This page addresses key areas of interest regarding Maryland unclaimed property escheatment laws and regulations.
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:
Holders with no filing history in Maryland should not submit negative reports.
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:
Reporting unclaimed property in Maryland, 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.
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Comptroller of Maryland - Unclaimed Property Unit
P.O. Box 17161 | Baltimore, MD 21297-1161
Phone: 800.782.7383 or 410.767.1700