HB 1196 South Dakota House · 2025 Regular Session

update Uniform Unclaimed Property Act to include provisions related to virtual currency and notice requirements.

This bill updates South Dakota's Uniform Unclaimed Property Act to address virtual currency, requiring businesses holding digital assets to report them as unclaimed property. It mandates that companies holding virtual currency notify the state about their holdings and the methods they use to store or manage these assets. The legislation also establishes specific notice requirements for businesses to inform the state when virtual currency becomes unclaimed. Directly affecting businesses that hold or manage virtual currency, the bill ensures these digital assets are treated consistently with traditional unclaimed property under state law.
Bill status signed all 5 stages cleared
Introduction
Feb 2025
Committee Review
Feb 2025
House Passage
Feb 2025
Senate Passage
Mar 2025
Signed into Law
Mar 2025
Introduced Feb 20, 2025 Signed Mar 13, 2025
Maddy AI version diff · 1 comparison

What changed between versions

Introduced Enrolled · 3 edits · Mar 4, 2025
MINOR
This bill updates South Dakota's Unclaimed Property Act to include virtual currency as a type of property subject to unclaimed property laws. It adds a specific definition for virtual currency and expands the list of intangible property to ensure digital assets held by businesses are properly reported and turned over to the state when owners cannot be located.
Scope change
The bill expands the scope of the Unclaimed Property Act to include virtual currency, which was previously not explicitly covered under the statute.
DEFINITION

Added a new definition for 'Virtual currency' as a digital representation of value used as a medium of exchange, unit of account, or store of value without legal tender status, while explicitly excluding software protocols, game-related digital content, and loyalty or gift cards.

Added a new definition for 'Unclaimed Property Division' as a division within the Office of the State Treasurer to handle unclaimed property matters.

Modified the definition of 'Intangible property' to ensure virtual currency assets are included in the types of property subject to unclaimed property reporting requirements.

Floor votes · Senate Mar 3, 2025

How they voted

322
Passed · 1 other
Total votes 35
Mar 3, 2025
D Democratic3
2 Yea 1 Nay
66% Yea
R Republican32
30 Yea 1 Nay 1
93% Yea
Vote distribution
All Yea All Nay Mixed No data
Full legislative history

Actions timeline

Total actions
15
Key actions
9
Committee
3
Mar 13, 2025
Signed into law
Signed by the Governor on 2025-03-13 H.J. 543
executive
Mar 5, 2025
Upper · Passed
Signed by the President S.J. 456
upper
Mar 4, 2025
Upper · Passed
Signed by the Speaker H.J. 454
upper
Mar 3, 2025
Upper · Passed
Senate Do Pass , Passed, YEAS 32, NAYS 2 S.J. 424
upper
Feb 27, 2025
Upper · Passed
Senate Deferred to another day , Passed, S.J. 411
upper
Feb 25, 2025
Upper · Passed
Committee on Appropriations Do Pass , Passed, YEAS 9, NAYS 0
upper
Feb 20, 2025
Introduced
First read in Senate and referred to S.J. 321
upper
Feb 19, 2025
Lower · Passed
House of Representatives Do Pass , Passed, YEAS 69, NAYS 1 H.J. 324
lower
Feb 18, 2025
Lower · Passed
Certified uncontested, placed on consent , Passed,
lower
Feb 18, 2025
Lower · Passed
Committee on Appropriations Do Pass , Passed, YEAS 8, NAYS 0
lower
Feb 3, 2025
Committee
Referred to H.J. 171
lower
5 primary · 0 co-sponsors

Sponsors