| 6 | | - | ENROLLED |
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| 7 | | - | |
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| 8 | | - | AN ACT |
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| 9 | | - | |
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| 10 | | - | |
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| 11 | | - | ENTITLED An Act to update Uniform Unclaimed Property Act to include provisions |
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| 12 | | - | related to virtual currency and notice requirements. |
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| 13 | | - | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA: |
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| 14 | | - | Section 1. That § 43-41B-1 be AMENDED: |
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| 15 | | - | 43-41B-1. Terms in this chapter mean: |
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| 16 | | - | (1) "Administrator," the state treasurer; |
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| 17 | | - | (2) "Apparent owner," the person whose name appears on the records of the holder |
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| 18 | | - | as the person entitled to property held, issued, or owing by the holder; |
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| 19 | | - | (3) "Attorney general," the chief legal officer of this state; |
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| 20 | | - | (4) "Banking organization," any bank, trust company, savings bank, industrial bank, |
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| 21 | | - | land bank, safe deposit company, private banker, or any organization defined by |
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| 22 | | - | other law as a bank or banking organization; |
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| 23 | | - | (5) "Business association," a nonpublic corporation, joint stock company, investment |
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| 24 | | - | company, business trust, partnership, cooperative, or association for business |
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| 25 | | - | purposes of two or more individuals, whether or not for profit, including a banking |
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| 26 | | - | organization, financial organization, insurance company, or utility; |
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| 27 | | - | (6) "Domicile," the state of incorporation of a corporation or the state of the principal |
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| 28 | | - | place of business of an unincorporated person; |
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| 29 | | - | (7) "Financial organization," a savings and loan association, cooperative bank, building |
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| 30 | | - | and loan association, or credit union; |
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| 31 | | - | (8) "Holder," a person, wherever organized or domiciled, who is: |
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| 32 | | - | (a) In possession of property belonging to another; |
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| 33 | | - | (b) A trustee; or |
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| 34 | | - | (c) Indebted to another on an obligation; |
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| 35 | | - | (9) "Insurance company," an association, corporation, fraternal or mutual benefit |
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| 36 | | - | organization, whether or not for profit, which is engaged in providing insurance 25.696.11 2 1196 |
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| 37 | | - | HB1196 ENROLLED |
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| 38 | | - | coverage, including accident, burial, casualty, credit life, contract performance, |
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| 39 | | - | dental, fidelity, fire, health, hospitalization, illness, life, including endowments and |
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| 40 | | - | annuities, malpractice, marine, mortgage, surety, and wage protection insurance; |
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| 41 | | - | (10) "Intangible property," includes: |
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| 42 | | - | (a) Moneys, checks, drafts, deposits, interest, dividends, unpaid mineral |
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| 43 | | - | proceeds, royalties, vendor checks, income, unpaid commissions, unpaid |
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| 44 | | - | overcharges, and unpaid accounts payable; |
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| 45 | | - | (b) Credit balances, customer overpayments, gift certificates, security deposits, |
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| 46 | | - | refunds, credit memos, unpaid wages, unused airline tickets, and |
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| 47 | | - | unidentified remittances; |
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| 48 | | - | (c) Stocks and other intangible ownership interests in business associations; |
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| 49 | | - | (d) Moneys deposited to redeem stocks, bonds, coupons, and other securities, |
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| 50 | | - | or to make distributions; |
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| 51 | | - | (e) Amounts due and payable under the terms of insurance policies; |
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| 52 | | - | (f) Amounts distributable from a trust or custodial fund established under a |
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| 53 | | - | plan to provide health, welfare, pension, vacation, severance, retirement, |
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| 54 | | - | death, stock purchase, profit sharing, employee savings, supplemental |
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| 55 | | - | unemployment insurance, or similar benefits; and |
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| 56 | | - | (g) United States savings bonds held or owing in this state by any person, or |
