The proposed bill would update current statutes on unclaimed property by introducing new provisions specifically for securities and virtual currencies. Under the new law, any security or virtual currency would be presumed abandoned three years after it becomes claimable, starting from the date a communication to the owner is returned as undeliverable. The presumption of abandonment would cease immediately upon any act of ownership or communication with the holder. Additionally, the bill mandates that holders of unclaimed virtual currency must report and deliver the currency in its native form to the Department of Revenue (DOR) within 30 days of reporting it as abandoned, while also prohibiting the DOR from selling these assets for less than the prevailing market price.

The bill also modifies existing definitions and introduces new ones, such as expanding the definition of "property" to include tangible property, fixed interests in intangible property, securities, and virtual currency, while excluding certain items like gift certificates. It specifies that "de minimis property" includes account balances of $50 or less payable to another business association. Overall, these updates aim to modernize the management of unclaimed property, particularly concerning digital assets, and enhance clarity in the definitions and processes involved.

Statutes affected:
Introduced Version: 44-301, 44-302, 44-308, 44-312, 27-231, 27-901, 44-303, 44-1801, 43-1028, 46-441, 40-491, 25-500, 48-241, 33-812, 44-307, 47-8405, 44-310