Texas Senate Bill SB 1244

Texas 2025 - 89th Regular

• Filed: 2/12/25
• Out of Senate Committee: 4/14/25
• Voted on by Senate: 4/24/25
• Out of House Committee: 5/23/25

Caption

Relating to unclaimed personal property, including virtual currency.

Summary

SB 1244 revises Texas unclaimed property law to address both traditional intangible property and virtual currency. It changes when certain intangible ownership interests are presumed abandoned by tying the abandonment period to the earlier of a returned communication or the owner’s last act of ownership, and it clarifies that the period stops when the owner communicates with the holder or otherwise exercises ownership. The bill also updates related provisions for automatically reinvested dividends and similar sums tied to ownership interests. A major feature of the bill is a new framework for virtual currency held as unclaimed property. If a holder has full control of the private keys needed to transfer the currency, the holder must report and deliver the virtual currency to the comptroller in its native form or to a designated custodian. If the holder lacks full control of the necessary private keys, the bill relieves the holder of the reporting and delivery obligation. The comptroller is authorized to contract with qualified custodians, hold virtual currency outside the state treasury, liquidate it, pay reasonable holding and liquidation expenses, and deposit net proceeds into the treasury. The bill also amends the comptroller’s authority to sell securities and virtual currency, requiring sales of exchange-listed assets at prevailing market prices and allowing non-listed assets to be sold by commercially reasonable methods. The act takes effect September 1, 2025, and it amends multiple sections of the Property Code while cross-referencing the Business & Commerce Code definition of virtual currency. The overall sentiment reflected in the available history appears neutral to favorable, with the bill advancing through both chambers and reaching the House general state calendar. The recorded votes show procedural actions rather than opposition, and there is no committee transcript indicating substantial debate in the provided materials. The bill’s movement suggests broad acceptance of updating unclaimed property rules for digital assets. The main point of potential contention is the treatment of virtual currency custody and reporting, especially the distinction between holders with full private-key control and those with partial or no control. Another possible issue is the comptroller’s authority to use outside custodians and hold assets outside the state treasury, which may raise administrative, security, or oversight concerns. However, no specific objections are documented in the supplied discussion materials.

Impact

SB 1244 amends the Property Code’s unclaimed property provisions, especially Chapter 72 and Chapter 74, to modernize abandonment rules and add a dedicated process for virtual currency. It affects holders of unclaimed property, the comptroller, and any custodians used to safeguard or liquidate abandoned digital assets. The bill also updates the comptroller’s sale authority for securities and virtual currency and establishes how proceeds from liquidated virtual currency are handled and deposited into the state treasury.

Sentiment

The available legislative history suggests generally favorable or at least noncontroversial treatment of the bill. It advanced through the process and was placed on the House General State Calendar, with no recorded committee transcript debate in the provided materials. The votes listed are procedural and do not show recorded opposition, indicating the measure likely had broad support or little visible resistance in the available record.

Contention

The most notable issues are operational and policy questions around virtual currency. One point is whether holders should be required to report and transfer abandoned crypto only when they control the necessary private keys, which the bill answers by limiting the obligation to cases of full control. Another is the comptroller’s ability to contract with qualified custodians and hold assets outside the state treasury, which could prompt concerns about security, oversight, and asset management. The bill also raises practical questions about valuation and liquidation of volatile digital assets, though no specific opposition is documented in the provided materials.