This has been resolved in 7.5.9
https://www.ubbcentral.com/forums/ubbthreads.php/topics/254650#Post254650You can follow the directions within that link, or upgrade to 7.5.9
EDIT:
In 7.6.0 (unreleased at the time of this post), the hard limit has been reverted from "7 days maximum" to "1 year maximum", and the settings have been defined more clearly within the admin section as -
Control Panel » Primary Settings > Advanced Settings
Cookie Expiration Time In Seconds86400 = 24hrs
604800 = 7 days
2592000 = 30 days (Recommended)