Maine LD 583: An Act To Clarify the Law Governing Mortuary Trust Accounts as They Relate to the Uniform Unclaimed Property Act

LD 583 (subjects: LICENSING , FUNERAL DIRECTORS )

Official bill page at mainelegislature.org: http://www.mainelegislature.org/legis/bills/display_ps.asp?ld=583&PID=1456&snum=127


Sponsors | Actions | Bill Text | Patterns of Support


Sponsors

Principal Sponsor: Rep. John Picchiotti of Fairfield: (R – District 108) — e-mail | Twitter | Facebook

6 Cosponsors:

Actions

Chamber

Action
2/26/2015 House Committee on Judiciary suggested and ordered printed.
The Bill was REFERRED to the Committee on JUDICIARY.
Sent for concurrence. ORDERED SENT FORTHWITH.
2/26/2015 Senate On motion by Senator Burns of Washington, REFERRED to the Committee on Judiciary, in concurrence.
4/29/2015 Senate Pursuant to Joint Rule 310.3 Placed in Legislative Files (DEAD)

Bill Text

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An Act To Clarify the Law Governing Mortuary Trust Accounts as They Relate to the Uniform Unclaimed Property Act

Be it enacted by the People of the State of Maine as follows:

Sec. 1. 33 MRSA 1953, sub- 1, E, as amended by PL 2003, c. 20, Pt. T, 20, is further amended to read:

E. A demand, savings or time deposit 3 years after the earlier of maturity or the date of the last indication by the owner of interest in the property. In the case of certain types of deposits, the following rules apply:

(1) In the case of a time deposit that is automatically renewable and whose term is longer than one year, at the date of maturity following the 5th renewal of the deposit after the last indication of interest by the owner; and

(2) In the case of a deposit for the benefit of a minor, the later of 3 years after the last indication of interest by the owner or the date on which the minor reaches 18 years of age ; .

This paragraph does not apply to prearranged funeral or burial plans described in Title 32, section 1401;

summary

The purpose of this bill is to clarify that the Uniform Unclaimed Property Act does not presume the funds held by a financial institution for a prearranged funeral or burial plan are presumed abandoned until 3 years after the death of the person on whose behalf funds were paid into the plan. The bill amends the provision establishing the presumptive abandonment of demand, savings and time deposit accounts to specifically state that it does not apply to prearranged funeral and burial plans. Those plans are explicitly covered by the Maine Revised Statutes, Title 33, section 1953, subsection 1, paragraph P.

Patterns of Support

Pattern of Cosponsorship by Region:

Pattern of Cosponsorship by Gender:

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Pattern of Cosponsorship by Campaign Finance Classification:

Note: Maine Clean Elections Act (MCEA) Qualified candidates only accept a small dollar value of initial contributions early in their campaigns, pledge not to accept further campaign contributions from private sources, and receive public funding for their campaigns. MCEA Non-Qualified candidates choose not to obtain public funding and instead are free to accept campaign contributions from individuals, party committees, political action committees and business sources.


This information about LD 583 was last updated on 2016-05-12.
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