On April 13, 2026, Maine enacted HB1313, making comprehensive amendments to the Maine Revised Unclaimed Property Act. The legislation modernizes the statute, most notably by adding a detailed framework for virtual currency, revising retirement plan dormancy rules, and strengthening administrative, reporting, and confidentiality provisions. Key changes are summarized below.

New Definitions for Virtual Currency and Private Keys

  • The law formally defines “virtual currency” as a digital representation of value used as a medium of exchange, unit of account, or store of value, which is not legal tender, regardless of whether or not it is denominated in legal tender.  It does not include loyalty rewards and in‑game digital content.
  • A new definition of “private key” is added, recognizing cryptographic credentials used to authorize blockchain transactions.

Virtual Currency Dormancy and Reporting Rules

  • Dormancy period: Virtual currency is presumed abandoned after five years from the owner’s last indication of interest, or if first class mail is regularly sent to the owner, five years from returned mail deemed undeliverable.
  • Delivery in native form: If the holder has the ability to transfer the virtual currency, it must be delivered in native form to the State, following administrator instructions.
  • Inability to transfer: If a holder lacks the necessary credentials, the holder must retain possession until transfer becomes possible.
  • Liquidation authority: The administrator may:
    • Decline to accept virtual currency of nominal value or that is not freely transferable;
    • Prescribe by rule classes or types of virtual currency exempt from reporting or liquidation;
    • Direct holders to liquidate virtual currency prior to reporting;
  • Administrator, State and holder held harmless: The owner does not have recourse against the administrator, state, or compliant holder to recover any gain in value that occurs after the liquidation of virtual currency.

Retirement Plan, Securities and UTMA Account Changes

  • New category: Funds from a terminated defined contribution or other retirement plan are presumed abandoned one year after plan termination.
  • Clarified tax‑exempt retirement accounts treated the same as tax‑deferred retirement accounts.  Other  changes included:
    • Replaced age 70.5 with date of required minimum distribution (RMD)
    • Eliminated pre-presumption mailings and RPO requirements for securities, IRAs and UTMA accounts
    • Established DOLC as the trigger date for securities, excluding automatic deposits from contact

Prohibition on Escheat Fees

  • The law expressly prohibits holders from deducting escheat or unclaimed property fees solely due to property becoming reportable.

Statute of Limitations

  • Commencement of an audit, examination, or enforcement action tolls the statute of limitations.

Payroll Card or Demand, Savings or Time Deposit

  • Clarifies 3 years after the later of maturity, if applicable, of the card or deposit and the apparent owner’s last indication of interest in the card or deposit.

Certified mail requirement

  • Certified mail notice is required for tax deferred account, security, or virtual currency valued at $1,000 or more, at least 60 days before reporting.

Securities and Virtual Currency Disposal Rules

  • Similar to securities, the administrator may not sell or liquidate virtual currency until one year after receipt, unless the administrator deems it to be in the best interest of the state.
  • Claims filed after liquidation entitle owners only to net proceeds received from the sale.

Trust Relationship

  • As of May 1 (insurance property) or November 1 (all other property), holders are deemed to hold unclaimed property in trust for the State on behalf of the owner. A holder is not required to segregate or establish trust accounts for the property as long as  the property is timely delivered to the administrator.

Expanded Audit, Estimation, and Recordkeeping Authority

  • If required records are not retained, the administrator may determine liability using reasonable estimation methods, including sampling and extrapolation.
  • Payment based on estimation does not relieve record retention obligations.

Confidentiality Protections

  • Audit workpapers, reports, identities of examined holders, and related documents are expressly deemed confidential.
  • Confidential information may be shared only with specified governmental entities, courts, or other states under reciprocal confidentiality standards.
  • Holders may require a confidentiality agreement as a condition of document production, subject to statutory limits.

The law goes into effect on July 15, 2026.