The bill amends the Uniform Unclaimed Property Act in South Dakota to incorporate provisions regarding virtual currency and to update notice requirements for unclaimed property. Key definitions are revised, including the introduction of "virtual currency," which is defined as a digital representation of value used as a medium of exchange that does not have legal tender status. The bill establishes that virtual currency is considered abandoned three years after the last indication of interest from the owner. It also allows the administrator to decline to accept certain types of virtual currency based on criteria such as transferability and value. Additionally, holders of unclaimed virtual currency are required to liquidate it within thirty days before filing their annual report and remit the proceeds to the administrator.

Furthermore, the bill modifies the reporting requirements for holders of unclaimed property. It mandates that holders must communicate with owners to prevent property from being presumed abandoned, including mailing notices for properties valued at fifty dollars or more. The content of these notices is specified, including information about the potential sale of virtual currency by the holder before remittance to the administrator. The bill also clarifies the reporting process, including the need for verification and the inclusion of detailed information about the property and its owners. Overall, the legislation aims to modernize the handling of unclaimed property in light of the growing prevalence of virtual currencies.

Statutes affected:
Introduced, 01/30/2025: 43-41B-1, 43-41B-18