On Mar. 13, 2025, SD LEG reported governor approved HB 1196, effective Jul. 1, 2025.
On Mar. 3, SD LEG passed bill revising act to include new provisions.
SD LEG passed bill HB 1196 relating to unclaimed virtual assets, notice requirements.
Amendments to the SD LEG 43-41B relating to the Uniform unclaimed property act.
Bill Provisions
Updates Uniform unclaimed property act to include provision related to virtual currency
Virtual currency is deemed abandoned 3 years after the latest indication of interest.
Administrator may decline to accept virtual currency presumed abandoned if not freely transferable, of nominal value or less than estimated expenses of maintenance or sale.
Holder of unclaimed virtual currency shall liquidate virtual currency within 30 days prior to filing of report required by SD LEG 43-41B-18, remit proceeds to administrator
If the holder is unable to liquidate the virtual currency, must promptly provide written notice to the administrator, the administrator must direct an alternate disposition.
Mailed notices to owners relating to virtual currency deemed abandoned must state that the property may be sold by the holder prior to remittance to the administrator.
Legislative History
On Jan. 30, 2025, bill was introduced in House; on Feb. 19, 2025, bill passed House.
On Feb. 20, 2025, bill was introduced in Senate; on Mar. 3, 2025, bill passed Senate.
Effectiveness
SD law states effective date of bills passed during regular session set for Jul. 1, 2025.
Mar. 2025 SD LEG Governor Approval
On Mar. 13, 2025, SD LEG reported governor approved HB 1196, effective Jul. 1, 2025.
