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Can you summarize MDCR Title 3 Subtitle 5?
Comptroller of the Treasury > MISCELLANEOUS REVENUE
Short Summary
The provided legal document governs the service charges for property presumed abandoned in Maryland. It applies to holders of such property under Commercial Law Article, Title 17. The document states that a service charge of any type may not be made unless the holder complies with the requirements set forth in Commercial Law Article, 17-308.1. Holders are also required to report the full amount appearing on the face of every instrument presumed abandoned, such as certificates of deposit, drafts, traveler’s checks, and money orders. The document further specifies that an account shall be considered dormant or inactive if the owner has taken none of the actions set forth in Commercial Law Article, 17-301 for a period of 1 year. When a service charge is permitted, the maximum amount is $10 per year for an account that does not exceed $50 and $20 per year for an account that exceeds $50.
Whom does it apply to?
Holders of property presumed abandoned in Maryland
What does it govern?
Service charges for property presumed abandoned in Maryland
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Maryland