Reporting FAQs

What is Unclaimed Property?
All property unclaimed by its owner for a specific period of time, called a dormancy period. Unclaimed intangible property may
include: dormant savings and checking accounts, unclaimed wages, dividends, credit balances and any type of outstanding check. Tangible property may include contents of safe deposit boxes or other safekeeping depository.
Why does Maine have an Unclaimed Property Law?
> To protect the property rights of the owner and to reunite the owner with the property.
> To relieve the holders of the expense and liability of carrying the property.
> To provide a centralized search location for citizens.
What attempts are made by the State to find the rightful owner?
The Treasurer’s Office searches for the owners by sending post cards to owners with more than $250, stock or safekeeping
reported each year. The State Treasurer’s searchable database at www.maine.gov/unclaimed is very popular. State legislators
are an important part of owner outreach. The State Treasurer serves as custodian until the property is claimed.
Do I need to file my report electronically?
Yes. We appreciate all reports filed electronically.
Who is a Holder?
All business entities that possess or have custody of unclaimed property.
What happens if a holder does NOT report unclaimed property?
A holder who fails to report, pay or deliver property within the time prescribed by law may be assessed 18% interest from the date the property should have been reported. In addition, the state may impose penalties of $200 per day.

Does Maine have a voluntary compliance program for holders?
Maine does not have a formal voluntary compliance program at this time but we do review requests on an individual basis.   Please contact up.holderinquiry@maine.gov for more information. 

Is there a minimum amount?
No. Businesses must report all unclaimed property, no matter how small. The State Treasurer safeguards the property forever.
Should I include the detail (names, addresses, social security numbers and amounts) for aggregate items?
Yes. Please include an electronic copy of the aggregate detail with your report. Paper copies are acceptable when electronic copies are unavailable.
What if my business sold gift certificates or gift cards that have not been redeemed?
Gift certificates/obligations are reportable by May 1st of the third calendar year after, but not including, the year in which they
were sold. The dormancy period for gift cards is 2 years as of December 31. The amount unclaimed is 60% of the face value. No dormancy fees or inactivity charges are allowed. Effective for Gift Certificates sold on or after 12/31/2011, if a gift certificate was sold by a single issuer who, in the past calendar year, sold no more than $250,000 in face value of gift certificates, the gift
certificates would not be reportable as unclaimed property.
When should I report money orders?
Money orders issued by a bank are presumed unclaimed if they remain uncashed 3 years after date of issue. All other money orders are presumed unclaimed after 7 years.
What is activity?
An owner-generated transaction on or communication about an account or the negotiation of a check or other instrument by the payee.
What is the dormancy period for municipalities and government entities?
There is a one year dormancy period for all property types held by municipalities and government entities.
Are negative reports required?
If your company is incorporated or physically located in Maine a report is required unless you have filed 3 consecutive negative
reports and still have nothing to report.