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Can you summarize MDCR 03.05.02?
MISCELLANEOUS REVENUE > Abandoned Property RegulationsNotice of Assessment for Unclaimed Property
Short Summary
The provided legal document content pertains to the Abandoned Property Regulations in the Code of Maryland Regulations. It outlines the procedures and options available to a person who receives a Notice of Assessment for Unclaimed Property. The person has three options upon receipt of the notice: pay or deliver the abandoned property to the Administrator, file a written Request for Revision, or commence an action in the circuit court. If the person chooses to request a revision, they must submit a written request within 90 days, itemizing their objections and attaching a copy of the Notice of Assessment. The request stays the decision of the Administrator until a Notice of Final Determination is issued, the request is dismissed, or the request is withdrawn. A hearing will be scheduled by the Comptroller’s Hearings and Appeals Section upon receipt of a timely request for revision. The hearing officer may consider requests for postponement under certain conditions. After the hearing, a Notice of Final Determination will be issued, which will include the substance of the evidence heard, the decision, and the reasons for the decision. If the Notice of Final Determination concludes that the person has failed to pay or deliver the abandoned property, the person must comply within 30 days. If the person is aggrieved by the Administrator’s decision, they may commence an action in the circuit court within 90 days of the decision or within 90 days of the Notice of Final Determination if a Request for Revision was filed. The document also mentions that the Administrator may examine the records of a person during normal business hours if there is reason to believe that the person failed to report property that should have been reported. If the examination determines that the person has failed to pay or deliver abandoned property, a Notice of Assessment for Unclaimed Property will be issued. The Notice of Assessment for Unclaimed Property is considered a decision of the administrator. The document provides definitions for terms used in the regulations and cites the authority as the Commercial Law Article, 17-103, Annotated Code of Maryland.
Whom does it apply to?
Persons who receive a Notice of Assessment for Unclaimed Property
What does it govern?
Abandoned Property Regulations
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Maryland