Abandoned property, management of abandoned digital assets provided for, State Treasurer authorized to select a qualified custodian

HB 617 creates new procedures for managing and selling abandoned digital assets, such as virtual currencies or cryptocurrencies. It defines these assets as abandoned if they are unclaimed by the owner for three years after certain conditions, like undelivered communications or lack of account activity. The bill authorizes the State Treasurer to select a qualified custodian to hold these abandoned digital assets on behalf of the state. After two years, the State Treasurer may sell these assets at prevailing market prices or through commercially reasonable methods.