This bill amends and reenacts several sections of Louisiana law to address the management and custody of digital assets, particularly those presumed abandoned. It introduces new definitions for terms such as "digital asset," "digital asset account," and "designated custodian," while establishing standards for the custody and liquidation of unclaimed digital assets. The bill specifies that a digital asset account is presumed abandoned after three years of inactivity, and outlines the responsibilities of digital asset holders and the administrator regarding the reporting, maintenance, and potential liquidation of these assets. Additionally, it mandates annual reports by the administrator and allows for the sale or liquidation of abandoned digital assets under certain conditions.

The legislation also clarifies that the provisions regarding the public sale of abandoned property do not apply to digital assets. It includes a directive for the treasurer to report on the implementation of the Act and requires notification to the legislature if a designated custodian is contracted. The Act is set to take effect on January 1, 2027, with specific provisions becoming null and void upon the treasurer's report. Overall, the bill aims to create a structured framework for handling digital assets within the context of Louisiana's unclaimed property laws.

Statutes affected:
HB1256 Original: 9:154(A)(19), 9:160(D)
HB1256 Engrossed: 9:154(A)(19), 9:160(D)
HB1256 Enrolled: 9:154(A)(19), 9:159(E), 9:160(D)
HB1256 Act 891: 9:154(A)(19), 9:159(E), 9:160(D)