Enacted
Our first monthly update focuses on some of the significant bills related to unclaimed property that were passed in late 2025. We have observed several trends including the addition of digital assets, moves to electronic due diligence, and greater restrictions on claimant representatives. We have included some highlights below.
CA S822 – Effective January 1, 2026
Clarifies that digital financial assets are a form of intangible property subject to the unclaimed property law. The digital asset escheats if it is unclaimed by the owner for more than three years from the earlier of a returned written or electronic communication or the last exercise of an act of ownership interest in the digital asset account. Specifies that an apparent owner’s last known address need not be a complete mailing address if the address is sufficient to identify that it is within the state. Prescribes requirements for holders of digital financial assets to notify apparent owners prior to the assets escheating and specifies how escheated digital financial assets must be transferred from the holder to the Controller. A person who makes a valid claim for a digital financial asset delivered to the Controller may receive that digital financial asset or, if the asset has been converted, to receive the net proceeds received by the Controller from the sale.
IL SB1667 – Effective January 1, 2026
Removes requirement that mailings be sent to inactive other tax deferred accounts once the owner reaches certain ages but instead requires mailings in the 10th year after opening, if the owner has not indicated interest within the last 3 years. It changes dormancy trigger for other tax deferred accounts from 30 years after account open to 20 years after account open. Requires outreach after 3 years of inactivity if the apparent owner has attained 50, 70, 90 or 110 years of age. Provides a right for the Secretary of Financial and Professional Regulation to require a regulated person to report and remit property. Adds and updates locator provisions.
MD S665 and H761 – Effective 10/1/2025
Makes substantial changes to the Maryland unclaimed property statute, most of which are aligned with RUUPA. It updates indication of interest provisions to include accessing account information, evidence of receipt of an electronic distribution, and previously authorized transactions (except dividend or interest reinvestment). It adds a definition for virtual currency, presumes abandonment 5 years after DOLC, and requires the holder to liquidate. Changes some life insurance provisions, including DMF specific provisions. Adds RUUPA language for IRAs including use of age 72 and confirmation of death + 2 years.
MT HB164 – Effective 10/1/2025
Defines payroll card and provides that it be treated in the same manner as a deposit account. Restates indication of interest provisions. Allows for due diligence notices to be sent via email if the owner has consented to receive electronic mail delivery from the holder.
OH HB96 – Effective January 1, 2026
Eliminates the de minimis $50 exemption for wages and adds a potentially universal de minimis exemption for owners with an aggregate value less than $25. Recognizes recurring electronic transfers as activity in bank accounts. Provides for escheat of virtual currency after 5 years of inactivity and requires the holder to liquidate prior to escheatment. Adds a return of electronic mail trigger for DRP securities. Adds new provisions for CDs, due to escheat after 5 years of inactivity, with special requirements for automatically renewing CDs. Provides for electronic due diligence, if permitted, with read receipt. Increases record retention period from 5 to 10 years, running from the filing of the report, tolled by failure to file or filing of a fraudulent report. Removes the 10% reporting provision. Provides a traditional anti-forfeiture provision for CDs. Limits finder registration to a natural person. Allows claims paid to certain beneficiaries of a deceased owner, up to $1,000, without letters testamentary. Requires that the department create an expedited claim procedure for amounts up to $1,000.
OK SB999 – Effective November1, 2025
Allows state to pay owner and claimant rep each directly per agreement terms. Limits fee to 25%.
OR SB146 – Effective January 1, 2026
Provides procedure for escheat of property of lost beneficiaries from Oregon estates. Updates definition of last known address to any indicator of the location of an owner that identifies a state, whether or not sufficient for the delivery of mail. It defines owner initiated contact to exclude a credit or debit transaction that is automated, recurring, or prescheduled. Provides for the escheat of digital assets after 3 years of inactivity, allowing remittance in-kind with continued holding if the holder is unable to remit. It also includes an overriding ability of the treasurer to require the holder to liquidate, in its discretion. Eliminates the option of reporting property under $50 in the aggregate.
Some of the active bills we are tracking
- AL HB104
- FL SB1452 and HB1221
- ME HB1313
- GA SB403
- NE LB1074
- NJ AB519 and SB1997
- OH HB480
- UT SB155
- VA HB798
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