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Committee adopts substitute to House Bill 426 to strengthen consumer protections for digital assets
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Summary
The committee adopted substitute L-11361424-3 into House Bill 426 at its second hearing; the substitute extends dormancy from two to five years, adds notice and custody clarifications, and provides liability protections for the state when holding digital assets.
The House Technology and Innovation Committee concluded the second hearing on House Bill 426 by adopting a substitute amendment without objection.
Vice Chair Workman explained that the substitute bill strengthens consumer protections and the state’s operational framework for managing digital assets. Key changes Workman described include extending the dormancy period for unclaimed digital assets from two years to five years, adding a required notice period before assets are transferred, providing flexibility for the state to manage smaller or volatile digital assets, clarifying custody requirements, and offering liability protections for the state while holding assets.
The committee adopted substitute L-11361424-3 into HB426 without objection and concluded the bill’s second hearing.
