland Unclaimed Property Reporting Format
Reports must be electronic only and in the NAUPA II file format. File formats accepted are .txt, .hrs and .rpt. These formats can be generated through the HRS Pro software. The HRS Pro software has a limited free version that has restrictions including one user, one company and less than 100 properties per state report.
Maryland Unclaimed Property Reporting and Remittance Method
Reports can be submitted on on the state portal. Funds can be transferred online, through Check, Direct Debit, ACH Credit, or Wire. Securities can be transferred through Depository Trust Company (DTC), Direct Registration System (DRS) or Deposit / Withdrawal At Custodian (DWAC).
Maryland Unclaimed Property Negative Reports
Negative reports refer to reports that need to be filed when there is no unclaimed property to report or remit to the state for the year. Maryland requires negative reports if the holder information has changed since the last report or if it is the final report for the holder who has reported in the past or if incorporated in Maryland.
Maryland Unclaimed Property Voluntary Disclosure Agreement (VDA)
In some states, the unclaimed property Voluntary Disclosure Agreement (VDA) provides the opportunity for holders of unclaimed property to voluntarily report and remit past unclaimed property. If accepted by the state, the holder is then exempt from fines and penalties that cover the VDA period. The holder is expected to maintain strict compliance with state unclaimed property laws after the VDA period. VDAs are usually available on a one-time basis only to holders that are not already under state audit. Maryland does have a VDA program.
Maryland Unclaimed Property Dormancy Periods
Dormancy periods for unclaimed property in the state of Maryland vary, refer to the state dormancy period in the Holder Reporting Manual.
More information from the state of Maryland on unclaimed property reporting can be found here. Join our growing network of businesses that are using the Escheatify HolderExchange to prevent escheatment by reconciling their pre-escheat unclaimed property. Contact us to learn more.