Maine Escheat & Unclaimed Property Laws

The deadline for annual reporting and remittance in Maine is October 31 for all holders, except life insurance companies, who must report on April 30. 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 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

• Contain a heading that reads substantially as follows: “Notice. The State of Maine requires us to notify you that your
  property may be transferred to the custody of the State Treasurer if you do not contact us before (insert date that is at least 30 days after the date of notice).”
• Notice contents. The notice under section 2101 must: A. Identify the nature and, except for property that does not have a fixed value, the value of the property that is the subject of the notice;
• State that the property will be turned over to the administrator;
• State that after the property is turned over to the administrator an apparent owner that seeks return of the property must file a claim with the administrator;
• State that property that is not legal tender of the United States may be sold by the administrator; and
• Provide instructions that the apparent owner must follow to prevent the holder from reporting and paying or delivering the property to the administrator.

Maine Dormancy Periods

Dormancy periods in Maine vary by property type. Generally, most property types have a three-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: One year
• Safety Deposit Box Contents: Three years
• Travelers Checks: 15 years

Still confused or overwhelmed? Try the Sovos UP Compliance Hub 

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.

The Sovos UP Compliance Hub is a subscription-based service that includes access to multiple educational and operational resources. Sovos compliance experts continuously monitor and update these resources. Compliance Hub subscriptions can be customized to suit your company’s unique business needs and compliance objectives. Connect with the experts at Sovos today to learn more.