Maine

Understanding Maine’s Unclaimed Property Law

Maine’s unclaimed property program is administered by the Office of the State Treasurer and governed by 33 M.R.S. Chapter 45. Businesses and organizations, referred to as “holders”, are required to identify and report property presumed abandoned after a certain period of inactivity, known as the dormancy period.

Reportable unclaimed property includes:

• Dormant checking and savings accounts
• Uncashed payroll, vendor, or refund checks
• Dividends and securities
• Life insurance policy proceeds
• Safe deposit box contents
• Credit balances or customer overpayments

Once property has reached its dormancy threshold, holders must make a good-faith effort to locate the rightful owner before reporting it to the state. Learn more about the escheatment process.

Maine Dormancy Periods

Different types of property are subject to specific dormancy periods. Here's a summary of common property types and their associated dormancy timelines:

Learn more about tracking these timelines with Eisen’s dormant account monitoring process.

Due Diligence Requirements in Maine

Holders must attempt to notify the property owner prior to reporting unclaimed property to the state. Due diligence is a vital step that not only fulfills a legal requirement but also fosters trust and transparency.

Minimum requirements include:

• Sending written notice via first-class mail to the owner’s last known address at least 60 days but no more than 180 days before the report is filed for any property valued at $50 or more
• Although not mandated, using additional channels such as email or phone is encouraged to improve outreach success and demonstrate good-faith efforts

Eisen’s Escheat Mail Management can automate and track this entire outreach process.

Maine Reporting Deadlines and Requirements

Maine’s reporting requirements vary depending on the type of holder.

• Life Insurance Companies & Stored-Value Issuers:
  
  • Report Period: January 1 - December 31
  • Report and Payment Deadline: May 1
• All Other Businesses:
  
  • Report Period: July 1 - June 30
  • Report and Payment Deadline: November 1
    

Additional requirements include:

• Filing electronically in NAUPA format via the Maine Unclaimed Property Reporting Portal
• Optionally submitting a negative (zero) report if no property is due
• Using ACH or check for remittance
• Pre-approval required before delivering securities to the state

Read more about the reporting process on the Maine Reporting Guidelines page.

Maine’s Voluntary Disclosure Program

For holders that may have fallen out of compliance, Maine does not offer a formal Voluntary Disclosure Agreement (VDA) program, but they do review requests on an individual basis. If approved, this allows businesses to report past-due property without facing penalties or interest.

Through this program, holders can:

• Work with the state to review records
• Establish a compliant reporting history
• Avoid fines and enforcement actions

Start the process through the Maine Unclaimed Property Division - Voluntary Disclosure Program.

How Eisen Helps You Stay Compliant in Maine

At Eisen, we’re committed to removing the complexity from the escheatment process. Our technology and expertise support a compliant and proactive approach to unclaimed property in Maine.

Here’s how we help:

• Escheatment Manager – Identifies property nearing dormancy, calculates due dates, and creates accurate, Maine-ready reports
• Outreach Manager – Automates due diligence notices and tracks responses to demonstrate contact efforts‍
• Disbursement Manager – Sends secure payments through check, ACH, or wire, while maintaining full audit trails

Turn Maine Compliance Into a Value-Add

By approaching unclaimed property as a strategic opportunity rather than a burden, your business can strengthen trust with customers and regulators alike. At Eisen, we provide the tools and expert guidance to make Maine compliance more than a checkbox, making it a source of operational excellence and brand resilience.