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| 57 | | - | issued or owed in the course of a holder's business, or by a state or other |
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| 58 | | - | government, governmental subdivision, agency, or instrumentality; |
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| 59 | | - | (11) "Last known address," any description, code, or other indication of the location of |
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| 60 | | - | the apparent owner, which identifies the state where the apparent owner is located, |
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| 61 | | - | even if the description, code, or other indication of location is not sufficient to direct |
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| 62 | | - | the delivery of first-class United States mail to the apparent owner; |
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| 63 | | - | (12) "Owner," a depositor in the case of a deposit, a beneficiary in case of a trust other |
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| 64 | | - | than a deposit in trust, a creditor, claimant, or payee in the case of other intangible |
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| 65 | | - | property, or any other person having a legal or equitable interest in propert y |
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| 66 | | - | subject to this chapter or his legal representative; |
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| 67 | | - | (13) "Person," an individual, business association, state or other government, |
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| 68 | | - | governmental subdivision or agency, public corporation, public authority, estate, |
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| 69 | | - | trust, two or more persons having a joint or common interest, or any other legal |
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| 70 | | - | or commercial entity; |
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| 71 | | - | (14) "Property," includes money, rights to claim refunds or rebates, postal savings |
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| 72 | | - | deposits, bonds, United States savings bonds, notes, certificates, policies of 25.696.11 3 1196 |
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| 73 | | - | HB1196 ENROLLED |
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| 74 | | - | insurance, other instruments of value, choses -in-action, obligations whether |
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| 75 | | - | written or unwritten and anything of value of any nature whatsoever; |
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| 76 | | - | (15) "State," any state, district, commonwealth, territory, insular possession, or any |
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| 77 | | - | other area subject to the legislative authority of the United States; |
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| 78 | | - | (15A) "Unclaimed Property Division," a division within the Office of the State Treasurer; |
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| 79 | | - | (16) "Utility," a person who owns or operates for public use any plant, equipment, |
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| 80 | | - | property, franchise, or license for the transmission of communications or the |
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| 81 | | - | production, storage, transmission, sale, delivery, or furnishing of electricity, water, |
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| 82 | | - | steam, or gas; and |
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| 83 | | - | (17) "Virtual currency," a digital representation of value used as a medium of exchange, |
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| 84 | | - | unit of account, or store of value, which does not have legal tender status |
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| 85 | | - | recognized by the United States, but not including: |
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| 86 | | - | (a) The software or protocols governing the transfer of the digital |
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| 87 | | - | representation of value; |
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| 88 | | - | (b) Game-related digital content; or |
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| 89 | | - | (c) A loyalty or gift card. |
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| 90 | | - | Section 2. That a NEW SECTION be added to chapter 43-41B: |
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| 91 | | - | Virtual currency is deemed abandoned three years after the latest indication of |
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| 92 | | - | interest. The administrator may decline to accept virtual currency presumed abandoned |
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| 93 | | - | if, in the administrator's discretion: |
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| 94 | | - | (1) The virtual currency is not freely transferable; |
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| 95 | | - | (2) The virtual currency is of nominal value; or |
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| 96 | | - | (3) The value of the virtual currency is less than the estimated expenses of |
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| 97 | | - | maintenance, notice, or sale. |
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| 98 | | - | The administrator may prescribe, by rule promulgated pursuant to chapter 1-26, |
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| 99 | | - | classes or types of virtual currency exempt from reporting or liquidation. |
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| 100 | | - | Except as otherwise provided in this section, a holder of unclaimed virtual currency |
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| 101 | | - | shall liquidate the virtual currency within thirty days prior to the filing of the report |
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| 102 | | - | required by § 43-41B-18 and remit the proceeds to the administrator. |
