Unclaimed Property FAQ’s

Unclaimed Property Frequently Asked Questions

1. What is unclaimed property?
2. What about real estate, boats, or cars?
3. When is property considered unclaimed?
4. When do I report and remit unclaimed property?
5. How do I report unclaimed property?
6. Where do I file hardcopy reports?
7. What happens if I do not file?
8. What happens after I report unclaimed property?
9. Does the Comptroller’s office audit unclaimed property?
10. What is the holder’s obligation to contact the rightful owners?
11. What happens to the property if it remains unclaimed?
12. What does the state do to locate unclaimed property owners?
13. Does Maryland exchange property with other states?
14. Does the comptroller have records of unclaimed property belonging to businesses as well as individuals?
15. How can we find out if there is unclaimed property belonging to our company?
16. Do you provide an unclaimed property list to the public?

Unclaimed Property Answers:

1. What is unclaimed property?
   Mostly, it's money. Since unclaimed property often results from normal business operations, most businesses have unclaimed property. Examples include: unclaimed wages, commissions or other benefit distributions to employees; overpayments by customers or prepayments or refunds due to customers. Financial institutions, insurance companies and corporations must also report unclaimed bank accounts, contents of safe deposit boxes, insurance benefits, security deposits, stock dividends, travelers checks and other funds to the Comptroller's Office.

2. What about real estate, boats, or cars?
   No. Unclaimed property does not include real estate, boats or cars.

3. When is property considered unclaimed?
   If an account at a financial institution or business has no activity or a check is unclaimed for three years, the property in that account is considered unclaimed and must be reported to the state. Uncashed travelers’ checks must be reported 15 years after the date of issue.

4. When do I report and remit unclaimed property?
   Insurance companies are required to report unclaimed benefits to the Comptroller's Office by April 30 for the year ending the preceding December 31. Financial institutions and most other businesses with any type of unclaimed funds must report them by October 31 for the year ending the preceding June 30. The state of Maryland is a report-and-remit state.

5. How do I report unclaimed property?
   Electronically: All holders are requested to file their reports electronically using the National Association of Unclaimed Property Administrators (NAUPA) format. Reports should be filed online on the Comptroller's Web site www.marylandtaxes.gov. The Web entry application is designed to eliminate the need for holders to file hard copy reports. All holders are given the option of a manual data entry function or a file upload. ACH transfer or voucher payment options are available. We will accept paper reports when there are less than 10 accounts. Our Web entry will not accept "zip" files. Information regarding NAUPA format is available at www.unclaimed.org or by calling or e-mailing the Unclaimed Property Unit. Unclaimed property reports may be filed on Form COT/ST 918 claim form (pdf) and Form COT/ST 919 claim form (pdf). Instructions appear on the forms. Accounts of $100 or more must be reported individually. All accounts of less than $100 may be reported together in one aggregate amount. The following business transactions are excluded from unclaimed property reporting requirements: Outstanding checks or credits and account credit balances issued to vendors or commercial customers in the ordinary course of business, and purchase rebates issued to customers in the ordinary course of business.

6. Where do I file hardcopy reports?
   Report unclaimed property to the address below.

7. What happens if I do not file?
   Report unclaimed property to the address below. If you are a holder of unclaimed property and do not file a report with the Comptroller's Office, you are subject to fines and penalties.

8. What happens after I report unclaimed property?
   The Comptroller advertises the names of recently reported unclaimed property owners throughout Maryland once a year.

9. Does the Comptroller’s office audit unclaimed property?
   Yes. Section 17-322 of the Abandoned Property Act states that the unclaimed property administrator may audit any business suspected of holding unreported unclaimed property. Comptroller's Office employees conduct audits for Maryland and reciprocal states. Contract auditors are also used for national firms.

10. What is the holder’s obligation to contact the rightful owners?
    Unclaimed property holders must send a notice to owners by first class mail a minimum of 30 days and a maximum of 120 days before reporting and remitting the property to the state. Notices must be mailed to all owners with amounts of $100 or more.

11. What happens to the property if it remains unclaimed?
    Maryland law is custodial, which means that the property may be claimed anytime during the individual's lifetime, or by legitimate heirs after the original owner's death.

12. What does the state do to locate unclaimed property owners?
    In addition to the annual newspaper advertising campaign, the Comptroller's Office attempts to locate rightful owners by mail and through outreach programs. The Comptroller's Office also matches data on unclaimed property accounts with IRS and other government agencies to locate out-of-state owners.

13. Does Maryland exchange property with other states?
    Yes. Maryland has exchange agreements on unclaimed property with other states and the District of Columbia. There is an unclaimed property office in each state and in the District of Columbia.

14. Does the comptroller have records of unclaimed property belonging to businesses as well as individuals?
    Yes. A substantial proportion of the unclaimed funds belong to businesses.

15. How can we find out if there is unclaimed property belonging to our company?
    Businesses should periodically search our database.

16. Do you provide an unclaimed property list to the public?
    You may purchase a downloaded list of owners for a fee of $4.00 with a letter of request. The letter should include the email address where the download can be sent and, upon receipt, the requestor will receive a secure link and have a limited time to download the file to their computer. Payment may be rendered via money order or business check payable to The Comptroller of Maryland - Unclaimed Property. The address is as follows:

    Comptroller of Maryland
    Unclaimed Property Division
    7 St. Paul Street
    Suite 320
    Baltimore, MD 21202