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03.05.01.00.htm 03.05.01.00. Title 03 COMPTROLLER OF THE TREASURY Subtitle 05 MISCELLANEOUS REVENUE Chapter 01 Abandoned Property Regulations Authority: Commercial Law Article, §17-103, Annotated Code of Maryland
03.05.01.01.htm 03.05.01.01. 01 Abandoned Funds.. A. For reporting periods ending before June 30, 2002, any checking, savings, share, negotiable order of withdrawal, automatic transfer, share draft, electronic terminal account, or other similar type of account, held by a banking or financial organization, is presumed abandoned after 5 years if the depositor or shareholder has not actively deposited, withdrawn or presented the passbook or its equivalent for crediting of interest, or otherwise ind
03.05.01.02.htm 03.05.01.02. 02 Service Charges.. A. A service charge of any type may not be made by a holder of any property presumed abandoned under Commercial Law Article, Title 17, during the period of time giving rise to presumption of abandonment unless the holder complies with the requirements set forth in Commercial Law Article, §17-308.1.B. Except in those instances in which a service charge is properly made pursuant to §17-308.1, a holder shall report, pursuant to §17-310, the full am
03.05.01.03.htm 03.05.01.03. 03 Liability for Interest.. A holder may not cease payment or accrual of any benefits, including dividends or interest on property, under this title, unless the holder complies with the requirements as set forth in Commercial Law Article, §17-308.1.
03.05.01.04.htm 03.05.01.04. 04 Prohibited Agreements.. Contractual agreements are not permitted which tend to circumvent the intention of the Maryland General Assembly and provide any holder subject to this Article with a windfall or private escheat practice. The total reported shall be the amount the owner would have received had the property not been abandoned.
03.05.01.05.htm 03.05.01.05. 05 Voluntary Reporting.. Since the Maryland law is purely custodial, any holder of unclaimed property may voluntarily report funds before the statutory due dates and be relieved of all accountability and responsibility upon delivery of the unclaimed property to this office.
03.05.01.06.htm 03.05.01.06. 06 Retirement Accounts.. The period of abandonment for accounts established pursuant to 26 U.S.C. §401(a) et seq. (commonly known as Self-Employed Retirement, or Keogh, Plans) and 26 U.S.C. §408(a) et seq. (commonly known as Individual Retirement Accounts or IRA's) may not begin until such time as distribution of all or part of the property constituting the respective account shall be, under the terms of the retirement plan, mandatory.
03.05.01.07.htm 03.05.01.07. 07 Automatically Renewable Certificates of Deposit.. The period of abandonment for any property automatically renewable according to its terms that is subject to 17-301 and 17-308 shall commence after the expiration of its initial term. If, at the time provided for delivery in §17-312, a penalty or forfeiture in payment of interest would result from the delivery of that property, the time for delivery shall be extended until such time as no penalty or forfeiture would result.
03.05.01.9999.htm 03.05.01.9999. Administrative History Effective date: October 17, 1974 (1:1 Md. R. 13). Regulations .01―05 amended effective October 1, 1975 (2:22 Md. R. 1369). Regulation .06 adopted effective October 1, 1975 (2:22 Md. R. 1369) ―. Chapter revised effective January 7, 1982 (8:26 Md. R. 2104). Regulation .01 amended effective September 30, 2002 (29:19 Md. R. 1523). Regulation .02C amended effective September 30, 2002 (29:19 Md. R. 1523).
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