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Comptroller seeks modernized unclaimed property rules to add cryptocurrency, streamline claims
Summary
Comptroller’s office proposed SB665 to modernize Maryland’s unclaimed property framework: add virtual currency as reportable property, allow proactive claims under $5,000, clarify insured‑death procedures and permit use of up to $5 million from the special unclaimed property fund for IT and cybersecurity to support a new system.
Comptroller Brooke Lierman and her unclaimed property director told the Finance Committee SB665 would modernize Maryland’s unclaimed‑property program and IT systems, add virtual currency to the list of reportable assets and speed distribution to rightful owners.
The comptroller said unclaimed property includes bank accounts, uncashed checks, life‑insurance proceeds and other financial assets that have been dormant for the statutory…
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