It’s replaces an aging system that hasn’t worked well.
Maryland Comptroller Brooke Lierman
Annapolis, Md (KM) A new way of processing unclaimed property is coming to Maryland. Comptroller Brooke Lierman says beginning in the fall the state will be operating the KAPS system, or the Kilmer Abandoned Property System. which many other states use. She says it will allow the state to contact the owner of unclaimed property and return it to them. Under the KAPS system, Lierman says citizens may not need to fill out paper work to get their property returned.
“That’s means that we’ll be able to get people their claims more quickly. We’ll be able to pro-actively send out money to folks if it’s under a certain dollar threshold. And it will be a lot easier to claim you money,” Lierman says.
“How it will work in the future is that we will have the ability to pro actively identify people whose claims are under a certain dollar threshold—several thousand dollars—and send them their money,” Lierman continues. .
The certain “dollar threshold” is less than $5,000, according to a news release from the Comptroller’s Office.
The new system is expected to go into affect in October. Lierman says it was approved by the General Assembly.
Some examples of unclaimed property the state could be holding are unclaimed bank accounts, items found in a safe deposit box, in insurance benefits, security deposits and stock dividends. Any entities holding those products have to turn them over to the Comptroller’s Office if they have remained dormant for more than three years.
LIerman says the new law also lets the Comptroller’s Office process newer forms of unclaimed property. “We worked with the General Assembly this year to update the unclaimed property section of state law to collect newer forms of property, including virtual currency like cryptocurrency and certain IRA accounts as well, certain individual retirement accounts,” says Lierman.
Even if you don’t think you have any unclaimed property held by the state, Lierman says go on line and see for yourself. “Go check every once and a while. Check yourself. Check, your family members. Check a friend. And if you find anybody, let them know so they can go in and claim it,” she says.
The Comptroller’s Office website is (www.marylandcomptroller.gov/UnclaimedProperty)
According to Lierman, during fiscal year 2024, the Comptroller’s Office handled 27,000 inquires about unclaimed property, and returned over $60 million in unclaimed property to Marylanders.
By Kevin McManus