Bill > HB104

This bill amends Alabama's Uniform Disposition of Unclaimed Property Act to include provisions for digital assets and to regulate "finders," individuals who help locate and recover unclaimed property for a fee. Key changes include defining "digital asset" as a digital representation of value not considered fiat currency and recorded on a distributed ledger, and introducing the concept of an "established exchange" for valuing certain digital assets. The bill clarifies that "finders" can contract with owners to locate property held by the State Treasurer, but these agreements must be in writing, clearly state the property is with the State Treasurer, and limit the finder's fee to a maximum of 10% of the recovered amount, with specific exceptions for bankruptcy or dissolution proceedings. It also introduces a three-year abandonment period for digital assets based on the owner's last activity, defines what constitutes "activity" in a digital asset account, and outlines procedures for the State Treasurer to handle, sell, or direct the liquidation of digital assets, including requiring holders to provide necessary information for transfer and mandating annual reporting on digital asset activity starting in 2028. Additionally, the bill requires holders to notify owners of potentially abandoned securities or digital assets that they may be liquidated if no response is received.

Budget and Finance, Business and Industry

https://alison.legislature.state.al.us/bill-search