Establishes provisions relating to asset forfeiture

This bill establishes rules for when law enforcement agencies must transfer seized property to federal authorities for forfeiture. It allows agencies to collaborate with federal task forces but requires them to hand over seized items to state prosecutors unless the seizure involves more than $50,000 in U.S. currency. In cases involving large sums of cash, the property can be transferred to the U.S. Department of Justice, and the owner must be notified at least 96 hours in advance with an opportunity to challenge the transfer. The legislation also prohibits agencies from accepting money from federal forfeiture unless the specific seizure included over $50,000 in cash. These provisions apply to state law enforcement and task forces while clarifying that federal agencies retain the right to seize property independently.