Bill > SF4366

This bill establishes regulations for unclaimed virtual currency and funds set aside for funeral expenses. It defines "virtual currency" as a digital representation of value used for exchange, accounting, or storage, but not recognized as legal tender by the U.S., and excludes software, game content, and gift cards. The bill presumes virtual currency is abandoned after three years of no owner activity, with specific examples of activity including communications with the holder, distributions, or account access. For funds held for funeral expenses, they are presumed abandoned three years after the beneficiary's death, or under other specific conditions related to the beneficiary's age or contract execution. Importantly, property held in tax-deferred accounts like 529 plans is exempt from these unclaimed property rules. If virtual currency is reported as unclaimed, the holder must convert it to cash within 30 days before reporting it, and the owner cannot claim any subsequent gains. If liquidation is impossible, the holder must notify the commissioner, who can then direct the transfer of the virtual currency to a custodian or allow it to be held longer.

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https://www.revisor.mn.gov/bills/94/2026/0/SF/4366/