Bill No. 996 aims to establish new legal frameworks for museums regarding the acquisition of legal title to undocumented and loaned property. It defines key terms such as "lender," "loaned property," and "undocumented property," and outlines the procedures museums must follow to acquire title to such properties after a specified period. For undocumented property held for seven years or longer, museums can publish notices in local newspapers to claim title if no valid claims are made within 90 days. Similarly, for loaned property, museums must attempt to notify lenders after the loan expires and can acquire title if there is no response for two years.

The bill also includes provisions that limit actions against museums regarding property loss or injury, establishing a two-year statute of limitations for lenders to claim property or damages. It allows museums to apply conservation measures to protect loaned or undocumented property without lender consent under certain conditions. Additionally, it clarifies that property loaned to a museum at the time of the owner's death will not escheat to the state but will become the museum's property. The act is set to take effect on November 1, 2025.