SB 393 Summary

• Adds virtual currency to the definition of property subject to unclaimed property laws, with a three-year inactivity period before presumption of abandonment (effective July 1, 2024).

• Requires holders of abandoned property to notify owners at least 180 days before presumption of abandonment for certain property types and within one year for other property, using first-class mail and electronic mail if owner has consented (effective July 1, 2024).

• Allows the Treasurer to make direct payments (without court decree) of unclaimed property valued under $500 belonging to deceased owners if proper affidavits are provided, with conditions based on probate court status (effective from passage).

• Requires the Commissioner of Revenue Services and the Treasurer to establish an agreement for sharing tax return information to identify rightful owners of unclaimed property and facilitate electronic claim payments (effective from passage).

• Changes notification method from first-class mail only to "manner deemed appropriate by the Treasurer" for contacting apparent owners about unclaimed property (effective July 1, 2024).