Texas SB1244 establishes rules for the handling of unclaimed securities and virtual currency.

Texas SB1244 amends the Property Code to define "security" and "virtual currency" and to establish a three-year period leading to a presumption of abandonment for these assets. It mandates holders to report and deliver virtual currency to the comptroller within 30 days of the reporting date. The bill also outlines conditions under which the presumption of abandonment ceases and details actions that constitute an exercise of ownership interest. The act takes effect September 1, 2025.

Texas SB1244 establishes rules for the handling of unclaimed securities and virtual currency.

Texas SB1244 amends the Property Code to define "security" and "virtual currency" and to establish a three-year period leading to a presumption of abandonment for these assets. It mandates holders to report and deliver virtual currency to the comptroller within 30 days of the reporting date. The bill also outlines conditions under which the presumption of abandonment ceases and details actions that constitute an exercise of ownership interest. The act takes effect September 1, 2025.