The bill HB104 amends the Code of Alabama 1975 to establish comprehensive guidelines for the treatment of abandoned digital assets and unclaimed property. Key insertions include definitions for "DIGITAL ASSET," "FINDER," and "PRIVATE KEY," as well as clarifications regarding the "LAST KNOWN ADDRESS" of apparent owners. The bill specifies that property is presumed abandoned after certain timeframes, such as three years for safe deposit boxes and digital asset accounts, which are considered abandoned after three years of inactivity. It also mandates electronic reporting to the State Treasurer by holders of presumed abandoned property, detailing the property and relevant dates, while granting the Treasurer authority to create rules for these processes.

Additionally, the bill introduces new provisions regarding agreements between property owners and finders, requiring written contracts that detail property information and compensation structures, capped at 10% of the claimed amount. It prohibits agreements related to mineral proceeds that base compensation on the underlying minerals and disallows the purchase or assignment of unclaimed property to finders that would result in excessive fees. The bill also streamlines processes by removing the requirement for newspaper publication of sale notices and allows the State Treasurer to decline digital assets that are not freely transferable or have minimal value. The act is set to take effect on June 1, 2026.

Statutes affected:
Introduced: 35-12-71, 35-12-72, 35-12-76, 35-12-80, 35-12-93
Enrolled: 35-12-71, 35-12-72, 35-12-76, 35-12-80, 35-12-93