Maryland Escheat & Unclaimed Property Laws

All holders have an obligation to report abandoned or unclaimed property to the state in order to maintain compliance with Maryland’s unclaimed property regulations. The deadline to submit unclaimed property reporting and remittance files to Maryland is October 31. Insurance companies must submit their reports by April 30.

In some cases, holders may request an extension from Maryland’s unclaimed property administrator. If holders expect to have difficulty submitting unclaimed property reports on time, they may submit an extension request in writing before the report deadline and should include their federal employer identification number, the specific amount of time needed to complete and file the report, and the reason for the extension. Extensions are granted on a case by case basis.

Negative reports are required in Maryland for nursing homes, banking and financial organizations, insurance companies, and utilities. Maryland also requires negative reports to be filed if:

• The holder’s information has changed;
• The report is the final report of a holder who has reported in the past; or
• The holder is incorporated in Maryland.

Holders with no filing history in Maryland should not submit negative reports.

Maryland Due Diligence Requirements

For property that is valued at $100 or more, Maryland requires holders to send due diligence notices. Due diligence notices must be sent each reporting cycle by first class mail at least 30 days, and not more than 120 days prior to filing a report.

In each due diligence notice, the holder must inform the apparent owner that:

• The holder is in possession of the property
• The property will be considered abandoned unless the owner responds within thirty (30) days of the notice.

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