This bill amends the Uniform Unclaimed Property Act in South Dakota to incorporate provisions regarding virtual currency and to enhance notice requirements for unclaimed property. It introduces a definition for "virtual currency" as a digital representation of value that is not recognized as legal tender by the United States. The bill establishes that virtual currency is considered abandoned three years after the last indication of interest from the owner. It also allows the state treasurer, referred to as the "administrator," to decline acceptance of certain virtual currencies based on their transferability, value, or maintenance costs. 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 amends existing reporting requirements for holders of unclaimed property. It mandates that holders must communicate with property owners and take steps to prevent abandonment from being presumed, including mailing notices to owners of property valued at fifty dollars or more. The notice must inform the owner that their property is being held and may escheat to the state, and it must also include information about any changes in the holder's name. The report submitted to the administrator must include detailed information about the property, including the owner's last known address and the nature of the property, ensuring that the process for handling unclaimed property is thorough and transparent.

Statutes affected:
Introduced, 01/30/2025: 43-41B-1, 43-41B-18
Enrolled, 03/04/2025: 43-41B-1, 43-41B-18