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Comptroller tells committee bill to modernize unclaimed-property rules adds cryptocurrencies, seeks IT funding from fund
Summary
Comptroller Brooke Lierman asked the House Health & Government Operations Committee to update Maryland’s Unclaimed Property Act to add digital assets, clarify insurance rules and allow up to $5 million per year from the fund for IT and cybersecurity.
The committee heard House Bill 761, sponsored by Comptroller Brooke Lierman, to modernize Maryland’s Unclaimed Property Act. The comptroller told the committee the bill would update reporting procedures, add virtual currencies to the list of reportable/unclaimed property, streamline claims for small amounts and clarify rules for establishing death of an insured person or annuitant so beneficiaries can receive life-insurance proceeds and annuities more quickly.
Comptroller Lierman said the bill also would allow the unclaimed-property fund to pay up to $5 million per year for ongoing IT costs tied to the…
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