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| 103 | | - | If the holder is unable to liquidate the virtual currency, or reasonably believes the |
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| 104 | | - | virtual currency cannot be liquidated, the holder must promptly provide written notice to |
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| 105 | | - | the administrator explaining why the virtual currency cannot be liquidated as required by |
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| 106 | | - | this section, and the administrator must direct the holder concerning an alternate |
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| 107 | | - | disposition of the virtual currency. 25.696.11 4 1196 |
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| 108 | | - | HB1196 ENROLLED |
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| 109 | | - | An owner does not have recourse against the administrator or the holder to recover |
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| 110 | | - | any gain in value that occurs after the liquidation of the virtual currency pursuant to this |
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| 111 | | - | section. |
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| 112 | | - | For purposes of this section, "indication of interest" means any action or |
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| 113 | | - | communication by an apparent owner that demonstrates the apparent owner's knowledge |
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| 114 | | - | of the existence of property held, issued, or owing by the holder or the apparent owner's |
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| 115 | | - | intent to retain ownership of property held, issued, or owing by the holder. |
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| 116 | | - | Section 3. That § 43-41B-18 be AMENDED: |
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| 117 | | - | 43-41B-18. A person holding property, tangible or intangible, which is presumed |
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| 118 | | - | abandoned and subject to custody as unclaimed property under this chapter, shall report |
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| 119 | | - | to the administrator concerning the property as provided in this section. The expiration of |
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| 120 | | - | any period of time specified by statute or court order, during which an action or proceeding |
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| 121 | | - | may be commenced or enforced to obtain payment of a claim for money or recovery of |
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| 122 | | - | property, does not prevent the money or property from being presumed abandoned or |
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| 123 | | - | affect any duty to file a report required by this chapter or to pay or deliver abandoned |
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| 124 | | - | property to the state treasurer. |
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| 125 | | - | The holder of unclaimed property shall, before filing the annual report required by |
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| 126 | | - | this section, communicate with the owner and take necessary steps to prevent |
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| 127 | | - | abandonment from being presumed by exercising due diligence to ascertain the |
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| 128 | | - | whereabouts of the owner. For property having a value of fifty dollars or more, the holder |
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| 129 | | - | shall mail notice to each person entitled to the property presumed abandoned under this |
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| 130 | | - | chapter, except that mailing of notice is not required if the holder's records indicate the |
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| 131 | | - | owner's address is inaccurate. |
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| 132 | | - | The mailed notice must contain a statement that, according to the records of the |
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| 133 | | - | holder, property is being held, to which the addressee appears to be entitled, and which |
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| 134 | | - | will escheat to the state. The notice must also contain information regarding any changes |
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| 135 | | - | of the name of the holder. In the case of securities deemed abandoned pursuant to |
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| 136 | | - | subdivision 43-41B-2(a) and § 43-41B-10, or safe deposit box contents deemed |
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| 137 | | - | abandoned pursuant to § 43-41B-17, the notice must state that the property may be sold |
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| 138 | | - | by the administrator. In the case of virtual currency deemed abandoned pursuant to |
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| 139 | | - | section 2 of this Act, the notice must state that the property may be sold by the holder |
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| 140 | | - | prior to remittance to the administrator. |
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| 141 | | - | The report must be verified and must include: 25.696.11 5 1196 |
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| 142 | | - | HB1196 ENROLLED |
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| 143 | | - | (1) Except with respect to travelers checks and money orders, the name, if known, |
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| 144 | | - | and last known address, if any, of each person appearing from the records of the |
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| 145 | | - | holder to be the owner of property of the value of ten dollars or more presumed |
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| 146 | | - | abandoned under this chapter; |
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| 147 | | - | (2) In the case of unclaimed funds of ten dollars or more held or owing under any life |
