The current dormancy period is three years for all items, except travelers' cheques, which have a fifteen (15) year dormancy period, and nursing home resident funds with a one year dormancy period.
Filing Deadlines Corporations and Non-Insurance Company filers:
Reports and remittances are due for corporations, government agencies, banks and other financial institutions on October 31st of each year for fiscal year ending the preceding June 30th (fiscal year runs July 1st to June 30th the following year). Insurance Companies are due on April 30th calendar year ending, preceding December 31st (January 1st to December 31st, calendar year). Penalties for non-filing There is a fifteen (15%) percent penalty on late remittances. Negative Reports or None reports are only required for utilities, nursing homes, all insurance companies, banks and other financial institutions. Filing Extensions for filing reports must be submitted in writing and are granted on a case-by-case basis. The requests may be e-mailed, faxed or mailed to the Unclaimed Property Unit.
Retention of Records
All holders are required to retain records of unclaimed property for eight (8) years after the property has been reported.
Due Diligence - Holders must send notice to owners
All holders of property subject to the abandoned property law are required to send a written notice by first-class mail to the apparent owner at the owner's last known address. In the notice, the property holder must inform the owner that the holder is in possession of property subject to the abandoned property law and that the property will be considered abandoned unless the owner responds within thirty (30) days of the notification.
The holder must send the notice no more than one-hundred and twenty (120) days or less than thirty (30) days before filing the required report with the Comptroller's Office.
The dormancy period in Maryland for unclaimed property holders is three (3) years.
Extensions for filing reports must be submitted in writing and are granted on a case-by-case basis. The requests may be e-mailed, faxed or mailed to the Unclaimed Property Unit, using the following information:
Mail: Attn: Eric Eichler, Manager
Unclaimed Property Unit,
Comptroller of Maryland
301 West Preston Street, Room 310
Baltimore, MD 21201
First Time Filing of Unclaimed Property
If you are a Holder of unclaimed property and have not filed with the state previously, be sure to complete the New Holder Information Form and email it to UPHOLDER@comp.state.md.us to obtain you unique Maryland Holder Number. This unique number will establish your company in our system and is required prior to filing your first report with the state. The Maryland Holder number is also requried on any reports you file each year.
The Holder number is needed when reporting using our easy secure online web application.
Holder - FAQ
To answer more of your reporting questions please visit our FAQ page for assistance. If you still need clarification please contact us directly at 410-767-1700 or UPHOLDER@comp.state.md.us