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Can you summarize MDCR 03.05.01.01?
Abandoned Property Regulations > Abandoned Funds.
Short Summary
This document, part of the Code of Maryland Regulations, specifically the Abandoned Property Regulations under the Comptroller of the Treasury, governs the treatment of abandoned funds held by banking or financial organizations. According to the regulations, any checking, savings, share, negotiable order of withdrawal, automatic transfer, share draft, electronic terminal account, or similar type of account held by a banking or financial organization is presumed abandoned after 3 years if the depositor or shareholder has not actively deposited, withdrawn, or otherwise indicated an interest in the funds or deposit. The presumption of abandonment can be overcome if the depositor or shareholder has authorized and established an automatic deposit or withdrawal, and the authorization has not been cancelled or revoked. However, automatic deposits of interest or dividends earned on the account and automatic withdrawals of service charges do not count as active deposits or withdrawals. These regulations aim to ensure the proper handling and disposition of abandoned funds by banking or financial organizations in Maryland.
Whom does it apply to?
Banking or financial organizations
What does it govern?
Abandoned Funds
What are exemptions?
N/A
What are the Penalties?
N/A
Jurisdiction
Maryland