SF 4366 Minnesota Senate · 2025-2026 Regular Session

Unclaimed virtual currency funds and funds held for prepayment of funeral-related expenses regulation

This bill establishes the Revised Minnesota Unclaimed Property Act to update and streamline how businesses and financial institutions report and turn over unclaimed property to the state. It directly affects merchants, banks, corporations, and other business entities that hold money or assets belonging to people who cannot be located. The bill creates clear definitions for terms like "apparent owner" and "business association," authorizes the commissioner of commerce to create administrative rules, and allocates funding for implementation. It also repeals existing unclaimed property laws to replace them with this new framework, aiming to improve clarity and consistency in how unclaimed property is handled across Minnesota.

Issues: ✓ Budget & Taxes

Bill status in committee 1 of 4 stages cleared

Introduction

Mar 2026

Committee Review

Floor Vote

Governor

Introduced Mar 11, 2026 Last action Apr 7, 2026

Maddy AI version diff · 1 comparison

What changed between versions

Introduction → 1st Engrossment · 6 edits · Apr 7, 2026

MODERATE

The bill was updated from its initial introduction to its first engrossment version, reflecting significant substantive changes. The legislation now specifically regulates unclaimed virtual currency funds and funds held for prepayment of funeral expenses, expanding its scope beyond traditional unclaimed property. It also amends existing statutes to add new definitions and requirements for handling these specific types of assets.

Scope change

The bill's scope expanded to include virtual currency and funeral prepayment funds, and it was amended to repeal the old 'Revised Minnesota Unclaimed Property Act' title and replace it with a new chapter 345A framework.

SCOPE

Added explicit regulation for virtual currency funds and funds held for prepayment of funeral-related expenses.

Removed the broad 'Revised Minnesota Unclaimed Property Act' title and repealed the previous unclaimed property statutes.

DEFINITION

Added new definitions for 'Virtual currency' and 'Funds held for the prepayment of funeral-related expenses' to clarify what assets fall under the law.

Added a new definition for 'Affiliated group of merchants' to clarify rules regarding shared names, marks, or logos among related businesses.

REQUIREMENT

Added a requirement that holders must liquidate virtual currency within 30 days before filing reports and remit proceeds to the commissioner.

Established specific timelines for when funeral prepayment funds are presumed abandoned, such as three years after the beneficiary's death.

Floor votes

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Full legislative history

Actions timeline

Total actions

Key actions

Committee

Apr 7, 2026

Upper · Passed

Comm report: To pass as amended

upper

Mar 11, 2026

Committee

Referred to Commerce and Consumer Protection

upper

Mar 11, 2026

Introduced

Introduction and first reading

upper

1 primary · 0 co-sponsors