Financial Institutions - Abandoned Property - Notice and Records
Sponsor: Kenneth Kerr (District 3)Committee: Economic MattersSubject: Financial InstitutionsStatus: Unfavorable Report by Economic Matters; Withdrawn (as of Dec 1, 2021)
What this bill does
Official synopsis
Requiring the holder of presumed abandoned property valued at $5,000 or more to send certain written notice to the apparent owner by certified mail, return receipt requested, rather than by first-class mail; requiring the holder of abandoned property valued at $5,000 or more to keep records relating to that property for at least 3 years; requiring that certain records be sufficient to allow a person who is able to recover the abandoned property to establish a tax basis; etc.
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Testimony (4)
MGA witness listFAV 1FavorableFWA 2Favorable with amendmentsUNF 1Unfavorable
| Position | Witness | Organization | Testimony |
|---|---|---|---|
| FAV | Delegate Kerr, Delegate Kerrlegislator | Individual | Position only |
| UNF | Enten, Robert | Maryland Building Industry Assoc | Oral |
| FWA | Lehman, Mindy | Maryland Bankers Assocation | Oral |
| FWA | Sakamoto-Wengel, Steven | Individual | Written (PDF) |