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| 148 | | - | or endowment insurance policy or annuity contract, the full name and last known |
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| 149 | | - | address of the insured or annuitant and of the beneficiary according to the records |
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| 150 | | - | of the insurance company holding or owing the funds; |
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| 151 | | - | (3) In the case of the contents of a safe deposit box or other safekeeping repository |
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| 152 | | - | or of other tangible property, a description of the property and the place where it |
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| 153 | | - | is held and may be inspected by the administrator and any amounts owing to the |
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| 154 | | - | holder; |
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| 155 | | - | (4) The nature and identifying number, if any, or description of the property and the |
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| 156 | | - | amount appearing from the records to be due, provided that items of value under |
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| 157 | | - | ten dollars each may be reported in the aggregate; |
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| 158 | | - | (5) The date the property became payable, demandable, or returnable, and the date |
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| 159 | | - | of the last transaction with the apparent owner with respect to the property; and |
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| 160 | | - | (6) Other information the administrator prescribes by rule as necessary for the |
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| 161 | | - | administration of this chapter. |
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| 162 | | - | If the person holding property presumed abandoned and subject to custody as |
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| 163 | | - | unclaimed property is a successor to other persons who previously held the property for |
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| 164 | | - | the apparent owner, or the holder's name has changed while holding the property, the |
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| 165 | | - | holder must file with the report all known names and addresses of each previous holder |
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| 166 | | - | of the property. |
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| 167 | | - | The report must be filed before November first of each year as of June thirtieth, |
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| 168 | | - | next preceding, but the report of any life insurance company must be filed before May |
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| 169 | | - | first of each year as of December thirty-first next preceding. On written request by any |
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| 170 | | - | person required to file a report, the administrator may postpone the reporting date or |
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| 171 | | - | waive any interest fees or penalties. |
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| 172 | | - | |
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| 173 | | - | |
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| 174 | | - | |
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| 175 | | - | 25.696.11 6 1196 |
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| 176 | | - | HB1196 ENROLLED |
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| 177 | | - | An Act to update Uniform Unclaimed Property Act to include provisions related to virtual |
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| 178 | | - | currency and notice requirements. |
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| 179 | | - | |
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| 180 | | - | |
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| 181 | | - | |
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| 182 | | - | |
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| 183 | | - | I certify that the attached Act originated in |
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| 184 | | - | the: |
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| 185 | | - | |
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| 186 | | - | House as Bill No. 1196 |
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| 187 | | - | |
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| 188 | | - | |
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| 189 | | - | |
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| 190 | | - | Chief Clerk |
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| 191 | | - | |
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| 192 | | - | |
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| 193 | | - | |
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| 194 | | - | |
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| 195 | | - | Speaker of the House |
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| 196 | | - | |
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| 197 | | - | Attest: |
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| 198 | | - | |
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| 199 | | - | |
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| 200 | | - | |
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| 201 | | - | |
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| 202 | | - | Chief Clerk |
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| 203 | | - | |
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| 204 | | - | |
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| 205 | | - | |
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| 206 | | - | |
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| 207 | | - | President of the Senate |
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| 208 | | - | |
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| 209 | | - | Attest: |
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| 218 | | - | |
