This bill makes the following changes to the Maine Revised Unclaimed Property Act.
1. It adds "virtual currency" as a property type and provisions regarding presumed abandonment and liquidation and defines the term.
2. It simplifies the presumption of abandonment process for tax-advantaged retirement accounts and other tax-deferred accounts.
3. It simplifies the presumption of abandonment for custodial accounts for minors to not be remitted to the administrator until the owner is no longer a minor.
4. It simplifies the presumption of abandonment for security accounts.
5. It removes automatic transactions as an indication of an apparent owner's interest in presumed abandoned property.
6. It prohibits charging escheat fees on certain accounts.
7. It clarifies when an audit has commenced.
8. It requires unremitted property to be held in trust on behalf of the owner and not a part of bankruptcy assets.
9. It protects the confidentiality of the unclaimed property owner's data.
10. It strengthens confidentiality laws for 3rd-party auditors.

Statutes affected:
Bill Text LD 1969, HP 1313: 33.2052, 33.2061, 33.2062, 33.2063, 33.2064, 33.2068, 33.2070, 33.2071, 33.2101, 33.2102, 33.2112, 33.2153, 33.2164, 33.2165, 33.2211, 33.2212, 33.2213, 33.2214