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.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.