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| 219 | | - | House Bill No. 1196 |
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| 220 | | - | File No. ____ |
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| 221 | | - | Chapter No. ______ |
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| 222 | | - | |
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| 223 | | - | |
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| 224 | | - | |
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| 225 | | - | Received at this Executive Office |
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| 226 | | - | this _____ day of _____________, |
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| 227 | | - | |
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| 228 | | - | 2025 at ____________M. |
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| 229 | | - | |
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| 230 | | - | |
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| 231 | | - | |
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| 232 | | - | By |
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| 233 | | - | for the Governor |
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| 234 | | - | |
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| 235 | | - | |
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| 236 | | - | The attached Act is hereby |
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| 237 | | - | approved this ________ day of |
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| 238 | | - | ______________, A.D., 2025 |
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| 239 | | - | |
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| 240 | | - | |
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| 241 | | - | |
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| 242 | | - | |
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| 243 | | - | |
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| 244 | | - | Governor |
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| 245 | | - | |
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| 246 | | - | STATE OF SOUTH DAKOTA , |
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| 247 | | - | ss. |
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| 248 | | - | Office of the Secretary of State |
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| 249 | | - | |
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| 250 | | - | |
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| 251 | | - | Filed ____________, 2025 |
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| 252 | | - | at _________ o'clock __M. |
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| 253 | | - | |
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| 254 | | - | |
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| 255 | | - | |
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| 256 | | - | |
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| 257 | | - | |
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| 258 | | - | Secretary of State |
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| 259 | | - | |
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| 260 | | - | |
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| 261 | | - | |
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| 262 | | - | By |
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| 263 | | - | Asst. Secretary of State |
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| 264 | | - | |
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| 265 | | - | |
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| 14 | + | Underscores indicate new language. |
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| 15 | + | Overstrikes indicate deleted language. |
|---|
| 16 | + | An Act to update Uniform Unclaimed Property Act to include provisions related to 1 |
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| 17 | + | virtual currency and notice requirements. 2 |
|---|
| 18 | + | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA: 3 |
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| 19 | + | Section 1. That § 43-41B-1 be AMENDED: 4 |
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| 20 | + | 43-41B-1. As used in this chapter, unless the context otherwise requiresTerms in 5 |
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| 21 | + | this chapter mean: 6 |
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| 22 | + | (1) "Administrator," the state treasurer; 7 |
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| 23 | + | (2) "Apparent owner," the person whose name appears on the records of the holder 8 |
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| 24 | + | as the person entitled to property held, issued, or owing by the holder; 9 |
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| 25 | + | (3) "Attorney general," the chief legal officer of this state; 10 |
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| 26 | + | (4) "Banking organization," any bank, trust company, savings bank, industrial bank, 11 |
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| 27 | + | land bank, safe deposit company, private banker, or any organization defined by 12 |
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| 28 | + | other law as a bank or banking organization; 13 |
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| 29 | + | (5) "Business association," a nonpublic corporation, joint stock company, investment 14 |
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| 30 | + | company, business trust, partnership, cooperative, or association for business 15 |
|---|
| 31 | + | purposes of two or more individuals, whether or not for profit, including a banking 16 |
|---|
| 32 | + | organization, financial organization, insurance company, or utility; 17 |
|---|
| 33 | + | (6) "Domicile," the state of incorporation of a corporation or the state of the principal 18 |
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| 34 | + | place of business of an unincorporated person; 19 |
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| 35 | + | (7) "Financial organization," a savings and loan association, cooperative bank, building 20 |
