Maryland’s New Approach to Unclaimed Property Recovery
The state of Maryland has made significant strides in reuniting residents with their unclaimed property under the leadership of Comptroller Brooke Lierman. Eager to implement modernization within the system, Lierman has introduced improvements aimed at streamlining the recovery process.
Upgraded Kelmar Abandoned Property System
Recently, the Kelmar Abandoned Property System underwent a crucial upgrade, resulting in a more user-friendly portal. This enhancement facilitates quicker searches and the submission of claims for unclaimed property, allowing individuals to recover their assets with greater efficiency.
Success in Reclaiming Assets
Since the implementation of these system upgrades last October, Maryland has successfully returned more than $103 million in unclaimed assets. This remarkable figure indicates a $23 million increase compared to the prior fiscal cycle, demonstrating the enhanced effectiveness of the updated system.
Innovative Quick Pay Feature
A highlight of the recent improvements is the introduction of the Quick Pay feature. This functionality allows the Comptroller’s office to automatically refund unclaimed property valued at less than $5,000 directly to the verified owners without requiring additional paperwork.
Understanding Unclaimed Property
Unclaimed property encompasses various types of assets, including:
- Bank accounts that have remained open but inactive.
- Refunds that have not been claimed.
- Uncashed checks.
How to Claim Unclaimed Property
Residents looking to recover their unclaimed property can find detailed instructions and guidance on the Comptroller’s official website, which offers a step-by-step process for initiating claims.
