Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Unclaimed Property topic
No spam. Unsubscribe anytime.
Treasurer urges overhaul of unclaimed-property law to account for virtual assets and modern accounts
Summary
State Treasurer's office asked the committee to consider revisions to Wyoming’s unclaimed property statute to reflect digital assets, gaming accounts and other modern property types, and to add abbreviated claims and security protections.
Bill Pillager, general counsel for the State Treasurer’s Office, and Jeff Robertson, unclaimed property administrator, told the committee the existing unclaimed property statute dates to 1993 and is grounded in a 1981 model act that does not cover many contemporary asset types. “A large one at this point is virtual currencies,” Pillager said, adding that about two-thirds of the treasurer’s existing unclaimed property holdings are in virtual currencies.
The treasurer’s office asked the committee to consider updating the statute to add property types such as virtual currencies, regulated gaming accounts, video game digital content and payroll cards, and to add confidentiality and security provisions. They also proposed streamlined claims processes for owners and heirs, including data-matching and a low-dollar abbreviated claims path. Pillager said a 2022 draft overhaul exists but was roughly 140 pages and proved too large to carry as a single session bill; the office is open to starting with targeted amendments.
Committee members said the minerals committee was an acceptable venue given connections to finance in prior work and offered the capital finance and investments committee as an alternative if workload required. No formal bill was adopted at the hearing.
