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 amount appearing on the face of every instrument presumed abandoned. By way of illustration but not of limitation, instruments subject to these provisions include certificates of deposit, drafts, traveler's checks, and money orders.

C. For purposes of Commercial Law Article, §17-308.1, an account shall be considered dormant or inactive, if, with respect to that account, the owner has for a period of 4 consecutive years, taken none of the actions set forth in Commercial Law Article, §17-301. When a service charge is permitted in these regulations, the maximum amount of the charge shall be $5 per year for an account that does not exceed $50 and $10 per year for an account that exceeds $50. The provisions of this paragraph shall expire on June 29, 2002.

D. Effective June 30, 2002 and expiring June 29, 2003, for purposes of Commercial Law Article, §17-308.1, Annotated Code of Maryland, an account shall be considered dormant or inactive, if, with respect to that account, the owner has for a period of 3 consecutive years, taken none of the actions set forth in Commercial Law Article, §17-301, Annotated Code of Maryland. When a service charge is permitted, the maximum amount of the charge shall be $5 per year for an account that does not exceed $50 and $10 per year for an account that exceeds $50.

E. Effective June 30, 2003, for purposes of Commercial Law Article, §17-308.1, Annotated Code of Maryland, an account shall be considered dormant or inactive, if, with respect to that account, the owner has for a period of 1 year, taken none of the actions set forth in Commercial Law Article, §17-301, Annotated Code of Maryland. When a service charge is permitted, the maximum amount of the charge shall be $10 per year for an account that does not exceed $50 and $20 per year for an account that exceeds $50.