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This article is to overview the process for the State of Maine unclaimed property laws that the University must abide to.
Detailed Information
What is the Unclaimed Property Act?
According to the State of Maine Unclaimed Property Act, patrons having funds on a pre-deposited debit balance account must complete a purchase transaction within a twelve-month period in order to avoid having their funds forwarded to the State of Maine Unclaimed Property Office because of a inactive status. An inactive status is defined as a “Bucks” account having funds without a purchase transaction within a twelve-month period.
Why are my “University Bucks” being sent to the State of Maine?
Card Services is required by the state of Maine to annually surrender unclaimed property funds from University “Bucks” accounts, who have a credit balance and have not completed a financial transaction within a twelve month period.
Am I eligible to be refunded?
To be eligible for a refund, you must no longer be an active student or employee at the University of Maine System. If you have relocated to another University of Maine campus and would like your funds transferred, please contact card.services@maine.edu
Patrons with a “Bucks” balance over $50.00, will receive a due diligence letter from our office sent to their current address within MaineStreet informing them of their credit balance and will have the opportunity to request a refund.
Any patron who had money sent to the State of Maine as Unclaimed Property, may request a refund through the Maine Unclaimed Property website
Related Terms of Service
The Cardholder’s account will be closed by the University if one of the following occurs: • Twelve (12) months after the Cardholder ceases to be an active/enrolled student of the University by either graduating, withdrawing, or if the student is suspended or expelled from the University. • Within 12 months after the Cardholder ceases to be an employee of the University for any reason. • If the Cardholder alters, falsifies the ID card, produces or distributes false Ids, or uses duplicate copies of the ID Card for University benefits or discounts. • If the University Bucks account has been inactive (i.e. not used) for twelve (12) consecutive months.
If the Cardholder who is eligible for a refund under the terms and conditions of this Agreement has an inactive University Bucks account for twelve (12) consecutive months during which a Cardholder’s University Bucks account has not been used, and if the value on the card is $50 (fifty) dollars or more, a written notice will be sent to the apparent owner not more than 180 days or less than 60 days prior to submission to the State. If no request is made for a refund, or the amount is less than $50 (fifty) dollars, the University Bucks account balance will be considered abandoned property per Title 33, Chapter 45 of the Maine Revised Statutes and the balance will be submitted to the State of Maine Revenue’s Property Tax Division as State Unclaimed Property.
Environment
- All campuses and stored value accounts associated with "University Bucks"
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