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H.B. 519

Signed into Law

Unclaimed Property Modifications

HB0519S01 (Substitute)

View on le.utah.gov
H.B. 519Signed into Law

Unclaimed Property Modifications

House
Senate
Governor

What This Bill Does

This bill modifies the Revised Uniform Unclaimed Property Act.

Key Provisions

This bill:

  • defines terms;
  • establishes standards for the unclaimed property administrator's (administrator's) custody of digital assets presumed abandoned, including requirements for:
    • the presumption of abandonment for digital assets;
    • the delivery of abandoned digital assets to the administrator's custody;
    • the sale or liquidation of abandoned digital assets by the holder at the direction of the administrator;
    • the maintenance of abandoned digital assets by the holder if delivery is not possible; and
    • the sale or liquidation of abandoned digital assets by the administrator; and
  • makes technical and conforming changes.

Plain-Language Summary

AI-generated summary. We recommend consulting the bill text for important decisions.

Utah's unclaimed property law — which governs what happens to forgotten bank accounts, stocks, and other assets when owners can't be located — currently doesn't have clear rules for digital assets like cryptocurrency. This bill updates that law by defining digital assets (including cryptocurrency, stablecoins, and non-fungible tokens), establishing that a digital asset is presumed abandoned three years after the owner's last activity, and setting out procedures for how companies holding those assets must report, transfer, or liquidate them on behalf of the state. If a company holding digital assets can transfer them, it must deliver them to a state-designated custodian within 30 days of filing a report; if it cannot transfer them, it must hold and monitor the assets until it can. Utahns who hold cryptocurrency or other digital assets through a platform and go inactive for three years could have those assets transferred to state custody or liquidated, though they retain the right to file a claim to recover the proceeds.