Senate Bill 103

151st General Assembly (Present)

Bill Progress

Signed 6/30/21
Becomes effective upon date of signature of the Governor or upon date specified

Bill Details

4/14/21
Sen. Gay
Rep. Bush
Sen. Paradee
Reps. Baumbach, Brady
AN ACT TO AMEND TITLE 12 OF THE DELAWARE CODE RELATING TO UNCLAIMED PROPERTY.
This Act adopts an express reporting requirement for virtual currency, with an exemption for game-related digital content with minimal or no value; defines virtual currency and game-related digital content; requires the liquidation of and conversion to U.S. dollars of virtual currency prior to reporting and remitting this property to the State; and limits the exposure of both the State and the reporting holder to claims by the putative owners of this property type for subsequent gains in value, given the volatility inherent in this property type’s value. Liquidation of and conversion to U.S. dollars of virtual currency prior to reporting and remitting also promotes ease of administration and the return of the cash value to owners. This Act incorporates in part some of the concepts from the 2016 Revised Uniform Unclaimed Property Act promulgated by the Uniform Law Commission, as well as legislation adopted by Kentucky in 2019. These changes take effect on August 1, 2021.
83:58
13
Not Required
8/1/21
N/A

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