This page addresses key areas of interest regarding Maine unclaimed property and escheatment laws and regulations.
Key Maine Unclaimed Property Reporting Deadlines
The deadline for annual reporting and remittance in Maine is October 31st for all holders, except life insurance companies, who must report on April 30th. All holders are required to submit reports electronically using Maine’s online upload tool.
Holders who fail to timely report, pay or deliver property are subject to interest, fines, and penalties.
Early reporting is permitted with the prior written approval of the administrator. Negative reports are not required but are preferred by the state.
All holders have an obligation to report abandoned or unclaimed property to the state in order to maintain compliance with Maine’s unclaimed property laws and regulations.
Maine Due Diligence Requirements
Maine requires holders to send due diligence notifications for any property with a value of $50 or more and must be sent no more than 120 days and no less than 60 days before the filing due date.
Each letter should be sent to the apparent owner at the last known address informing the owner that the holder is in possession of the property and that it will be turned over to the state unless the owner claims it from the holder before the report is filed.
Maine Dormancy Periods
Dormancy periods in Maine vary by property type. Generally, most property types have a 3 year dormancy period. Accounts are considered dormant if the owner of a property has not indicated any interest in the property or if no contact has been made for the allotted dormancy period for that property. Dormancy periods in Maine for common property types include:
- Wages, Payroll or Salary: 1 year
- Safety Deposit Box Contents: 3 years
- Travelers Checks: 15 years
Maine Unclaimed Property Links
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Key Unclaimed Property Reporting FAQs
The unclaimed property reporting process can be challenging for holders in Maine and other states. Does your organization have questions about state unclaimed property laws and requirements? Click on the link below for frequently asked questions regarding unclaimed property reporting and compliance.
Confused or Overwhelmed? Need Answers?
Reporting unclaimed property in Maine and other jurisdictions can be a stressful process that consumes valuable internal resources. However, when properly managed, the annual reporting and escheatment process does not need to be a burdensome experience.
Contact Keane for assistance in guiding your organization on the path to unclaimed property compliance, or visit our resource library for additional educational and operational resources.