Major updates in unclaimed property compliance
- Unclaimed property compliance became more complex in 2026 as states expanded reporting obligations, eliminated exemptions and increased scrutiny of emerging asset classes.
- Digital assets are reshaping holder responsibilities, with several states adopting new rules for virtual currency dormancy, remittance, liquidation and custody.
- Federal proposals and continued state enforcement signal that businesses should reassess policies, data controls and reporting processes now to help reduce audit and penalty risk.
The unclaimed property compliance landscape saw significant change in 2026 as states expanded reporting obligations, adopted new rules governing digital assets and securities and revisited long-standing exemptions. At the same time, federal lawmakers increased scrutiny of state escheat practices through proposed legislation that could significantly alter the treatment of certain property types.
For holders, these developments signal a growing compliance burden and a continued shift toward broader reporting requirements.
Here’s a rundown of the states that have made notable changes:
Arizona: SB 1336 eliminates longstanding exemptions
Arizona enacted SB 1336 on June 22, 2026, repealing several long-standing exclusions from the state’s unclaimed property law. As a result, property previously exempt from reporting may now be subject to Arizona’s unclaimed property requirements, including: Gift cards and gift certificates; stored-value cards; merchandise points and loyalty rewards; frequent flyer miles; prepaid phone cards; nonrefundable tickets and de minimis property.
The legislation also repeals Arizona’s business-to-business (B2B) exemption. Property that may now be reportable includes customer and vendor credit balances, accounts receivable credits, accounts payable checks, refunds, rebates and other obligations arising from commercial relationships.
For many businesses, this represents a significant expansion of potential reporting obligations, particularly for companies that have historically relied on the B2B exemption to exclude outstanding credits and other commercial liabilities.
The law becomes effective September 12, 2026. Because Arizona’s statutes provide limited dormancy guidance for several of these newly reportable property types, holders are awaiting additional administrative guidance on implementation and reporting requirements.
Florida: SB 1452 modernizes Chapter 717
Effective immediately upon enactment on June 26, 2026, Florida’s SB 1452 introduces several important updates to the state’s unclaimed property law. Among other changes, the legislation clarifies when property becomes payable or distributable for dormancy purposes; revises the treatment of stock, equity interests and debt of business associations; and excludes certain non-freely transferable securities and worthless securities from the category of reportable intangible property.
The bill is particularly important for financial institutions, brokerage firms, transfer agents and companies holding securities-related property because it provides additional guidance regarding owner activity, abandonment standards and securities reporting obligations.
Digital assets and unclaimed property compliance
No area of unclaimed property law evolved more rapidly in 2026 than digital assets. As cryptocurrency and other digital financial assets continue to gain mainstream adoption, states are increasingly establishing rules governing how these assets are reported, transferred, liquidated and returned to owners.
Virginia: HB 798
Virginia enacted HB 798, creating a statutory framework for digital assets under the Virginia Disposition of Unclaimed Property Act. The legislation establishes definitions, reporting requirements and remittance procedures for digital assets, including digital representations of value used as a medium of exchange or store of value. The law was approved on April 13, 2026, and became effective July 1, 2026.
Minnesota: HF 4188
Minnesota enacted HF 4188, which expressly incorporates virtual currency into the state’s unclaimed property regime. Key provisions include virtual currency is presumed to be abandoned after three years of owner inactivity; specific forms of owner activity prevent abandonment; holders generally must liquidate virtual currency before reporting; cash proceeds are remitted to the state, and holders receive liability protection for compliant remittances. The legislation was signed on May 27, 2026, and became effective on August 1, 2026.
Maine: LD 1969 (Public Law Chapter 675)
Maine enacted LD 1969, adding virtual currency to its unclaimed property law. The legislation defines virtual currency, establishes dormancy and reporting requirements and provides guidance regarding remittance obligations. The law becomes effective July 29, 2026.
Louisiana: HB 1256 (Act 891)
Louisiana enacted HB 1256, one of the most comprehensive digital asset escheat bills adopted to date. The bill defines digital assets to include virtual currency, cryptocurrency, stablecoins and other digital-only assets. It creates a three-year dormancy period for digital asset accounts and allows for these to be transferred in native form to a designated custodian. The law further establishes liquidation procedures and liability protections and creates reporting and custody standards unique to digital assets. The bill was signed into law on June 9, 2026, and becomes effective January 1, 2027.
Federal developments to watch
Federal involvement in unclaimed property increased significantly in 2026 with the introduction of the Safeguarding Americans’ Fairly Earned Retirement Act (SAFER Act). If enacted, the legislation would significantly restrict the circumstances under which states may take custody of securities, investment accounts, IRAs, digital assets, dividends and investment proceeds.
Among its most notable provisions:
- Individual accounts generally could not be escheated without confirmation of the owner’s death.
- Entity-owned accounts generally would be protected until at least five years have passed without contact from an authorized representative.
As of July 2026, the legislation remains pending in Congress. Should it become law, it would represent one of the most significant federal interventions in state unclaimed property law in decades.
What now?
The trend is clear: States are expanding the scope of reportable property while simultaneously increasing scrutiny of emerging asset classes such as cryptocurrency and digital financial assets. With multiple states adopting significant changes in 2026 and additional legislation expected in 2027, proactive compliance reviews can help minimize risk and avoid costly reporting issues.
How Wipfli can help
Wipfli's unclaimed property specialists continuously monitor legislative, regulatory and administrative developments nationwide. If your organization is evaluating the impact of these changes or reassessing its compliance obligations, our team can help navigate the evolving unclaimed property landscape with confidence. Contact a state and local tax advisor to learn more.