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| 36 | + | and loan association, or credit union; 21 |
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| 37 | + | (8) "Holder," a person, wherever organized or domiciled, who is: 22 |
|---|
| 38 | + | (i)(a) In possession of property belonging to another; 23 |
|---|
| 39 | + | (ii)(b) A trustee; or 24 |
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| 40 | + | (iii)(c) Indebted to another on an obligation; 25 25.696.10 2 1196 |
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| 41 | + | Underscores indicate new language. |
|---|
| 42 | + | Overstrikes indicate deleted language. |
|---|
| 43 | + | (9) "Insurance company," an association, corporation, fraternal or mutual benefit 1 |
|---|
| 44 | + | organization, whether or not for profit, which is engaged in providing insurance 2 |
|---|
| 45 | + | coverage, including accident, burial, casualty, credit life, contract performance, 3 |
|---|
| 46 | + | dental, fidelity, fire, health, hospitalization, illness, life (, including endowments 4 |
|---|
| 47 | + | and annuities), malpractice, marine, mortgage, surety, and wage protection 5 |
|---|
| 48 | + | insurance; 6 |
|---|
| 49 | + | (10) "Intangible property," includes: 7 |
|---|
| 50 | + | (i)(a) Moneys, checks, drafts, deposits, interest, dividends, unpaid mineral 8 |
|---|
| 51 | + | proceeds, royalties, vendor checks, income, unpaid commissions, unpaid 9 |
|---|
| 52 | + | overcharges, and unpaid accounts payable; 10 |
|---|
| 53 | + | (ii)(b) Credit balances, customer overpayments, gift certificates, security deposits, 11 |
|---|
| 54 | + | refunds, credit memos, unpaid wages, unused airline tickets, and 12 |
|---|
| 55 | + | unidentified remittances; 13 |
|---|
| 56 | + | (iii)(c) Stocks and other intangible ownership interests in business associations; 14 |
|---|
| 57 | + | (iv)(d) Moneys deposited to redeem stocks, bonds, coupons, and other securities, 15 |
|---|
| 58 | + | or to make distributions; 16 |
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| 59 | + | (v)(e) Amounts due and payable under the terms of insurance policies; 17 |
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| 60 | + | (vi)(f) Amounts distributable from a trust or custodial fund established under a 18 |
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| 61 | + | plan to provide health, welfare, pension, vacation, severance, retirement, 19 |
|---|
| 62 | + | death, stock purchase, profit sharing, employee savings, supplemental 20 |
|---|
| 63 | + | unemployment insurance, or similar benefits; and 21 |
|---|
| 64 | + | (vii)(g) United States savings bonds held or owing in this state by any person, or 22 |
|---|
| 65 | + | issued or owed in the course of a holder's business, or by a state or other 23 |
|---|
| 66 | + | government, governmental subdivision, agency, or instrumentality; 24 |
|---|
| 67 | + | (11) "Last known address," a any description of the last known location of the apparent 25 |
|---|
| 68 | + | owner sufficient for the purpose of the delivery of mail, code, or other indication of 26 |
|---|
| 69 | + | the location of the apparent owner, which identifies the state where the apparent 27 |
|---|
| 70 | + | owner is located, even if the description, code, or other indication of location is not 28 |
|---|
| 71 | + | sufficient to direct the delivery of first-class United States mail to the apparent 29 |
|---|
| 72 | + | owner; 30 |
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| 73 | + | (12) "Owner," a depositor in the case of a deposit, a beneficiary in case of a trust other 31 |
|---|
| 74 | + | than a deposit in trust, a creditor, claimant, or payee in the case of other intangible 32 |
|---|
| 75 | + | property, or any other person having a legal or equitable interest in property 33 |
|---|
| 76 | + | subject to this chapter or his legal representative; 34 25.696.10 3 1196 |
|---|
| 77 | + | Underscores indicate new language. |
|---|
| 78 | + | Overstrikes indicate deleted language. |
|---|
| 79 | + | (13) "Person," an individual, business association, state or other government, 1 |
|---|
| 80 | + | governmental subdivision or agency, public corporation, public authority, estate, 2 |
|---|
| 81 | + | trust, two or more persons having a joint or common interest, or any other legal 3 |
|---|
| 82 | + | or commercial entity; 4 |
|---|
| 83 | + | (14) "Property," includes money, rights to claim refunds or rebates, postal savings 5 |
|---|
| 84 | + | deposits, bonds, United States savings bonds, notes, certificates, policies of 6 |
|---|
| 85 | + | insurance, other instruments of value, choses -in-action, obligations whether 7 |
|---|
| 86 | + | written or unwritten and anything of value of any nature whatsoever; 8 |
|---|
| 87 | + | (15) "State," any state, district, commonwealth, territory, insular possession, or any 9 |
|---|
| 88 | + | other area subject to the legislative authority of the United States; 10 |
|---|
| 89 | + | (15A) "Unclaimed Property Division," a division within the Office of the State Treasurer; 11 |
|---|
| 90 | + | (16) "Utility," a person who owns or operates for public use any plant, equipment, 12 |
|---|
| 91 | + | property, franchise, or license for the transmission of communications or the 13 |
|---|
| 92 | + | production, storage, transmission, sale, delivery, or furnishing of electricity, water, 14 |
|---|
| 93 | + | steam, or gas; and 15 |
|---|
| 94 | + | (17) "Virtual currency," a digital representation of value used as a medium of exchange, 16 |
|---|
| 95 | + | unit of account, or store of value, which does not have legal tender status 17 |
|---|
| 96 | + | recognized by the United States, but not including: 18 |
|---|
| 97 | + | (a) The software or protocols governing the transfer of the digital 19 |
|---|
| 98 | + | representation of value; 20 |
|---|
| 99 | + | (b) Game-related digital content; or 21 |
|---|
| 100 | + | (c) A loyalty or gift card. 22 |
|---|
| 101 | + | Section 2. That a NEW SECTION be added to chapter 43-41B: 23 |
|---|
| 102 | + | Virtual currency is deemed abandoned three years after the latest indication of 24 |
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| 103 | + | interest. The administrator may decline to accept virtual currency presumed abandoned 25 |
