Unclaimed Property Amendments

Added a new Section 2 defining key terms like 'Administrator,' 'Apparent owner,' 'Virtual currency,' and 'Game-related digital content' to clarify what property falls under the unclaimed property act.

Modified the timeline for presumed abandonment of tax-deferred retirement accounts, changing the age threshold for mandatory distribution from 70 to 70.5 years and adding specific rules for confirming death notifications.

Modified the timeline for other tax-exempt accounts, establishing a 30-year presumption of abandonment if no distributions have been made by the date required by federal tax laws.

Added new requirements allowing multiple heirs of a deceased person to file a single claim for property valued at $100,000 or less, requiring an affidavit and a fiduciary agreement to distribute funds.

Added a new provision requiring the Tax Commission to share specific identifying information (name, address, SSN, etc.) with the unclaimed property administrator upon request to facilitate returning property to owners.

Allows one or more heirs to file a single claim on behalf of all owners for unclaimed property of a decedent if the total value is $100,000 or less, simplifying the process for families.

Establishes specific filing requirements for claims involving deceased owners, including the need for a notarized affidavit and a signed agreement to distribute funds equitably.

Modifies the timeline for when certain tax-deferred and tax-exempt retirement accounts are presumed abandoned, adjusting dates based on owner age and death notifications.

Adds a new definition for 'unclaimed property administrator' to clarify the role of the state official responsible for returning lost property.

Authorizes the State Tax Commission to share specific identifying information (name, address, SSN) with the unclaimed property administrator to help locate owners of unclaimed funds.

Updates the effective date for Section 59-1-403 from May 6, 2026 to July 1, 2026, and changes the House Sponsor name.