Virginia HB 798: Virginia Disposition of Unclaimed Property Act; definitions, digital assets.

Bill Text

2026 SESSION

INTRODUCED

26102629D

HOUSE BILL NO. 798

Offered January 14, 2026

Prefiled January 13, 2026

A BILL to amend and reenact §§ 55.1-2500 and 55.1-2529 of the Code of Virginia and to amend the Code of Virginia by adding in Article 1 of Chapter 25 of Title 55.1 a section numbered 55.1-2521.1, relating to Virginia Disposition of Unclaimed Property Act; digital financial assets.

—————

Patron—Hayes

—————

Referred to Committee on Communications, Technology and Innovation

—————

Be it enacted by the General Assembly of Virginia:

1. That §§ 55.1-2500 and 55.1-2529 of the Code of Virginia are amended and reenacted and that the Code of Virginia is amended by adding in Article 1 of Chapter 25 of Title 55.1 a section numbered 55.1-2521.1 as follows:

§ 55.1-2500. Definitions.

As used in this chapter, unless the context requires a different meaning:

"Act" means the Virginia Disposition of Unclaimed Property Act (§ 55.1-2500 et seq.).

"Administrator" means the State Treasurer or his designee.

"Apparent owner" means the person whose name appears on the records of the holder as the person entitled to property held, issued, or owing by the holder.

"Banking organization" means any bank, trust company, savings bank (industrial bank, land bank, safe deposit company), or private banker or any other organization defined by law as a bank or banking organization.

"Business association" means any corporation, joint-stock company, investment company, business trust, partnership, limited liability company, cooperative, or association for business purposes of two or more individuals, whether or not for profit, including a banking organization, financial organization, insurance company, or utility.

"Credit balance" means an item of intangible property resulting from or attributable to the sale of goods or services, including an overpayment, credit memo, refund, discount, rebate, unidentified remittance, or deposit.

"Digital account holder" means a customer account, wallet, or other repository device maintained by an owner with a holder, which could contain one or more types of digital financial assets, fiat currency, or other property.

"Digital financial asset" means a digital representation of value that is used as a medium of exchange, unit of account, or store of value and that is not legal tender, whether or not it is denominated in legal tender. "Digital financial asset" does not include (i) a transaction in which a merchant grants, as part of an affinity or reward program, value that cannot be taken from or exchanged with the merchant for legal tender, bank or credit union credit, or a digital financial asset; (ii) a digital representation of value issued by or on behalf of a publisher and used solely within an online game, gaming platform, or family of games sold by the publisher or offered on the same game platform; or (iii) a security registered with or exempt from registration with the United States Securities and Exchange Commission or a security qualified with or exempt from qualifications with the Virginia Department of the Treasury. 

"Domicile" means (i) the state of incorporation, in the case of a corporation incorporated under the laws of a state; (ii) the state of organization, in the case of an unincorporated business association formed under the laws of a state; (iii) the state of the principal place of business, in the case of a nonnatural person not incorporated or formed under the laws of a state; and (iv) the state of principal residency, in the case of a natural person.

"Due diligence" includes the mailing of a letter by first-class mail to the last known address of the owner as indicated on the records of the holder.

"Financial organization" means any savings and loan association (cooperative bank), building and loan association, or credit union.

"Gift certificate" means a certificate, electronic card, or other medium that evidences the giving of consideration in exchange for the right to redeem the certificate, electronic card, or other medium for goods, food, services, credit, or money of an equal value.

"Holder" means a person, wherever organized or domiciled, that is (i) in possession of property belonging to another; (ii) a trustee, in the case of a trust; or (iii) indebted to another on an obligation.

"Insurance company" means an association, corporation, or fraternal or mutual benefit organization, whether or not for profit, that is engaged in providing insurance coverage, including accident, burial, casualty, contract performance, credit life, dental, fidelity, fire, health, hospitalization, illness, life (including endowments and annuities), malpractice, marine, mortgage, surety, and wage protection insurance.

"Intangible property" includes (i) moneys, checks, drafts, deposits, interest, and dividend income; (ii) credits, customer overpayments, gift certificates, security deposits, refunds, unpaid wages, and unidentified remittances; (iii) stocks and other intangible