An Act to Amend the Maine Revised Unclaimed Property Act and Clarify the Definition of "Virtual Currency

This bill amends the Maine Revised Unclaimed Property Act by adding "virtual currency" as a property type and provisions regarding presumed abandonment and liquidation. It defines "virtual currency" as a digital representation of value used as a medium of exchange, unit of account, or store of value, excluding software, game-related digital content, and loyalty or gift obligations. The bill simplifies the presumption of abandonment process for tax-advantaged retirement accounts, custodial accounts for minors, and security accounts.

An Act to Amend the Maine Revised Unclaimed Property Act and Clarify the Definition of "Virtual Currency

This bill amends the Maine Revised Unclaimed Property Act by adding "virtual currency" as a property type and provisions regarding presumed abandonment and liquidation. It defines "virtual currency" as a digital representation of value used as a medium of exchange, unit of account, or store of value, excluding software, game-related digital content, and loyalty or gift obligations. The bill simplifies the presumption of abandonment process for tax-advantaged retirement accounts, custodial accounts for minors, and security accounts.