Leawood, KS – February 14, 2022: Maryland Senate Bill 60 (MD SB60) was introduced by Senator Feldman to the State Senate on January 12, 2022. The proposed bill amends the notice requirements regarding abandoned personal property valued over $1,000. MD SB60 is currently under review by the Maryland Senate Finance Committee, and if passed will become effective October 1, 2022.
Pursuant to MD SB60, the holder of presumed abandoned property valued at $1000 or more would be required to send written notice to the apparent owner’s last known address by certified mail, return receipt requested. Currently, Maryland requires the owner to be notified only by first-class mail.
MD SB60 also requires a holder to “keep accurate records relating to abandoned property valued at $1000 or more for at least three years after the holder has paid or delivered the abandoned property to the administrator.”
To read Maryland SB 60 click here: Maryland SB 60.
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