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| 104 | + | if, in the administrator's discretion: 26 |
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| 105 | + | (1) The virtual currency is not freely transferable; 27 |
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| 106 | + | (2) The virtual currency is of nominal value; or 28 |
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| 107 | + | (3) The value of the virtual currency is less than the estimated expenses of 29 |
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| 108 | + | maintenance, notice, or sale. 30 |
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| 109 | + | The administrator may prescribe, by rule promulgated pursuant to chapter 1-26, 31 |
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| 110 | + | classes or types of virtual currency exempt from reporting or liquidation. 32 25.696.10 4 1196 |
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| 111 | + | Underscores indicate new language. |
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| 112 | + | Overstrikes indicate deleted language. |
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| 113 | + | Except as otherwise provided in this section, a holder of unclaimed virtual currency 1 |
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| 114 | + | shall liquidate the virtual currency within thirty days prior to the filing of the report 2 |
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| 115 | + | required by § 43-41B-18 and remit the proceeds to the administrator. 3 |
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| 116 | + | If the holder is unable to liquidate the virtual currency, or reasonably believes the 4 |
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| 117 | + | virtual currency cannot be liquidated, the holder must promptly provide written notice to 5 |
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| 118 | + | the administrator explaining why the virtual currency cannot be liquidated as required by 6 |
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| 119 | + | this section, and the administrator must direct the holder concerning an alternate 7 |
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| 120 | + | disposition of the virtual currency. 8 |
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| 121 | + | An owner does not have recourse against the administrator or the holder to recover 9 |
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| 122 | + | any gain in value that occurs after the liquidation of the virtual currency pursuant to this 10 |
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| 123 | + | section. 11 |
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| 124 | + | For purposes of this section, "indication of interest" means any action or 12 |
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| 125 | + | communication by an apparent owner that demonstrates the apparent owner's knowledge 13 |
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| 126 | + | of the existence of property held, issued, or owing by the holder or the apparent owner's 14 |
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| 127 | + | intent to retain ownership of property held, issued, or owing by the holder. 15 |
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| 128 | + | Section 3. That § 43-41B-18 be AMENDED: 16 |
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| 129 | + | 43-41B-18. (a) A person holding property, tangible or intangible, which is 17 |
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| 130 | + | presumed abandoned and subject to custody as unclaimed property under this chapter , 18 |
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| 131 | + | shall report to the administrator concerning the property as provided in this section. The 19 |
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| 132 | + | expiration of any period of time specified by statute or court order, during which an action 20 |
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| 133 | + | or proceeding may be commenced or enforced to obtain payment of a claim for money or 21 |
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| 134 | + | recovery of property, does not prevent the money or property from being presumed 22 |
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| 135 | + | abandoned property, nor or affect any duty to file a report required by this chapter or to 23 |
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| 136 | + | pay or deliver abandoned property to the state treasurer. 24 |
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| 137 | + | The holder of unclaimed property shall, before filing the annual report required by 25 |
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| 138 | + | this section, communicate with the owner and take necessary steps to prevent 26 |
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| 139 | + | abandonment from being presumed by exercising due diligence to ascertain the 27 |
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| 140 | + | whereabouts of the owner. This includes the mailing of For property having a value of fifty 28 |
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| 141 | + | dollars or more, the holder shall mail notice to each person having an address if the person 29 |
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| 142 | + | is entitled to the property of the value of fifty dollars or more presumed abandoned under 30 |
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| 143 | + | this chapter, except that mailing of notice is not required if the holder's records indicate 31 |
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| 144 | + | the owner's address is inaccurate. 32 |
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| 145 | + | The mailed notice shall must contain: 33 25.696.10 5 1196 |
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| 146 | + | Underscores indicate new language. |
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| 147 | + | Overstrikes indicate deleted language. |
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| 148 | + | (1) A a statement that, according to the records of the holder, property is being 1 |
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| 149 | + | held, to which the addressee appears to be entitled; 2 |
