The bill amends section 169.01 of the Revised Code and enacts new sections 169.20 through 169.26 to create a comprehensive framework for the management of unclaimed digital assets in Ohio. It defines "digital assets" and establishes that these assets are presumed abandoned if there is no communication or activity from the owner for two years. The bill outlines the responsibilities of holders of digital assets, requiring them to report and deliver presumed abandoned assets to a qualified custodian designated by the director of commerce. Additionally, the director is tasked with selecting a qualified custodian who must meet stringent criteria, including cybersecurity measures, to ensure the secure storage and reclamation of these assets.

Moreover, the bill introduces new provisions regarding the agreements between the director of commerce and qualified custodians, detailing the custodian's duties, compensation, and the state's auditing rights. It clarifies that the provisions in sections 169.20 to 169.25 do not apply to money or intangible property classified as unclaimed funds under section 169.02. The bill also repeals the existing section 169.01, signifying a major update to the legal framework surrounding unclaimed funds and custodianship in Ohio.

Statutes affected:
As Introduced: 169.01