House Bill 104 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 would give Alabama's State Treasurer authority to take custody of abandoned digital assets, set disposal rules including liquidation, and regulate finder agreements for unclaimed property, with key changes effective June 1, 2026.

What This Bill Does

The bill expands unclaimed property rules to include digital assets and lets the State Treasurer govern how these assets are disposed of or liquidated. It clarifies what makes finder agreements enforceable, sets a cap of 10% on finder fees, and requires some agreements to be in writing and signed by the owner. It updates abandonment timelines and procedures, including a three-year abandonment period for digital assets with last-known addresses in Alabama and a required annual reporting process for holders, with liquidation timelines for assets once reports are filed. It also specifies how digital assets and other property are sold and how ownership transfers after sale.

Who It Affects

• Property owners or apparent owners (including owners of digital assets) who may have unclaimed property turned over to the State Treasurer after defined abandonment periods and who may need to respond to notices to preserve or recover their property.
• Holders (banks, insurers, and other financial/business entities) and finders who work with unclaimed property, as they face new reporting, custody, liquidation, and finder-agreement requirements.

Key Provisions

• Adds digital assets to the category of abandoned property and authorizes the State Treasurer to take custody and establish disposal guidelines, including ordering the liquidation of certain digital assets.
• Defines key terms (digital asset, finder, apparent owner, owner, etc.) and clarifies what constitutes an enforceable finder agreement (in writing, specifies property and services, no-fee recovery, signed by the owner, and capped compensation).
• Establishes abandonment timelines for digital assets (three years after last activity if the last known address is in Alabama) and specifies what counts as activity (with exclusions for automated recurring transactions).
• Requires holders to file annual electronic reports by November 1 detailing property and last transaction dates, and allows liquidation of assets following Treasurer guidance; digital assets may be sold at market prices with delivery to the Treasurer when possible.
• Imposes a 30-day liquidation window after filing a report and outlines sale procedures, including how digital assets are valued and transferred to buyers.
• Protects purchasers at Treasurer-led sales by transferring clear ownership free of prior claims and requires the Treasurer to execute transfer documents.

AI-generated summary using openai/gpt-5-nano on Feb 11, 2026. May contain errors — refer to the official bill text for accuracy.

Subjects

Property & Estates