VirginiaHB7982026 Regular SessionHouseWALLET

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

Sponsored By: C.E. Cliff Hayes, Jr. (Democratic)

Signed by Governor

Summary

Virginia Disposition of Unclaimed Property Act; digital financial assets. Creates a statutory framework for the treatment and disposition of unclaimed intangible property in the form of digital assets, as defined in the bill.

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Bill Overview

Analyzed Economic Effects

3 provisions identified: 0 benefits, 0 costs, 3 mixed.

Digital asset owners face sale rules

Virginia generally must hold delivered digital assets for at least one year before sale. It may sell earlier when doing so serves the state's best interest. Exchange-listed assets must sell at exchange prices; others may sell off-exchange at current prices or through another method Virginia chooses. After an early sale, owners claiming before that year ends get the greater of sale proceeds or market value when claimed. After one year, claimants get the assets if still held, or the sale proceeds. Limits apply to claims against Virginia or the provider for increases in value after delivery, and buyers receive title free of prior claims.

Inactive digital accounts enter state custody

Virginia's unclaimed-property rules now cover digital value used for payments, accounting, or savings that is not legal tender. Certain rewards, game-only value, and securities are excluded. Digital accounts are presumed abandoned after five years of inactivity; a recorded written, spoken, or electronic ownership assertion stops that period. Transactions, account access, activity with other digital holdings at the same provider, or other actions showing account awareness also stop it. A record identifying the owner's state counts as their last known address, even without a usable mailing address.

Providers must handle unclaimed digital assets

Providers controlling all required private keys must report unclaimed digital assets and deliver them unchanged to Virginia, with delivery proof. Providers unable to transfer assets must keep them until transfer becomes possible. If the state's custodian cannot accept the assets, Virginia may order a sale when reported or require continued holding. A later sale under that holding process cannot occur until at least one year after the report. Providers may first transfer the assets to a state-owned account. Providers unable to sell must promptly explain why in writing and follow state directions for another way to handle them. Virginia must establish owner-recovery processes and may authorize a sale after one year of receiving assets.

Sponsors & Cosponsors

Sponsor

  • C.E. Cliff Hayes, Jr.

    Democratic • House

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 226 • No: 3

Senate vote • 3/4/2026

Passed Senate Block Vote

Yes: 40 • No: 0

Senate vote • 3/3/2026

Constitutional reading dispensed Block Vote (on 2nd reading)

Yes: 40 • No: 0

Senate vote • 3/3/2026

Passed by for the day Block Vote (Voice Vote)

Yes: 0 • No: 0

Senate vote • 3/3/2026

Reported from Finance and Appropriations

Yes: 14 • No: 0

Senate vote • 2/25/2026

Reported from General Laws and Technology and rereferred to Finance and Appropriations

Yes: 15 • No: 0

House vote • 2/6/2026

Read third time and passed House

Yes: 96 • No: 2

House vote • 2/2/2026

Reported from Communications, Technology and Innovation with substitute

Yes: 21 • No: 1

Actions Timeline

  1. Acts of Assembly Chapter text (CHAP0669)

    4/13/2026Governor
  2. Approved by Governor-Chapter 669 (effective 7/1/2026)

    4/13/2026Governor
  3. Governor's Action Deadline 11:59 p.m., April 13, 2026

    3/14/2026Governor
  4. Enrolled Bill communicated to Governor on March 14, 2026

    3/14/2026House
  5. Signed by Speaker

    3/12/2026House
  6. Fiscal Impact Statement from Department of Planning and Budget (HB798)

    3/11/2026House
  7. Bill text as passed House and Senate (HB798ER)

    3/11/2026House
  8. Enrolled

    3/11/2026House
  9. Signed by President

    3/11/2026Senate
  10. Passed Senate Block Vote (40-Y 0-N 0-A)

    3/4/2026Senate
  11. Read third time

    3/4/2026Senate
  12. Passed by for the day Block Vote (Voice Vote)

    3/3/2026Senate
  13. Constitutional reading dispensed Block Vote (on 2nd reading) (40-Y 0-N 0-A)

    3/3/2026Senate
  14. Rules suspended

    3/3/2026Senate
  15. Reported from Finance and Appropriations (14-Y 0-N)

    3/3/2026Senate
  16. Reported from General Laws and Technology and rereferred to Finance and Appropriations (15-Y 0-N)

    2/25/2026Senate
  17. Referred to Committee on General Laws and Technology

    2/9/2026Senate
  18. Constitutional reading dispensed (on 1st reading)

    2/9/2026Senate
  19. Read third time and passed House (96-Y 2-N 0-A)

    2/6/2026House
  20. Fiscal Impact Statement from Department of Planning and Budget (HB798)

    2/6/2026House
  21. Engrossed by House - committee substitute

    2/5/2026House
  22. committee substitute agreed to

    2/5/2026House
  23. Read second time

    2/5/2026House
  24. Read first time

    2/4/2026House
  25. Committee substitute printed 26105592D-H1

    2/2/2026House

Bill Text

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