Comptroller seeks modernized unclaimed property rules to add cryptocurrency, streamline claims

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 dormancy period and are turned over to the state. She said Maryland is implementing a new unclaimed‑property IT system but must update statute to take advantage of modern data tools.

SB665 would add virtual currencies (for example cryptocurrency) to the property types that holders must report, allow the office to proactively issue claims of less than $5,000 on a claimant’s behalf, and clarify procedures for establishing the death of an insured individual so beneficiary claims are not delayed. The bill also permits the comptroller to use up to $5 million annually from the unclaimed property special fund for ongoing IT, cybersecurity and customer‑service systems tied to the program.

Supporters framed the changes as consumer protection and a revenue‑recovery program modernization; the sponsor said modernizing reporting and onboarding more data will help find rightful owners. Committee questions focused on the audit/contracting timeline, frequency of outside audits and minority‑owned business opportunities in audit procurement; the comptroller said the office is reviewing RFP practices to expand the pool of auditors and vendors.

No vote was taken during the hearing; the bill was presented with committee Q&A and a pledge to provide follow‑up information on auditor procurement practices and MBE participation.