S.B. No. 1244 amends the Texas Property Code to address unclaimed personal property, specifically including provisions for virtual currency. The bill modifies the definition of the abandonment period for property, changing the previous three-year period to commence based on either the return of undelivered communication to the owner or the last date the owner exercised ownership. It also clarifies that any sum held for the owner at the time property is presumed abandoned is also considered abandoned. Additionally, the bill introduces a new section defining "virtual currency" and outlines the responsibilities of holders regarding the reporting and delivery of virtual currency that is presumed abandoned.

The bill stipulates that if a holder has full control of the necessary private keys for transferring virtual currency, they must report and deliver the property to the comptroller or a designated custodian. However, if the holder lacks full control or only has partial keys, they are not required to report the property. The comptroller is authorized to manage and liquidate virtual currency, with provisions for covering expenses from the proceeds of the sale. The bill also ensures that the comptroller cannot sell securities or virtual currency listed on an established exchange for less than the prevailing price at the time of sale. This act 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)