The proposed General Assembly Raised Bill No. 6990 seeks to amend existing laws concerning the seizure and forfeiture of digital wallets and virtual currency. It introduces new definitions for "digital wallet" and "virtual currency," thereby expanding the legal framework to include these digital assets. The bill replaces the term "stolen property" with a broader definition that encompasses digital wallets and virtual currency, enhancing the scope of what can be classified as contraband. Additionally, it modifies the forfeiture procedures, including the timeline for court hearings and conditions for returning property to owners, while ensuring that no property will be forfeited if the owner or lienholder was unaware of its involvement in criminal activity.

Significant deletions from current law include the removal of specific references to "stolen property" and a restructuring of the forfeiture process. The bill clarifies that legitimate attorney's fees are protected from forfeiture and outlines the procedures for forfeiture hearings, mandating that courts hold hearings within two weeks after the resolution of related criminal proceedings. If a criminal case does not result in a guilty verdict, the property must be returned to the owner. The allocation of proceeds from forfeited property is also specified, with funds directed towards covering liens, storage costs, and court expenses, while any remaining funds will be deposited into the privacy protection guaranty and enforcement account. The act is scheduled to take effect on October 1, 2025.

Statutes affected:
Raised Bill: 54-36h, 54-36o