Senate Bill No. 1244 amends the Texas Property Code to address unclaimed personal property, specifically including provisions for virtual currency. The bill modifies the presumption of abandonment period for personal property, changing the previous three-year period to commence on the earlier of either a returned communication to the owner or the last date the owner exercised ownership. It also introduces a new definition of "virtual currency" and establishes specific reporting and delivery requirements for holders of virtual currency that is presumed abandoned. If the holder has full control of the necessary private keys, they must report and deliver the virtual currency to the comptroller; otherwise, they are not required to do so.

Additionally, the bill allows the comptroller to manage and liquidate virtual currency held outside the state treasury, with provisions for covering expenses from the proceeds of the sale. The comptroller is prohibited from selling securities or virtual currency listed on an established exchange for less than the prevailing price at the time of sale. This legislation is set to take effect on September 1, 2025.

Statutes affected:
Introduced: Property Code 72.101, Property Code 74.301, Property Code 74.405 (Property Code 72, Property Code 74)
Senate Committee Report: Property Code 72.101, Subchapter D, Chapter , Property Code 12.001, Property Code 74.405 (Property Code 72, Property Code 74, Subchapter D, Chapter , Property Code 12)
Engrossed: Property Code 72.101, Subchapter D, Chapter , Property Code 12.001, Property Code 74.405 (Property Code 72, Property Code 74, Subchapter D, Chapter , Property Code 12)
House Committee Report: Property Code 72.101, Subchapter D, Chapter , Property Code 12.001, Property Code 74.405 (Property Code 72, Property Code 74, Subchapter D, Chapter , Property Code 12)