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| 150 | + | (2) Information regarding any changes of the name of the holder; and 3 |
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| 151 | + | (3) A statement that the property, and which will escheat to the state. The notice 4 |
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| 152 | + | must also contain information regarding any changes of the name of the holder. In the 5 |
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| 153 | + | case of securities deemed abandoned pursuant to subdivision 43-41B-2(a) and § 43-41B-6 |
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| 154 | + | 10, or safe deposit box contents deemed abandoned pursuant to § 43-41B-17, the notice 7 |
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| 155 | + | must state that the property may be sold by the administrator. In the case of virtual 8 |
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| 156 | + | currency deemed abandoned pursuant to section 2 of this Act, the notice must state that 9 |
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| 157 | + | the property may be sold by the holder prior to remittance to the administrator. 10 |
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| 158 | + | (b) The report must be verified and must include: 11 |
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| 159 | + | (1) Except with respect to travelers checks and money orders, the name, if known, 12 |
|---|
| 160 | + | and last known address, if any, of each person appearing from the records of the 13 |
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| 161 | + | holder to be the owner of property of the value of ten dollars or more presumed 14 |
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| 162 | + | abandoned under this chapter; 15 |
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| 163 | + | (2) In the case of unclaimed funds of ten dollars or more held or owing under any life 16 |
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| 164 | + | or endowment insurance policy or annuity contract, the full name and last known 17 |
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| 165 | + | address of the insured or annuitant and of the beneficiary according to the records 18 |
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| 166 | + | of the insurance company holding or owing the funds; 19 |
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| 167 | + | (3) In the case of the contents of a safe deposit box or other safekeeping repository 20 |
|---|
| 168 | + | or of other tangible property, a description of the property and the place where it 21 |
|---|
| 169 | + | is held and may be inspected by the administrator and any amounts owing to the 22 |
|---|
| 170 | + | holder; 23 |
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| 171 | + | (4) The nature and identifying number, if any, or description of the property and the 24 |
|---|
| 172 | + | amount appearing from the records to be due, but provided that items of value 25 |
|---|
| 173 | + | under ten dollars each may be reported in the aggregate; 26 |
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| 174 | + | (5) The date the property became payable, demandable, or returnable, and the date 27 |
|---|
| 175 | + | of the last transaction with the apparent owner with respect to the property; and 28 |
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| 176 | + | (6) Other information the administrator prescribes by rule as necessary for the 29 |
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| 177 | + | administration of this chapter. 30 |
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| 178 | + | (c) If the person holding property presumed abandoned and subject to custody as 31 |
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| 179 | + | unclaimed property is a successor to other persons who previously held the property for 32 |
|---|
| 180 | + | the apparent owner, or the holder has changed his or her holder's name has changed 33 |
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| 181 | + | while holding the property, the person shall holder must file with the report all known 34 |
|---|
| 182 | + | names and addresses of each previous holder of the property. 35 25.696.10 6 1196 |
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| 183 | + | Underscores indicate new language. |
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| 184 | + | Overstrikes indicate deleted language. |
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| 185 | + | (d) The report must be filed before November first of each year as of June thirtieth, 1 |
|---|
| 186 | + | next preceding, but the report of any life insurance company must be filed before May 2 |
|---|
| 187 | + | first of each year as of December thirty-first next preceding. On written request by any 3 |
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| 188 | + | person required to file a report, the administrator may postpone the reporting date or 4 |
|---|
| 189 | + | waive any interest fees or penalties. 5 |
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| 190 | + | (e) The holder in possession of property presumed abandoned and subject to 6 |
|---|
| 191 | + | custody as unclaimed property under this chapter shall, between the time of the 7 |
|---|
| 192 | + | commencement and the termination of the applicable dormancy period, send written 8 |
|---|
| 193 | + | notice to the apparent owner at the owner's last known address informing the owner that 9 |
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| 194 | + | the holder is in possession of property subject to this chapter if: 10 |
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| 195 | + | (1) The holder has in its records an address for the apparent owner which the 11 |
|---|
| 196 | + | holder's records disclose to be accurate; 12 |
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| 197 | + | (2) The claim of the apparent owner is not barred by the statutes of limitations; 13 |
|---|
| 198 | + | and 14 |
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| 199 | + | (3) The property has a value of fifty dollars or more. 15 |
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