Public utilities; reestablish a consumer utility counsel to represent consumers in matters before the Public Service Commission or other agencies

2025-2026 Regular Session Introduced by Beth Camp and 5 co-sponsors

HB 617 allows Alabama to manage abandoned digital assets, empowering the State Treasurer to oversee their sale after three years of inactivity, protecting consumer rights.

House Second Readers

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Summary of HB 617: Management of Abandoned Digital Assets

Bill Number: HB 617
Title: Abandoned property, management of abandoned digital assets provided for, State Treasurer authorized to select a qualified custodian
Status: Read for the first time and referred to the House Committee on State Government
Introduced: April 29, 2025
Classification: Bill
Subject: Consumer Protection

Purpose and Intent

HB 617 aims to establish a framework for the management and sale of abandoned digital assets in the state of Alabama. As digital assets, such as cryptocurrencies, become increasingly prevalent, this legislation seeks to provide clear procedures for handling these assets when they are presumed abandoned. The bill empowers the State Treasurer to select a qualified custodian to manage these assets and outlines the process for their eventual sale.

Key Provisions

Definition of Terms:

Digital Asset: Includes virtual currencies, cryptocurrencies, or any digital-only asset that conveys economic rights.
Qualified Custodian: An entity selected by the State Treasurer to manage abandoned digital assets.

Presumption of Abandonment:

Digital assets are presumed abandoned if unclaimed by the owner for three years, based on specific criteria such as undelivered communications or inactivity in the account.

Custodian Responsibilities:

The State Treasurer will select a qualified custodian based on criteria including secure storage, management of private keys, compliance with laws, and processes for returning assets to owners.

Reporting and Transfer of Assets:

Custodians must report and transfer presumed abandoned digital assets to the qualified custodian within specified timeframes.

Sale of Digital Assets:

The qualified custodian must maintain the digital asset for at least two years before it can be sold. The State Treasurer is prohibited from selling the asset for less than its prevailing market price.

Effective Date:

The act will become effective on October 1, 2025.

Impact

Affected Parties: This bill will primarily affect digital asset owners, custodians, and the State Treasurer's office. Owners of abandoned digital assets will have their assets managed and potentially sold by the state.

Consumer Protection: By providing a structured approach to managing abandoned digital assets, the bill aims to protect consumers and ensure that unclaimed assets are handled responsibly.

Procedural Aspects

The bill was introduced on April 29, 2025, and is currently pending committee action in the House of Origin (State Government). Further discussions and potential amendments will take place as it moves through the legislative process.

This summary provides an overview of HB 617, highlighting its purpose, key provisions, and potential impact on stakeholders in Alabama.