OH HB480

Expands the definition of "unclaimed funds" to include virtual currency, requires holders to liquidate virtual currency before reporting, and establishes a 5-year dormancy period for virtual currency

Eliminates the holder retention program that allowed financial institutions to retain 90% of unclaimed funds and invest them on behalf of the state; all holders must now deliver 100% of unclaimed funds to the Director of Commerce

Creates new exemptions from unclaimed funds requirements for bank accounts with only recurring electronic transfers (ACH), Medicaid recipients' personal allowance accounts, and clarifies exclusions for gift cards, loyalty cards, and rewards cards

Establishes a 10-year statute of limitations for the state to enforce reporting and delivery of unclaimed funds, and a 10-year record retention requirement for holders after filing reports

Creates expedited claims procedures for amounts under $1,000 without notarized forms, allows distribution of deceased owners' funds up to $1,000 to heirs via affidavit without probate administration, and requires online reporting and claiming capabilities within 2 years