This bill amends the Uniform Unclaimed Property Act in South Dakota to incorporate provisions specifically addressing virtual currency and the associated notice requirements for holders of unclaimed property. It defines "virtual currency" as a digital representation of value used as a medium of exchange, which does not have legal tender status in the U.S. 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 criteria such as transferability and value. Additionally, holders of unclaimed virtual currency are required to liquidate it within thirty days prior to 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 the apparent owners and take necessary steps to prevent property from being presumed abandoned, including mailing notices for properties 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