HB104 Alabama 2026 Session

Summary

Primary Sponsor

Chris BlackshearRepresentative

Republican

Session

2026 Regular Session

Title

Uniform Disposition of Unclaimed Property; allow finders to contract and locate State Treasurer property, account for digital assets

Summary

HB104 updates Alabama’s unclaimed property laws to include digital assets, allows finders to contract to locate property, and sets rules for liquidation and enforceable recovery agreements.

What This Bill Does

It expands the definition of abandoned property to include digital assets and sets new timelines and activity rules for when digital assets are considered abandoned. It allows the State Treasurer to liquidate abandoned digital assets and requires sale under standard procedures, including transfer to the Treasurer if the holder has the private key. It requires holders to electronically report abandoned property annually and to notify apparent owners before reporting. It creates guidelines for enforceable finder agreements (including a 10% compensation cap) and voids certain agreements made during the abandonment period. It requires annual digital asset activity reporting starting in 2028 and studies the feasibility of using a custodian for digital assets.

Who It Affects

• Finders/locators: may contract with apparent owners to locate and recover unclaimed property under new written-criteria rules and a 10% compensation cap.
• Holders and the State Treasurer: must identify, report, and transfer or liquidate abandoned property (including digital assets); the Treasurer may decline to accept certain digital assets and may require liquidation; digital asset activity is subject to annual reporting.

Key Provisions

• Defines digital assets and adds them to abandoned property categories with last-known Alabama address and activity-based abandonment timelines.
• Authorizes sale and liquidation of abandoned digital assets; requires transfer of digital assets with private keys to the State Treasurer and reconciliation within 30 days; Treasurer may decline assets not freely transferable or of nominal value.
• Requires electronic reporting of abandoned property by holders by November 1 each year, with notice to apparent owners at least 60 days before filing and detailed reporting requirements.
• Implements enforceable finder agreements with specific criteria (written, clear property description, custody statement, no fee to recover, signed by owner, compensation details) and imposes a 10% cap on total compensation.
• Void’s certain agreements made during the abandonment period; provides exceptions for bankruptcy or dissolution-related asset transfers; requires full, unredacted copies of finder agreements to be provided to the Treasurer.
• Beginning January 1, 2028, the Treasurer must issue an annual digital asset activity report and assess the feasibility of contracting with a custodian for digital assets; act becomes effective June 1, 2026.

AI-generated summary using openai/gpt-5-nano-2025-08-07 on Mar 26, 2026. May contain errors — refer to the official bill text for accuracy.

Subjects

Property & Estates