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HB 104

Uniform Disposition of Unclaimed Property; allow finders to contract and locate State Treasurer property, account for digital assets

2026 Regular Session Introduced by Chris Blackshear

Alabama bill permits private finders to locate unclaimed property and adds digital assets; raises concerns about fees, state revenue, and asset definition clarity.

Enacted
#property&estates
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Bill Summary · HB 104

Legislative bill overview

HB 104 would amend Alabama's unclaimed property laws to permit private finders or locator services to contract with the State Treasurer to identify and retrieve unclaimed property held by the state. The bill also expands the definition of unclaimed property to include digital assets, which currently fall into a regulatory gray area.

Why is this important

Unclaimed property—abandoned bank accounts, insurance proceeds, utility deposits, and similar assets—totals billions of dollars nationally that rightfully belongs to citizens. This bill could streamline the process of connecting property owners with their money while creating a new private-sector industry. However, it also raises questions about who benefits financially from locating these assets and how consumers are protected from fraud.

Potential points of contention

  • Finder's fees and consumer protection: The bill doesn't specify what fees private locators can charge or how they must disclose costs to property owners, creating potential for predatory practices where finders take large percentages of recovered assets.
  • State revenue implications: If private finders locate and return property that the state currently holds (and potentially benefits from through investment or administrative use), this could reduce state revenue while shifting profits to private contractors.
  • Digital asset definition and custody: "Digital assets" is undefined—does this include cryptocurrency, NFTs, email accounts, or social media? Unclear definitions could create disputes over what the Treasurer must recognize and how digital property is verified and transferred.

Compiled from official sources — confirm details with the bill’s official record.

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