SB3153 Summary

• Virtual currency is presumed abandoned after 5 years of unclaimed status, requiring holders to liquidate and remit proceeds to the State Treasurer within 30 days of filing a report.

• Tax-exempt retirement accounts are added to provisions previously covering only tax-deferred accounts; abandonment age threshold changed from 70.5 to 72 years old.

• Business associations with no reportable property must file reports if they have annual sales exceeding $1,000,000, publicly traded securities, net worth over $10,000,000, or more than 100 employees.

• State Treasurer may identify apparent owners using databases from the Secretary of State and State Board of Elections, and can deliver property under $2,000 without requiring a claim if conditions are met.

• Treasurer need not notify the Department of Revenue of owner names and social security numbers when reasonably believing DOR cannot provide sufficient matching information.