Bill
HB 5629
WV HB 5629 modernizes unclaimed property, including virtual currency and mineral proceeds, with clear deadlines, stronger owner protections, and regulated finder pay.
HB 5629 (2026) – West Virginia Uniform Unclaimed Property Act: Summary
Purpose
- Update and unify West Virginia’s unclaimed property framework to align with the West Virginia Uniform Unclaimed Property Act. The bill adds definitions, clarifies procedures, adjusts reporting timelines, and enhances protections and processes for owners, finders, and administrators.
Key Provisions and Changes
1) Nursing Homes and abandoned funds linkage
- In §16B-4-16, if a resident dies with funds remaining in a nursing home personal funds account, those funds are payable to the estate’s administrator. If the estate is not qualified after 180 days (instead of 30 days), the funds are presumed abandoned and reportable to the State Treasurer under the Uniform Unclaimed Property Act.
2) Definitions for unclaimed property regime
- §36-8-1 provides many defined terms used throughout the Act, including Administrator (State Treasurer), Apparent Owner, Finder, Holder, Mineral and Mineral Proceeds, Virtual Currency, and more.
- Clarifies that “owner,” “property,” “record,” “state,” and other terms cover a broad range of tangible and intangible assets, including mineral proceeds and virtual currency.
3) Administration and payment timing for abandoned property
- §36-8-8(a): Abandoned property (except safe-deposit box or safekeeping depository) must be paid or delivered to the administrator upon filing the report. Safe-deposit box content must be delivered within 120 days after filing.
- §36-8-8(b)-(e): Procedures for securities, replacement certificates, and indemnification for issuers, holders, and intermediaries; liquidate virtual currency within 30 days of filing the report and remit proceeds to the administrator.
4) Inter-state claims
- §36-8-14: After property is with the administrator, another state can claim it under specified conditions. The administrator decides within 90 days and may require indemnification before recovery.
5) Filing and handling claims
- §36-8-15: Persons (non-state) may file a claim on a prescribed form with supporting evidence, including unredacted documents if required. The administrator must decide within 90 days of a fully filed claim; if denied, the claimant may provide additional evidence and/or pursue other remedies. The administrator may waive claims for small-value property (< $5,000) if certain conditions are met.
6) Agreement to locate property (finders)
- §36-8-34: An agreement between an apparent owner and a finder is void and unenforceable if made from the abandonment date up to 24 months after property is paid to or delivered to the administrator. A finder can seek up to 10% of the claim value as compensation, but only if the agreement complies with the section. The provision disallows compensation structures tied to mineral proceeds that would inappropriately share underlying minerals or production payments.
7) Descent and disposition
- §42-1-3c: If no taker, intestate property escheats to the state; real property goes to the State Auditor; personal property is liquidated by the estate executor with proceeds to the Treasurer for disposition under the Uniform Unclaimed Property Act.
Timeline and Process
- The bill sets specific timeframes for reporting, delivery to the administrator, claim processing (90 days for decision; 30 days to pay after claim is allowed), and interior inter-state claim handling (90-day decision window).
- Adds a 120-day deadline for delivering safe-deposit contents to the administrator.
- Provides a 30-day liquidation window for virtual currency upon reporting.
Impact
- Clarifies and modernizes WV’s unclaimed property handling, including digital assets (virtual currency) and mineral proceeds.
- Improves transparency and decisiveness in the claims process, with explicit deadlines.
- Strengthens protections for owners, while regulating finder compensation and preventing abusive arrangements.
- Aligns state law with nationwide unclaimed property standards, facilitating inter-state cooperation and reclamation.
Compiled from official sources — confirm details with the bill’s official record.
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