Maryland Launches Modern System for Returning Unclaimed Property

Maryland has launched a new, modern system for handling unclaimed property. The cloud-based platform replaces an outdated mainframe computer from the 1990s. This change will make it much easier for residents to claim forgotten funds.

Comptroller Brooke E. Lierman announced the shift to improve government efficiency. The new system allows for online claims and real-time status checks for the first time. Officials expect it to significantly speed up the process of returning money to its owners.

How the New KAPS Platform Transforms the Claims Process

The new system is called the Kelmar Abandoned Property System, or KAPS. It is already used by more than 40 other states. According to Reuters, this kind of technological upgrade is a major trend in state government operations.

Residents can now submit all documentation electronically. This ends a slow, paper-based filing process. The system is available 24 hours a day for user convenience.

The modernization is supported by recent updates to state law. Governor Wes Moore signed the legislation to overhaul the Abandoned Property Act. These changes empower the new system to work even better.

Automatic Payments and New Asset Types Included

A major benefit for citizens is the new “Quick Pay” feature. Starting in November, people with property valued under $5,000 will get automatic payments. They will not need to file any claim forms.

The law also expands the types of property the state can hold. This now includes virtual currency like Bitcoin and certain retirement accounts. These assets are considered abandoned after three to five years of inactivity.

The state’s Unclaimed Property Division has a strong record of returning assets. In the last fiscal year alone, it returned over $121 million to Marylanders. The new system is expected to increase this amount.

This modernization marks a significant step forward for consumer services in Maryland. The new unclaimed property system prioritizes speed, security, and user accessibility. Maryland is now better equipped to reunite its citizens with their lost funds efficiently.

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What is considered unclaimed property in Maryland?

Unclaimed property includes forgotten financial assets. Common examples are dormant bank accounts, uncashed checks, stock dividends, and insurance benefits. It can also include the contents of abandoned safe deposit boxes.

How do I check if Maryland has my unclaimed property?

You can search for free on the Maryland Comptroller’s official website. The new KAPS system provides a simple online search tool. You just need to enter your name to see if you have money waiting.

What is the new “Quick Pay” feature?

It is an automatic payment system for smaller claims. If your unclaimed property is valued at less than $5,000, the state will send you a payment without you filing a claim. This feature is scheduled to launch in November.

How does the new system help process claims faster?

The cloud-based system automates many manual tasks. It allows for electronic document submission and digital tracking. This reduces processing times from weeks to just a few days in many cases.

Why did Maryland update its Abandoned Property Act?

The law needed to reflect modern financial realities. The updates allow the state to handle new asset types like cryptocurrency. They also create a legal framework for the new, efficient automated systems.